Here’s the author’s 5 pitfalls for new startup entrepreneurs:
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You have a solution without a problem. Like Jeff Bezos always says, Start from the customer and work backwards.
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You think it’ll be easy to grab 1% of a huge market. If your market is too big, you could have a hard time getting any sort of recognition - because there is no way to focus your marketing.
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Your finance projections look amazing. Are you sure? What kind of assumptions are you making? Will these numbers really pan out at larger scale?
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Your team is perfect. As good as a fancy education or industry experience can be, the most valuable experience is previous startup experience.
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You don’t have a Plan B. Something is going to go wrong. Really. What will you do if getting customers to hear about you is more difficult than you thought? What if supplies are harder to come by than you thought? What if your costs are higher than you thought? What if you were really wrong about how many people will want your product?
