5 common mistakes first-time startup founders do and how to avoid them

As a startup founder, you know how challenging it can be to make your company succeed. Today, 90% of all startups fail, and 10% fail within the first year.

In this article, we've highlighted five common mistakes that many first-time startup founders make, which you should avoid to improve your chances of success:

  1. Hiring full-time employees before product-market-fit: In the early stages, focus on achieving product-market-fit. Hiring the wrong people can create more problems in the long term.

  1. Deprioritizing offshore talent: Saving money in the early days is crucial. Hiring offshore talent is an excellent way to cut labor cost while adding diverse team and new ideas!

  1. Holding on to the first idea far too long: Insights that lead to success are often learned through failure. Iterating quickly through ideas is key to finding the right one.

  1. Building a bigger MVP than necessary: Find the smallest product area you can test with and build a community around it. This could be as simple as a newsletter.

  1. Not having a marketing resource in your team: Investors look for high growth in startups. A marketing resource is essential for achieving this growth. This could be a resource provided from the startup studio you´re working with or from a marketing co - founder.

If you have a brilliant startup idea but don't know where to start, book a meeting with Ymir Labs today. We can help you develop and scale your idea for success!

Source (www.onstartups.com)