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:
- 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.
- 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!
- 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.
- 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.
- 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!