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6 Fatal Startup Mistakes

https://www.wrike.com/blog/fatal-mistakes-startup-founders/ - We interviewed Adeo Ressi, Founder and CEO of the Founder Institute, who mentors hundreds of first-time startup founders and we asked him about the typical mistakes that first-time founders make that could prove fatal to their companies. Here then is a list of mistakes that startups must avoid.

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6 Fatal Startup Mistakes

  1. Fatal Startup Mistakes6 What Startup Founders Must Avoid to Keep Their Companies Alive
  2. We interviewed Adeo Ressi, an entrepreneur who has created 9 companies in the last 20 years and who, as Founder and CEO of the Founder Institute, mentors hundreds of first-time startup founders as they grow their own businesses. He shared with us the 6 fatal mistakes that every startup founder should avoid:
  3. Involving the wrong people can lead to ineffectiveness, arguments, stalemates, and power struggles. Add people carefully. Selecting the wrong initial team/cofounder 1
  4. Managing compensation, stock, or options poorly can set the company up for failure. Take care how you create the deals for initial investors. Once it’s done, it's impossible to undo. Structuring company, cofounder, and team deals poorly 2
  5. If you pick unpopular/ unusable technology, your company won’t grow as fast, you’ll have trouble finding good developers, and your product won’t be top-notch. Adopting the wrong technology3
  6. It's critical to pick a business and revenue model that allows the company to grow and (eventually) become profitable. Selecting a poor business model 4
  7. How your company will acquire customers will make or break your startup. Consider your sales approach, partnerships, and distribution options carefully. Choosing a weak go-to-market model5
  8. Even something like picking the wrong company name can be potentially fatal. Communicate the benefits clearly. Don't be too silly or too difficult to pronounce, type, or remember! Picking the wrong name 6
  9. In the genesis of a new business, every decision that the founder makes, large or small, can have fatal consequences. So take care with each of these six points raised by Ressi, and seek help during this important time period.
  10. Need More? Check out our infographic checklist on the 22 steps to launching your startup successfully. Click to read!
  11. Brought to you by www.wrike.com
  12. Images Ancient Palace in Persepolis, Iran by Ivar Husevåg Døskeland. https://flic.kr/p/GVQBJ Pick Me. Photo by http://www.tradingacademy.com Money by Pictures of Money. https://flic.kr/p/snzAJp Marauder Blueprint by Pascal. https://flic.kr/p/bpV8UA Child Entrepreneur by Steven Depolo. https://flic.kr/p/a3Pdjy Hello My Name is by Travis Wise. https://flic.kr/p/phvM1B Exmoor: Stranded Tree by John Shortland. https://flic.kr/p/a2Z4Jk