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I'm a huge believer in learning from mistakes rather than learning from successes
What works for one brand, won't necessarily work for YOUR brand
But, what fails tend to be applicable across the board
Here's a few mistakes you want to know when launching a business
What works for one brand, won't necessarily work for YOUR brand
But, what fails tend to be applicable across the board
Here's a few mistakes you want to know when launching a business
1. Being stiff and reluctant to adapt your original idea 
Flexibility is a key element in success for startups
Assuming you're launching a product, it's smart to build the product in STAGES
BE SURE to check what the market needs and validate the product at EACH STAGE
Flexibility is a key element in success for startups
Assuming you're launching a product, it's smart to build the product in STAGES
BE SURE to check what the market needs and validate the product at EACH STAGE
If market feedback conflicts with your original design
Being flexible can minimize your losses involving redesigning/adapting
With my brand, we rebranded at LEAST 4 times before even launching
Nobody gets it right the first time around
Being flexible can minimize your losses involving redesigning/adapting
With my brand, we rebranded at LEAST 4 times before even launching
Nobody gets it right the first time around
2. Offering too much equity to raise capital
Founders do not know how much equity to give away at each stage of the startup growth cycle - DON'T WORRY
I've personally heard and seen too many startups offsetting way to much equity early on for little capital in return
Founders do not know how much equity to give away at each stage of the startup growth cycle - DON'T WORRY
I've personally heard and seen too many startups offsetting way to much equity early on for little capital in return
Don't be shy when valuing your equity - don't ever sell yourself short
PLUS, when you need to raise more funds, the deal becomes less attractive for new investors if you've already given away too much
Makes sense?
PLUS, when you need to raise more funds, the deal becomes less attractive for new investors if you've already given away too much
Makes sense?
While we are discussing investors.. 
Do not raise capital from a single source - aim for a pool of investors to back your project
Here's why
There may be less overall support in future financing rounds if only from one source
Easier said than done.. BUT
Do not raise capital from a single source - aim for a pool of investors to back your project
Here's why
There may be less overall support in future financing rounds if only from one source
Easier said than done.. BUT
Multiple investors help solve this problem
Each have their own pools of capital and networks to support startups needs at each stage of their growth.
You want to make sure you get the support you need at every single stage - One investor might not be able to offer that
Each have their own pools of capital and networks to support startups needs at each stage of their growth.
You want to make sure you get the support you need at every single stage - One investor might not be able to offer that
YOUR KEY TAKEAWAYS from this thread - Take your time to collect enough information and understand your customer before you launch
- Don't sell yourself short
- You WILL make mistakes - recognize them quickly and make constant adjustments along the way
What other common mistakes would you point out to people reading this thread?
I love hearing why something didn't work out - more likely than not, you will benefit from it and avoid making the same mistake with your brand
I love hearing why something didn't work out - more likely than not, you will benefit from it and avoid making the same mistake with your brand
