Let’s talk about failure
I was sitting in a conference in Austin last year, listening to some hotshot founder talk about his amazing journey. He was all smiles, talking about how he pivoted and scaled and disrupted. Blah blah blah.
I wanted to throw up.
Because here’s the thing: most startups fail. Like, 90% of them. And it’s not because they didn’t pivot enough or scale fast enough. It’s because they made stupid, avoidable mistakes.
And I should know. I’ve been there. Back in 2005, I co-founded a startup with my buddy Marcus. We were gonna change the world. We were gonna be the next big thing.
We were idiots.
Mistake #1: Thinking you’re special
Look, I get it. You’re passionate. You’re excited. You’re gonna change everything. But honestly? You’re probably not.
Marcus and I thought our idea was revolutionary. We were gonna disrupt the industry. Spoiler alert: we didn’t.
We were just two guys with a half-baked idea and zero clue what we were doing.
So here’s the deal: stop thinking you’re special. Stop thinking you’re gonna be the exception. You probably won’t be.
But hey, maybe you will. I’m not saying you should give up. I’m saying you should be realistic.
And if you’re gonna do this, do it right. Do your research. Talk to people. Validate your idea. Don’t just assume you’re gonna be the next big thing.
Mistake #2: Not knowing your customer
Oh man, this one kills me. I can’t tell you how many times I’ve heard founders say, But everyone needs this!
No, they don’t.
Let me tell you about Dave. Dave was a colleague of mine back in 2012. He started a company selling fancy widgets. He was convinced everyone needed these widgets. He spent a fortune on marketing. He hired a bunch of salespeople.
He went bankrupt in six months.
Why? Because he didn’t actually know if anyone wanted his stupid widgets.
So do your homework. Talk to potential customers. Find out if they actually want what you’re selling. And for the love of god, don’t assume.
And while we’re on the subject, let’s talk about signups. You know, when you’re testing the waters and need a quick way to let people sign up for your service? You gotta be smart about it. Use one time phone numbers for account signup. It’s a game-changer, honestly. Keeps the bots out and the real users in.
Tangent: Why I hate networking events
Okay, this isn’t directly related, but I gotta vent. Networking events are the worst. I went to one last Tuesday. You know the type – a bunch of people in suits, schmoozing and pretending to be interested in each other.
Ugh. Just ugh.
Anyway, back to the point.
Mistake #3: Running out of cash
This one’s simple. If you run out of money, you’re dead. Like, literally dead. As in, your company’s dead.
So don’t do that.
Start with enough cash to last you awhile. And I’m not talking about six months. I’m talking a year, maybe more. Because things take longer than you think they will. And if you’re not careful, you’ll wake up one day and realize you’re out of money and out of luck.
And another thing – don’t be afraid to pivot. I know, I know, you’re probably sick of hearing that word. But it’s true. If something’s not working, try something else. But do it smart. Do it with a plan. Don’t just wing it.
Final thoughts (kinda)
Look, I could go on and on. There are alot of ways to screw this up. But if you avoid these big mistakes, you’ll be ahead of the game.
And hey, maybe you’ll be one of the lucky ones. Maybe you’ll be the exception. But don’t count on it.
So good luck out there. You’re gonna need it.
About the Author
Sarah Jenkins has been a senior editor at various business publications for over 20 years. She’s seen it all – the highs, the lows, and everything in between. She currently lives in Portland with her cat, Mr. Whiskers, and spends her free time complaining about the weather.
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