Tell some mistakes startup’s did often

[aldoboymusic]

@olaomole2000 This makes sense but who knows how to fight can also stab me in the back. I speak from experience.

 

[olaomole2000]

@aldoboymusic Anybody can snitch but when a friend snitches you lose a friend, a business partner and whole lotta trust

 

[jesusislord7]

@olaomole2000 Startup with a friend without a contract and without vesting

 

[mcs0988]

@jime Promoters takes millions of cash home in form of salary even when the company is on cash burn

 

[tootallsheart73]

@jime Bootstrapped agency business started in 2016. Grew faster than expected, took up a bigger office in one and half year without considering additional employee cost and machinery. Started getting bigger projects. Burned out by end of third year and called it off cuz didn’t want to take up smaller projects since I was getting high value projects and clients

 

[arsenios]

@tootallsheart73 Agency business is as tough as running restaurant. Ohh man the daily churn just kills the motivation. In the same boat and trying hard to get out of agency business and build a meaningful startup.

 

[lostgirllikereallylost]

@jime Many. Mostly it’s about wrong direction or wrong execution.

 

[narniaman]

@jime Personal experience - Manage finances better. Also, don't let your investors butt in too much.

I have had 2 startups, didn't manage my finances right in the 1st one and in the 2nd my (angel) investor screwed me over

 

[jime]

@narniaman Experience is better than study

 

[vvseoco]

@jime Not setting up a proper sales team and following through data

 

[613jono]

@jime Building the best products with no market/business plan.

 

[williamsnodo]

@jime Indian startup building things in cloud first approach, even doing poc and mvp in cloud ending up burning a ton of cash.

 

[jenniferallain]

@williamsnodo I'm also trying to build my poc in cloud. How is it costlier? It gives you the flexibility to destroy the resources whenever you don't need right?

 

[williamsnodo]

@jenniferallain Not for every resources its true. There is also a spin up and destroy cost as well.

You will need more than those resources for a solid mvp and those are not something you can spin up and destroy without incurring a significant cost.

On an average if you building a production grade app or api it will cost at least 2 usd per month. You may need at least 100 of those to have a mvp, 200 isd now
And you need an additional set of services for data routing persistence and so on which will be another 200.l at least

400 usd per month.

That's the practical cost I am seeing across in the industry even for tiny startups.

 

[ell3bee]

@jime Overvalue pm, undervalue engineer.
Early focus, over focus on ad, marketing instead of the product.

 

[jime]

@ell3bee Ok I understand
But what do you mean by overvalue PM

 

[ell3bee]

@jime So this one time, I was working in a startup where they were hiring pms every month, in fact, it seemed no. of pm > no. of engineers. For some reason, they worshipped pm, and pms were dictating everything i.e micromanaging engineers, .. how they should deliver, keeping hackathon every odd/even week at night, shouting at engineers every now n then. If pm said sp is 2, it's 2, doesn't matter what you give. This was a Canadian based startup , founded and running by Indian ceo/CTO.
On contrary, when I worked for another mid level company based out of uk where pm let developers how things should be run. Pm talked to higher up people and users, conveyed it to po, .. po scheduled meetings for engineers where requirements were explained, asked engineers for sp and other such details. Arrange another meetings for story explanation and hurdles if any ..
you see the point..

 

[willowwoman77]

@jime The first mistake is the idea of collaborating for a startup.

 

[jesusislord7]

@jime Spending too much time perfecting the product

Running out of money in the first iteration of development and marketing

Spend too much time choosing chairs and interior of office

Paying developer 1 lakh and getting intern for marketing

 

[reflector1991]

@jime One big mistake is not understanding the market well enough.

Byju's were huge in the online education space, but then they tried to buy out offline coaching institutes like Aakash Educational Services. It turned into a costly gamble because the merger wasn't smooth, and it dented Byju's brand.

MBA Chai Wala offered chai and career advice, but the market for that specific combo just wasn't big enough. They expanded way too fast through franchises. Many franchisees struggled to manage the outlets, and the quality wasn't consistent, and this lead to the closure of many outlets.