7 Mistakes First Time Entrepreneurs Make

Grow steadily, improve your product, market effectively, scale your business, stay protected. With zero mistakes.

In this white paper you’ll discover:

Why surprising and counterintuitive logic often creates success. Why you should often ignore conventional wisdom and learn from people who have succeeded.

How to play the dicey game of growing without overextending. Why you sometimes need to think small, and focus more on customer feedback than making sales.

How to hire reliable employees and delegate without losing control.

How to think about problems before they happen to effectively avoid disaster. Many legalities you may not have thought of. Where the real value of a startup lies.

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Contents include:

Many companies waste time on concepts, not execution. Why the conventional wisdom that “ideas are real value, the rest is details” is wrong. Learn the real secret distinguishing startups that last, and those that crumble. Discover how Google, Apple, Facebook and others, who were NOT the first of their kind, guaranteed they were the only one people wanted.

The damage caused by keeping secrets and by limiting your ability to test. The benefits of speaking to fellow entrepreneurs. Why it probably won’t matter if a competitor rips off your idea. The advantages of failure. Eight benefits of discussing your idea with virtually everyone you bump into. Why your idea will not get stolen, and even if it does, why it may not harm you.

The crucial choice every startup makes when launching, which one is a toxic game of russian roulette.

Why entrepreneurship is reserved for unique people. The skillset and qualities necessary for success.

The tragic story of two co-founders of a well-known billion dollar company. One invested blood, sweat, and tears, while the other did virtually nothing, and yet they split the profits evenly until the hardworking one was forced out before a 1.2 billion dollar IPO. How this could have been avoided, and what you can learn.

Nine tips for choosing a reliable cofounder, how to ensure you both share vision, passion and values. The importance of grit. 12 legal terms and clauses to ensure cofounders cannot harm the company.

Shocking story of an irresponsible cofounder who forced his 2 partners to pay him $290,000 out of their pockets. The ensuing “falling out” between two former best friends, that would eventually lead to collapse.

Detailed definition of vesting. Why vesting is crucial to guarantee founders cannot jump ship prematurely or take an unfair chunk of revenue.

6 critical elements of every Founders’ Agreement, and how to execute properly: Ownership, decision-making, vesting, milestoning and repurchase, departure and disownership, roles and responsibilities, “leave no stone unturned.”

The flaw in attracting masses and not having a market focus. Why it’s WORSE to be liked by a million than a hundred. How Facebook, Tesla, and LinkedIn started small, and the rare yet effective approach they used. Secret to gaining customers’ trust when they don’t know you. Five “customer segments”: which you should invest in, which to ignore.

Why feature rich products can bring you down. Benefits of a minimum viable product, and how to figure it out.

Connection between “no” and focusing, explained by Steve Jobs. Why having a lot of ideas, doing many tasks, and large target markets–are a bad thing.

Critical distinction between urgent and important. 6 question formula for figuring out how to prioritize. The only 3 things a CEO should do themselves, and why this may not apply to startups.

Why your first employee should be a “utility infielder”. Six principles to delegating and getting tasks completed on time, with zero headache. Best way to give effective feedback, recognition, and communicate, and to get results and not alienate.

Why you should “fail fast and often”, but not quit. Why sitting on ideas and letting them simmer can waste time and cause big losses.
Disadvantage of offering a large equity stake to prospective hirees (though it’s tempting). Near-fatal mistakes made by Neil Patel early on when bringing advisors into KissMetrics. Fundamental business financials. Astonishing mistakes made by an early “dotcom bubble” era grocery company, how they misjudged and erroneously projected basics–like cost, profit margin, customer needs, and inventory, costing a billion dollars in losses.

How companies with income have no cashflow, and the devastating results. 6 steps to accurately forecast cashflow.

Keeping expenses low, turning fixed costs INTO variable costs. Four key questions to determine how much profit is needed to remain sustainable.

Why optimism, which is crucial to being an entrepreneur, can be a double-edge sword.

How a Silicon Valley social networking startup with explosive growth, valued at over $900 million, practically ran itself to the ground. How you can avoid the same mistakes and grow from knowledge.