Your Startup Product is not your business :
A product solves an individual need, but a real business has something customers will come back for again and again.
Here’s how to make the distinction: Do you have potential revenue streams beyond the customer’s initial purchase of a product? That’s a key factor for prospective investors, who wants to see what the next thing is and want to make sure that there’s some longevity beyond what you’re offering today.
Ignoring Data :
Magical thinking can kill any business, You can’t just believe you’ll succeed you need to actually crunch some numbers and figure out if you will succeed.
Quick 2 Scale :
Here’s a scary number: 75-80% of high-growth internet startups fail because they scaled too fast, too soon. The basic problem is the same: They’re draining the budget on things that aren’t essential to expansion or determining whether their business is even viable.
Fearing failure :
Change the mindset. You didn’t fail — you ran an experiment that will improve your next business ,although it hurts a little bit each time, now you’ve learned something, and you can apply that lesson to move forward and make your business better.
Sticking to the wrong idea :
This mistake is especially prevalent among first-time entrepreneurs and people entering an unfamiliar market — folks who just fall in love with their original idea and can’t recognize how much it’s failing. Don’t go on gut. Go on evidence.
Evaluate how your product fits in the market. Maybe you run experiments on what tactics or product tweaks draw in customers the best. Or maybe you closely track how much it costs you to acquire each customer — and if small tweaks make that cost go up or down.