Startups make many of the mistakes. Here are two common ones to avoid:
Thinking you must have the perfect product before you talk with anyone – including customers.
Many startups go into development mode until they have their first product, and then launch it to the world. Often with a thud.
Instead, involve customers at every step of the process. In fact, customers should come before the product and not after.
Hiring the wrong people
Many startups hire people they know rather than people with skill. Some hire with the notion that the candidate “needs a job” rather than “they have the skill.”
Other hiring mistakes include
a. Hiring B people instead of A people.
b. Hiring someone to fill a specific position without fit to culture of the company.
c. Hiring someone for work that is not yet defined or funded.
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NOTE: Investor Connect is a program under the Texas Open Angel Network which is a 501(c3) non-profit dedicated to the education around startup funding. Hall Martin is the principal contact, and may be reached at http://www.investorconnect.org/contact.
Hall T. Martin is the Director of Investor Connect which is 501c3 non-profit dedicated to the education of investors for early stage funding. All opinions expressed by Hall and podcast guests are solely their own opinions and do not reflect the opinion of Investor Connect. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions.