Few common mistakes shared by experts.
Pure technical leadership: While tech-stars are soul of tech-startup, a fully functional leadership team should have an equally focused sales team.
Post-marketing: Marketing should not wait for the product launch; it should start the day product development starts. This has dual benefit in sales and product development. Iterations to meet customer needs can be saved early.
Copy-paste: Copying a successful idea does not guarantee success. Customer needs are different in different regions. Market evaluation and gaps in demand and supply should be identified.
Thick spread: Focusing on a single idea can be fatal. Many successful start-ups actually end up developing a completely different product.
Thin spread: Doing too many things is also dangerous. The employee strength and the customer traction for the products should go hand-in-hand.
Cash-flow: Always keep 25-30% extra while budgeting. Do not overspend on travel, fancy office, goodies. Last thing you want is running out of money.
Non-friendly investors: Investors should be selected carefully. Prime focus of management should remain on products.
Tech-obsession: Technology choice should not be based on obsession. Challenges and discussions should happen frequently and freely on architecture, technology, processes. Customer needs should be evaluated from time to time.
Over-commitments: Tailor-made customization for over-demanding customers should be avoided. Support should be one function of the technical team, not the core function. (Model is different for service based companies)
Relaxed work culture: Ownership and aggression is the key. Both attitude and technical expertise should be considered while hiring.