The 20 Biggest Myths About Building a Business

Embed Size (px)

Text of The 20 Biggest Myths About Building a Business

1. Brought to you by The 20 Biggest Myths About Building a Business 2. Myth #1: Founders Are Their Own Bosses The founder always answers to someone, whether its the board, the investors, or most importantly, the customers. 3. Myth #2: The Founder Should Do Every Job in the Early Days Recognizing where you could be getting massively greater returns on your time and then delegating or outsourcing the less important tasks is one of the biggest personal wins you can score. 4. Myth #3: Starting a Business Is the Best Way to Get Rich You can get rich in business, but its certainly not the easiest, or most guaranteed way. 5. Myth #4: Launching at an Industry Conference Will Set You Up for Success Conference launches are a vanity event; they make you feel nice, but rarely lead to real, long-term business results. 6. Myth #5: You Should Keep Your Product Secret Until Its Ready The 99% of the equation that counts most is the tireless hustle and thoughtful execution that you need to make any idea succeed. 7. Myth #6: You Need to Take a Lot of Huge Risks Taking smaller risks and hedging against loss helps you stay around for a lot longer and gives you the time to place a lot more calculated bets. 8. Myth #7: Everyone Shares Your Problems Just because we have a particular problem or viewpoint, doesnt mean that our customers do. 9. Myth #8: You Should Raise Money Whenever You Can Just because money is on the table doesnt mean you should take it. 10. Myth #9: Founder Dilution Isnt a Problem Every time you dilute your ownership, you divest yourself from the success of the business, and in a world where you need to be working your ass off for years before seeing results, thats a dangerous place to be. 11. Myth #10: Spamming People on Social Media Is a Good Marketing Strategy You get influencers attention by creating value for them, not by joining the hundreds of other startups looking for a handout. 12. Myth #11: You Need to Rent an Office There are only a few things that a bootstrapped business needs in its earliest days, and an office isnt one of them. 13. Myth #12: Your First Hires Should All Be Developers If your team of 4-5 people is 100% developers, youre missing some critical business functions that are far more important to your business than the incremental value of a third or fourth developer. 14. Myth #13: Its All About the Product Great marketing wont save a shitty product, but with shitty marketing, even a great product doesnt stand a chance. 15. Myth #14: If You Can Just Land That Huge Customer, Youll Win These deals, even when they go through, are not much more than a massive distraction, and banking your future success on them is a very dangerous move. 16. Myth #15: Lines of Code Is a Success Metric If any part of your pitch mentions how many lines of code youve written in order to make the large number seem like an accomplishment, youre missing the point. 17. Myth #16: Your New Rockstar Developer Will Turn Your Company Around Just like everything else in a business, a single developer wont make or break it. 18. Myth #17: We Can Worry About Money Later If youre going to build a business, one of the first things you need to do is figure out how its actually going to be a business. 19. Myth #18: Everything Needs to Be Scaleable If you havent reached product/market fit and dont have enough paying users to see a clear roadmap to profitability, then youre not ready to think about scale. 20. Myth #19: More Features Will Improve Your Product Every feature you add makes your product a bit less simple to use, so before adding any feature, think very carefully about whether youre adding a benefit, or decreasing one. 21. Myth #20: You Cant Afford Top Talent There are so many elite developers, marketers and support agents out there, and not all of them are motivated solely by money. 22. Presented by Check out more wins, fails and lessons from our Journey to $500,000 in MRR