If only I could go back in time and avoid a few of the pitfalls of bootstrapping my business!
We can't do that, of course, yet so many of the mistakes entrepreneurs make in launching and building their start-ups are repeated over and over again by their colleagues.
There's definitely merit in learning things the hard way - sometimes you just have to try things and grow from the experience. However, it's incredibly valuable to learn from others and save yourself the heartache (and time, and stress, and money…) of falling into the same traps as others before you.
As I perused through this new infographic from Funders & Founders, I couldn't help but laugh at how familiar a lot of these missteps were. Spending too much - you know, there was a time when I treated my consulting business like an ATM. That didn't last long, though; it couldn't. Once I started using my consulting to bootstrap my software business, I quickly realized that treating extra revenue like extra personal income wasn't doing WordStream any favors.
On the other hand, there are many areas where we clearly did pretty well, judging by the common mistakes illustrated below. We had great programmers, for example, our location in Boston was fantastic, and we definitely had a specific user in mind.
We did beat the odds! Considering nine in ten tech start-ups fail, there's much to be learned from those who made it work. How did they do it? For starters, they tend to avoid these 18 common start-up mistakes.
If you've launched a start-up before, I guarantee you're going to recognize at least a few of these. If you're just getting into your first one, here's what you need to watch out for: