What are the most common mistakes first time entrepreneurs make? originally appeared on Quora - the place to gain and share knowledge, empowering people to learn from others and better understand the world.

Answer by Patrick Mathieson, software investor at Toba Capital, on Quora:

The most common mistakes made by first time entrepreneurs:

  • Over-weighting the opinions of investors/VCs.
  • Raising money from investors you don't trust/raising money from investors who don't truly believe in the founding team.
  • Not impacting the market frequently enough (for example, waiting to start selling until v1.0 is completely finished).
  • Over-complicating their messaging (assuming that the average person will give them more than 0.1 seconds of their attention).
  • Not thinking enough about sales velocity & whether their clients have the desire & ability to buy quickly.
  • Not identifying the types of customers who will buy at a high enough price point to support the business model.
  • Thinking that selling to one enormous client will solve all of their problems.
  • Poor prioritization & working on way too many initiatives at once.
  • Not spending enough time cultivating allies (it's better to have 1 industry ally who is obsessed with your product/service than 10 who are merely aware of you).
  • Over-obsessing about PR and looking like a "hot startup" in general.
  • Waiting too long to fire people.
  • Hiring risky or mediocre people among your first dozen hires.
  • Working somewhere that is inherently distracting.
  • Not getting any sleep.

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Published on: Jan 25, 2019