Entrepreneurship Mistakes Startup Business Technology
Jared Friedman
Jared Friedman

@snowmaker

5 tweets 16 reads Jul 24, 2023
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Talking to second time founders (especially v. successful ones), I've realized they tend to make the same mistakes. In fact, I made these myself in my brief attempt to start a second company after Scribd. The three most common ones:
1) No cofounder. They started their first company with a friend. But now they can raise money and hire a team with just an idea, and giving up 50% is so expensive. But cofounders are also about accountability and moral support, and that turns out to be incredibly important.
2) No idea is good enough. First time founders enthusiastically leap into their first idea. Second time founders know that they're signing up for a 10 year commitment, so they're gun-shy. But the problem is that all startup ideas have major flaws.
3) Running away from their existing expertise. People are burned out on their first industry because they know what makes it hard. So they try a new industry only to realize it's just as hard but they have fewer advantages. Usually better to stick with the devil you know.
Any I missed?

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