[post_intro]As a developer and an entrepreneur, I often come across startups that exhibits certain telltale signs that cause me to think they are not going to make it.
Here are the signs.
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[hl]The usual caveat emptor: This list is not exhaustive, nor is it definitive.[/hl]
- You are the only founder.
- You tried to find a business mentor, but no one seemed to be interested.
- You think you can make a better <insert name of well-established silicon valley startup here>.
- You have more than 3 co-founders. (statistically proven)
- There are no technical person on your team.
- You think that you deserve your weekends.
- All your co-founders are good friends.
- You took more than 5 months to launch your product.
- You did not validate your idea beyond your group of close friends because you are scared someone may “copy” your idea.
- You did not meet a single criticism when you share your idea with those around you. (They must be lying just to keep your friendship!)
- No one on your team is from the industry or customer segment you are targeting.
- You are building yet another platform. But you have no community or 6 digit marketing dollar.
- You have to fluff to answer the question “Why should someone use your product or services over <insert existing competitor here>”.
- Not all your co-founders commit equally (in terms of time and resources), and yet the equity is equal.
- Your co-founders are in this for different reason. (Some want to do it for money, others to feel like a boss, and yet others just for fun.)
- Your products or services are so new that you have to spend substantial time and resources educating the market.
- You cannot summarize what your company is about in one sentence. (Therefore your customers can’t figure out what you are about, either.)
- You constantly think of new features to add, and delay your product launch because of that.
- There is no sales or business development guy in your company.
- If you are a student and the going gets tough, you prioritize mugging over your own company.
- You spend on getting an office when you don’t really need one yet.
- You spend more than 10% of your time pitching to investors when you have no paying customers or at least 6 digit traction.
- You think that viral growth = integration with social media platforms.
- Your idea doesn’t solve any problems, or doesn’t solve a problem efficiently.
- Your target audience is “anyone between 12 and 65 years old”.
- You do not know what “growth-hacking” is.
BONUS +1. You post on a developer facebook group that you are looking for a partner, and it becomes an immediate PR disaster.
Which telltale signs have you observed in startups? Do you have others to add to the list?
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