Common Mistakes Made by First Time Tech Entrepreneurs by Tiffine Wang

This topic has been covered a million times but I'm covering it again in hopes that it will bring you a higher chance of success!

It took 4 tries to get down the hill without using breaks! Persistence!

My day job mainly consist of evaluating companies either for investments and/or partnerships with a large corporation. I’ve been lucky to meet and work with entrepreneurs all over the world (e.g. Europe, South East Asia, North America). Having been on both sides of the table, I cringe as I watch first time entrepreneurs make the same mistakes I did. Here are a few things to consider in hopes that you'll have a easier time learning the lessons I did. 

1. There's No Competition: This is a pet peeve of mine. It’s extremely rare that there’s actually no competition. A smart and candid entrepreneur is highly favorable when working with a seasoned investor. While a good sales pitch is important, especially since we sit through hundreds of pitches each month, proper due diligence will likely uncover the truth. Make that person's job easier by giving them some relevant useful information to kick start their evaluation. 

2. Serving a Market Size too Small: Part of venture is looking for companies that can grow. While nothing is set in stone and markets vary, you need to go after a market that's large enough to get investors excited. Going after a market that's too small may be good for a SMB but it doesn't work for venture. Check the expectation of the local market first or else you'll be running in circles for a long time. 

3. Choosing an inexperienced team: Just because someone graduated from X school doesn't mean they're a great co founder. My founding team consisted of people who came from top schools but it didn't make up for the fact that we lacked vertical experience. The failure rate is much higher when your whole team is inexperienced. You don't have to be the founder right away, sometimes it may take a few years to pick up some experience but it will likely help you make better choices. 

4. Lack of Focus: As an early stage company, you don’t have much time so you need to choose wisely where you put your time and energy. There are entrepreneurs with several ideas but can’t complete one product. Focus is extremely important. Specialization usually beats out generalization. 

5. Poor quality product/Poor execution: Some products are just not useful or poorly built. If this is the case, go back and improve your skills instead of trying to sell a bad product. It's just bad for your reputation. 

With that said, there's no guarantee of success, you just get use to falling and getting back up. If you learn each time then you're on your way to success!

Bring a friend along for the ride, it makes the adventure more fun!