If you're just starting out, find a REAL pain point
Find a problem that you are passionate about and is a true pain point. There are many big problems around us. I often see smart people tackling the wrong problem.
Early stage companies often underestimate funding needed
Plan accordingly to know that you have sufficient funds. You have to have sufficient funding and good funding planning and you need to know when to raise the next round before it's too late.
Many companies overlook the costs or raise money too late
When it's too late, the companies have struggle closing a round fast enough to keep the company alive.
First time founders fall for an illusion of growth
Companies get cocky once they get a number of users or app downloads and mistake it for sustainable growth. App downloads don't mean engagement nor does it mean sustainable organic user growth
Founders sometimes rush in & get distracted from the mission
The companies that succeed are the ones that have a coherent mission statement and can step back and ask "Are we on track or not?"
For consumer startups, engagement is key
If they aren't engaging, ask why. Why are they only spending a few minute with us? There is a pattern for growth.
Initially, go for exposure.
Get some users, seed the initial group. You need this group to see if the product is working
Then step back and focus on engagement.
Once you have some users, engagement is the important factor. Increase engagement. Don't rush monetization and when you do monetize, don't destroy the core value proposition
Startups are hard.
You need to be smart. You need to be able to overcome any hurdle. It's a journey that requires stamina. If you are on it, I wish you the best of luck!