Founder Traps to Avoid in 2024

February 22, 2024
Founder Traps to Avoid in 2024

Looking back at 2023 there are certainly some things we should as founders avoid in 2024! As we steam ahead into 2024, let's spill the beans on some common traps that snag too many founders.

Steering clear of these pitfalls can mean the difference between soaring and stalling out. Let's dive in.

Falling in Love with Your Product

Flexibility is Key

It's easy to get hooked on your initial idea, but the real magic happens when you listen, adapt, and evolve based on feedback. Remember, your first cup might not be your best cup. Stay open to changing the blend.

Scope Creep and Never Launching

Launch, Then Learn

If you wait for the 'perfect' version, you'll never launch. Adopt a lean startup approach. Get your basic brew out there, see how it tastes, and then refine. Iterations are your friend, not your foe. Design thinking vs. lean startup? Just get it out there!

Not Thinking About Distribution

Build Paths, Not Just Products

An amazing product nobody knows about is like a coffee shop hidden in a forest. Plan your distribution channels early. Whether it's SEO, social media, or partnerships, make sure people can find and love your product. Ideally think about these before you even start building your MVP.

Forgetting About Iterations Post-Launch

The Journey Continues

Finishing a project with an agency doesn't mean the work is done, it isn’t. The first launch is just the beginning. Continuous feedback and iterations keep your product fresh and relevant. Think of it as constantly tweaking your coffee recipe to perfection. Even if you think at first that getting a fixed scope project and hoping the product will be finished once its done, it wont work out that way.

Prioritizing Investors Over Revenue

Self-Funding First

It's tempting to chase investor money early on, but focusing on generating revenue can give you more leverage and freedom. Prove your business model first; investors love a venture that can stand on its own two feet.

Bonus: Ignoring User Feedback

Your Users are Your Compass: Ignoring user feedback is like ignoring the taste preferences of your coffee shop patrons. Engage with your users, soak up their insights, and let them guide your iterations. Their satisfaction is your success. Development should follow revenue flow.

Onwards and Upwards

Avoiding these founder traps in 2024 is about staying agile, being user-focused, and understanding that your startup journey is a marathon, not a sprint. Keep these tips in your toolkit as you build and grow. Remember, every misstep is a chance to learn and every challenge, an opportunity to innovate.

Here's to building new ideas, embracing the lean startup ethos, and marching onwards and upwards!

Talk to the Author: If you feel like you have some questions, or want to add something, you can reach out to Slavo from our team.

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