Startup suggestions from Mike

Yesterday Mike thought about a few things: What are the main mistakes done by startups and how to prevent them?

1. Right amount of co-founders

One founder can't really handle everything. It's better to have 2 more fellas who will help you with all ideas and will definitely be the first guys who will criticize your crazy ideas in order to place them to the right pace. Here is some examples for you: Facebook - 5 founders, Google - 2 founders, WhatsApp - 2 founders, Reddit - 2 founders, Microsoft - 2 founders, Apple - 2 founders.

From another perspective too many founders can have different visions/opinions about "how it should work" or "who is the boss". Usually, startups with such problems die fast.

2. Startup is not a hobby

You should have 200% commitment if you want to be a startup. Mike was watching Shark Tank and he continuously noticed that entrepreneurs are failing to understand that you can't get investment if you are not committed to things you do or believe. Most likely Kevin O'Leary and Mark Cuban will ask you how much time you spend on your business, and if you tell them 2 hours every morning YOU ARE OUT, because it's your hobby, not your life...

3. Raise RIGHT amount of money

Raising less than you need –You might run out of money fast without being able to push to the market to the best of your potential.

Raising more than you need – is risky because it might make you feel like a star, so you might forget to deliver everything you should. Plus, you might have couple of more rounds to raise, so the more money you raised in the beginning – the more you would need to raise later. For some companies it is lethal. Last but not least to mention is the more money you raised the more dependencies and pressure from investors you will have.

4. Listen to your customers

This is a key factor for your success. Don't listen to your investors, I mean, take their opinion into consideration, but never take it as a 100% path to success. They financed your idea and vision, not vice versa.

HOWEVER, do listen to your customers. Listen and hear them (See Mike's Blog Here). Do A/B testing, ask for surveys, and organize target group discussions (even if you need to spend time and money). Starbucks gift cards are always handy here. :)

5. Team, Team, Team

Right team is like a unicorn-almost difficult to achieve. Please, spend time and hire right people-teamable work and spirit are vital factors of your young company.

It's easy to give suggestions (you are probably thinking) but Mike had all these flaws during his career in 5 different startups... He is learning with you, so no judgement, and just a few suggestions from a friend.