…be patient, be aware and be flexible
Cheers to a new week
Today’s post is an excerpt from our podcast episode titled “Early Stage Startup Mistakes”. As the title indicates, the session focused primarily on 2 mistakes he had made and noticed among startups at the very early stage.
Before getting into the mistakes he shared with us, below is a quote from Obafemi that I believe is important to remember.
Every mistake is a trigger to think outside the box
Mistake should ignite an interest in figuring out what went wrong, why did it go wrong and what changes are needed.
Now let’s dive in
- Having a rigid plan
A startup should be flexible, otherwise creativity will be limited. As things evolve, your original idea may need to also scale in tandem with what the market wants. Make sure your products are meeting the market demands per time. You also need to be open minded to receive feedback from your environment, notice patterns in the ecosystem and even outside your operating sector to see how things have worked in other sectors, the challenges they have faced, and the proffered solutions.
- Not budgeting
According to Obafemi, he and his team just wanted to develop something and get people on it without considering the financial implications. It is very important to budget and make room for as much miscellaneous expenses as possible, so you will be able to accommodate whatever change requests are coming from your team and due to market changes.
There you go
Feel free to comment an share your own experience below
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