Scratch your own itch. Go after solving a problem that you have. Something that’s near and dear to you, not some random market opportunity."
Often new entrepreneurs wait too long to put their product out in the market. With limited resources at hand, its crucial that you get an MVP out ASAP and start getting traction. Take the user's feedback to iterate and improve your products."
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Not launching fast enough is a mistake you simply can't afford to make. If you want to get an edge over others, launch now!"
The most painful mistake I see inexperienced entrepreneurs make is copying or doing the same things that successful entrepreneurs have done, expecting similar results. What first-time entrepreneurs don't realize is that the world is not a vacuum and there's more going on behind the scenes than it appears. There's much more effort that has gone into creating the success they see on the surface, and there's no guarantee that a particular tactic or strategy will be successful for everyone."
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My advice to first time entrepreneurs is to not get caught up in the glamour and don't take things for face value. Rather, use these successes they read about as inspiration for what you can do too. I almost always recommend they set more realistic goals and forget about 'going viral' or trying to be like someone else."
Most people start out with completely unrealistic expectations of what level of effort is required and how long it takes to get a business off the ground. They are easily discouraged and give up way too soon. I blame it on wishful thinking."
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The reality is that there is no way to know how long it will take or whether it will work at all. So my advice is to approach it with humility, grit and a willingness to do whatever it takes to succeed, even if that means you have to work really hard for a long time."
Never forget that your business needs to take in more money than it spends. I know that sounds too simple, but so many people lose sight of that. That’s also why so many first-time entrepreneurs over-invest (or spend so much of their time looking for investors) early on.
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