Take a break!

Taking just a couple of minutes to gather yourself and daydream can work wonders. Thinking about unicorns (as in magical unicorns, not Uber!) or anything else to take your mind off work can increase concentration for the day and provide energy.

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5 common mistakes by first-time startup founders 💼There is no business without mistakes. Especially if this is your first attempt. You feel free to make decisions, but you don't have enough experience yet not to fail.

Undoubtedly, learning from your mistakes is effective. But you can try to prevent them by studying the experience of your colleagues. Here are the most common ones:

1. Hiring full-time employees before product-market-fit. Getting to product-market-fit is the only thing that matters in the early years of your company. Simply put, do you have something that people really love.

Until this point, you will be frantically trying many ideas, sometimes weekly. During this time anyone other than a co-founder will soon get frustrated by the changes of direction and eventually wonder if the compensation they are giving up on elsewhere is worth it.

2. Deprioritizing offshore talent. Saving money is crucial in the early days. The biggest expense is labor and given the quality of talent around the world, and tools to collaborate with them, hiring offshore is the best way to save money early on.

Try looking for employees from lower-affluence countries or regions rather than from world centers and big cities. So you can pay less and get the same results.

3. Holding on to the first idea far too long. Your first idea is very likely going to fail. This may seem like a gross generalization, especially since you probably just quit a job to launch your startup based on an idea you think is very good.

But success with startups usually comes from insights that no one else has. And they are seldom found in a survey but rather learned through failure. So the key to success is to iterate fast through ideas and get those insights quickly.

4. Building a bigger MVP than necessary. Most founders have a grand vision for the solution to a thorny problem. They could create a complete product before finding out people wouldn’t use it.

Developing a mobile app or website needs a lot of resources. Just getting reliable login/ authentication, having useful onboarding, ensuring a responsive layout, etc takes a ton of time and you haven’t even got a feature yet.

Instead, conduct at least a fake-door test: make a landing page with no-code tools, describe your offer, and run ads on it. The number of clicks will show you if it makes sense to work on the idea further.

5. Not having a marketing co-founder. The number one thing investors look for in a startup is a high growth, typically 10% month-over-month or more. That’s because it’s an easy signal for product-market-fit and a business that scales.

But getting to high growth is very difficult and requires constant experimentation with new marketing channels and strategies. A marketing co-founder is essential so that he/ she focuses on growth every day and is not distracted by other things.

✈️

According to CB Insights, as of March 20, 2024, there are 1229 unicorn companies worldwide with a total valuation of $3.85 trillion

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One of the most underrated principles in business, marketing, and life is providing extra value and benefits. Giving more than you receive. The king who mastered this principle and took it to the maximum is MrBeast

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How to use reminders

When you ask for help from other founders/connectors and when you follow up after ward intros to investors, frequently people don't respond. This isn't a sign of rejection. Everyone is super busy, traveling, balancing family and work, and could have potentially read your message right before losing connection, jumping on a plane, or doing some other task. The frequency of "dropping the ball" in fundraising is very high.

To counteract, you need to send everyone lots of reminders. I got my previous job (Entrepreneur in Residence at Entangled Group) after a warm intro and four reminders before getting a reply. Make your ask super simple, typically, just ask for an indication of interest and readiness to continue the conversation.

Here's a typical sequence of reminders you can use. Space them by 2-3 business days.

Reminder 1 — Single line, ending in yes/no question
Hi X — following up to the intro from Y. Would you have time to learn more about our round?

Reminder 2 — New positive news, brief summary, yes/no question
Hi X — this is Z from company A again. We do _company description_. Since Y has intro-ed us, we made serious progress on traction metrics N, M, P. The round is still open — would you have time to talk in the next few days?

Reminder 3 — Last chance, yes/no question
Hi X — Life is busy! This is my last email on company A after an intro from Y. Is there still a chance you might be interested to consider us for investment?

Generally speaking, once you have a warm intro, an initial indication of interest, or a promise of help, you can do 3-4 reminders until getting the next response.

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?Missed out on earning with Notcoin? Let’s talk about a new potential gem.
?The TON ecosystem is attracting numerous new teams with immense potential and existing strong projects eager to replicate Notcoin’s success!

A team of former Binance employees is preparing to launch a decentralized exchange directly within Telegram, offering P2P crypto purchases without any bridges between different blockchains and their networks.

? Over the past few days, the number of users has skyrocketed to over 250,000 subscribers and active participants!

You can only access the app via an invite from an already active user. A standard link allows you to invite only 5 people.

?But for you, we’ve secured 2,500 invites.

Let’s skip the formalities. Binance, blah blah blah — that’s all good, but what should we, the regular users, do??

It’s very simple, just do this exercise three times a day, and your back won’t hurt:

1. Click on the link: t.me/BlumCryptoBot/app?startapp=ref_9rYUgWavkg

2. Choose and confirm an available name (PavelDurov and NikolayDurov are already taken?);

3. Invite friends using your link (maximum of 10 invites) or help our team by inviting through the following link: t.me/BlumCryptoBot/app?startapp=ref_9rYUgWavkg

4. Tap, farm, and return every 8 hours to collect your tokens

Life changing advice for startup founders

One of the most important things for startups and for life in general but kind of underated.

When you asking something whether from the community, investors, friends, from anyone.

Always provide some real value. Before you asking them you should give something valuable and you have to tell what they will get if they help you, support you, just be always specific.

Otherwise you'll get nothing but regret. While providing real value opens almost every door. Use it.

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Top 20 Reasons Why Startups Fail

Although there is some debate on the exact percentage, 90% of startups fail is a common and rather depressing stat that comes up. Only the brave or lucky prevail. What are you doing to mitigate risk in your startup?

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Hi friends, join 112,000k+ Unicorn Mafia community for free

1. Find a co-founder
2. Pump your LinkedIn & Twitter profiles
3. Get support for your Product Hunt launch
4. Get new clients and partners
5. Get free promotion
6. Get access to 200,000 investors

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