Originally published on the Louisiana Technology Park blog.
What was your last entrepreneurial mistake? Screwing up is fine—it comes with the territory—but that doesn’t mean you shouldn’t be careful.
Out of inexperience, stubbornness, or hubris, there are three mistakes that entrepreneurs seem to make over and over. Watch out for these:
Mistake #1: Over-Focusing on the Product
Since day one, you have probably been acutely focused on the product, which was needed. Congrats! You now have a viable thing to sell.
So now you’re half way there, right? Well, maybe a quarter way . . . a tenth of the way. . . wait, is there even a “there”?
The mistake too many entrepreneurs make is not shifting gears to focus on the business around that product.
So, if you’ve taken the role of CEO, then your focus needs to be on CEO duties, i.e. hiring, marketing, organizational issues.
You should always keep a keen eye on the product, but not both eyes, and not all the time.