9 Things That Kill Your Startup in Year 1
Neil Cheong, Co-Founder, GUIDE, | Alvin Chin, Co-Founder, GUIDE
02-Dec-24 11:00
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The first year is often the most perilous for startups. From poor unit economics and co-founder challenges to struggles with product-market fit and resource management, countless hurdles can derail even the most promising ventures.
In this episode of P&L, Neil Cheong and Alvin Chin, Co-Founders of GUIDE, dive into the top 9 reasons startups fail in their first year. They share actionable insights to help entrepreneurs identify red flags, align co-founders, and optimise their resources.
Special Offer for BFM P&L Listeners!
Join the waitlist for the eLearning version of the GUIDE Founders Program, launching January 31, 2025, and get access to 30+ lessons and a comprehensive wiki on practical venture topics like developing a moat, creating an MVP, scaling enterprise value, and more!
Be among the first 150 to join the waitlist and enjoy 30% off using code BFMPNL. Learn more and sign up now at www.guide.works/founders-program.
In meantime, here are some key highlights from the conversation:
- Unit Economics: Why understanding and optimizing your business model is vital for survival.
- Co-Founder Dynamics: How to navigate relationship challenges and build a strong founding team.
- Product-Market Fit: Identifying alignment between your offering and customer needs.
- People Management: The importance of hiring effectively and navigating the difficult process of letting go of underperforming team members.
- Resource Allocation: Avoiding inefficiency in cash and time management.
- Go-to-Market Strategy: Common mistakes in execution and how to refine your approach.
- Clarity on Problem and Customer: Why a clear value proposition and knowing your ideal customer are critical.
- Lack of Personal Runway: Preparing financially to endure startup challenges without burning out.
- Speed and Decisiveness: Building a culture of quick and effective decision-making to maintain momentum.
Produced by: Roshan Kanesan
Presented by: Roshan Kanesan
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Categories: markets, managing, entrepreneurs, personal development
Tags: resource management, startups, product-market fit, startup school, Startup Sentral, Startup Central,