THE BIGGEST MISTAKES THAT STARTUPS MAKE

The path forward is hard, so learn from where others have fallen. This is a list of very hard-won lessons.

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I've seen many startups succeed, and many fail. I've consulted for and invested in lots of them. My previous startup, Anchor, navigated its own challenges and missteps; we were fortunate to survive them, and ultimately Spotify acquired the company in 2019.

Over the years, I've come to think of startups as a game of Minesweeper. Remember that game from early PCs? You'd start with a grid of clickable squares, with cartoon mines hidden throughout. Your job was to take a few guesses, gain some information about where the mines were, and logic your way through finding them all. Similarly, startup founders start with an empty board. And although nobody can know their locations, the mines are guaranteed to be there—and certain types of mines are common to every kind of business. A founder can save a lot of time, money, and energy if they know how to avoid these pitfalls from the very start.

After many years of navigating mines, I've identified the 50 most common ones. (I share lessons like this regularly in my newsletter—which you can find at my website, zaxis.page.) To be clear, this list is far from exhaustive. And while there are certainly exceptions, it can be a great shortcut for anyone leading a new initiative, at any sized company.

Ready to find your mines? Here they are.

1/ Thinking you have all the answers

My favorite piece of advice for startup founders: You'll be 90% wrong about your assumptions. The problem is that you don't know which 90%. Therefore, do everything you can to challenge your convictions, and be willing to shed them or tweak them as needed. Rapid iteration and an open mind are two necessary ingredients for a successful startup journey.

2/ Ignoring the impact of compounding