This video goes over the 5 biggest mistakes first time founders make. Are you a first time founder? Or maybe you're thinking about starting a business, but you don't want to make the same mistakes business owner makes. In this video, I'm going to share with you five mistakes first time founders make (that I wish I hadn't made).

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0:00 - Introduction to 5 Mistakes First Time Founders Make

1:08 - Mistake #1: Building for the sake of building

A ton of times, first time founders get so caught up in the excitement of starting something that they just want to hit the ground running without actually planning a little bit more.

When you build without a clear vision of what you're going to do next, it's really difficult for you to iterate on your idea. It's also equally as challenging to stay focused and not get distracted by the next squirrel.

2:35 - Mistake #2: Giving co-founders too much equity without vesting

You need to make sure that each of your founders is on a vesting schedule. For a period of time, they are slowly incrementally earning their equity until they earn their entire stake.

Typically, vesting schedule is having a one year cliff. Your co- founder has to be with the company and actively contributing to the company for that entire first year in order for them to earn in most cases, the first 25% of their equity stake.

By having everybody on a vesting schedule, it makes sure that everybody is in it to win it in terms of building up the business.

3:54 - Mistake #3: Not building a team fast enough

I recommend operationalizing the things that you are repetitively doing by bringing on a team of virtual assistants to help take some of the load off.

Once you have a working process in place, you want to document what that process is so you can begin working on the next process that needs to be put in place. Entrepreneurs often don't delegate it enough so, as a result, they simply build themselves a job as opposed to a business.

5:07 - Mistake #4: Tying a bulk of my identity to the company.

Make sure that you check yourself in terms of what your greatest strength is, also being sometimes your greatest weakness.

I do regret not being able to check myself a little bit more and think about what was a more sustainable way to design my life and still fit the company that I was building.

For the last few years, I've had to spend a lot of time setting up my personal productivity systems to set boundaries for myself a little bit more clearly, because I realized after seven plus years of being on the grind, it simply just wore down on me. I wasn't truly feeling as fulfilled as I thought I was going to be when I first initially set out building these particular businesses.

6:45 - Mistake #5: Not asking for help

A common sentiment in the startup world is to be wary of taking too much advice. You don't want to be too easily swayed by all the different opinions that you might accumulate.

I spent the bulk of my time learning entrepreneurship through books, as opposed to leveraging all of the opportunities that I had in front of me.

Surround yourself with more likeminded people to help develop your ideas.

8:17 - Two Big Takeaways to Remember:

1. Having some semblance of a plan is super important for sustaining your motivation in the long term. We trudged along for several months before we had a newfound motivation to build our online courses.
2. Your company is only as strong as your team. Having a strong team in which everybody is working together and doing their respective part in achieving the mission of your organization can make a huge difference in terms of the output that you guys collectively experience.

✍️ COMMENT BELOW:
If you're an owner or founder of a company, what's a mistake that you made as a first time founder? Or if you're thinking about starting something, what mistake are you most afraid to make?

Grow with Will is all about helping you grow your business, get more customers, and hone your business acumen. I teach you the real-world business skills you didn't learn in school to help take you from zero to self-starter.

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Disclaimer: Grow with Will does not provide tax, legal, or accounting advice. This video, and the ideas presented in it, are for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.

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