2 very common mistakes founders make that can kill your startup

🌈 Abstract

The article discusses the key traits and challenges faced by startup founders, based on a study conducted by researchers at Harvard, Stanford, and the University of Chicago. It also highlights the insights and experiences of Jason Scott, a former Google executive who now runs a VC firm.

🙋 Q&A

[01] Breaking up the band

1. What is one of the most common reasons for startup failure that Jason Scott has seen since starting as a VC? According to the article, one of the most common reasons for startup failure that Jason Scott has seen is inter-founder conflict, which often results from unmet expectations. The article states that founders often evaluate their co-founders' effectiveness as leaders against much higher expectations than they actually set for themselves, and when these expectations aren't met, conflict ensues.

2. What does the article suggest as a way to combat the tendency of co-founders to have unmet expectations? The article suggests that co-founders should continuously check-in with each other and ask questions like:

• Why are we doing this in the first place? Are we doing this for the impact, intellectual stimulation, or do we simply want to make money?
• How fair does this partnership feel overall?

[02] The magpie founder

1. What common pitfall does Jason Scott see quite often amongst founders? According to the article, one common pitfall Jason Scott sees quite often amongst founders is the tendency to get distracted by shiny new possibilities, which the article refers to as "the magpie founder." These founders might get distracted by an email from an investor or an article on industry trends, and then end up pursuing a new project or market segment instead of focusing on their core business.

2. What did the Effective Founders study find about the most effective founders in terms of focus and prioritization? The article states that the Effective Founders study found that among the most effective founders, 96% were seen to invest their time in what really drives success for the business, and 93% kept their teams focused on priority deliverables/objectives.

3. How does Jason Scott suggest founders can avoid getting distracted by "bright and shiny objects"? The article mentions that Jason Scott will be focusing on this topic in one of his workshops/talks at VDS2024, where he will share insights and data on how to create the right key results and objectives for your team, as he believes this is an important way for founders to maintain focus and avoid distractions.