Mistakes Every Entrepreneur Should Avoid
Mistake 1: Entrepreneurs focus on products rather than customer
Mistake 2: An entrepreneur trying to be a one-man army
Mistake 3: Premature Scaling
1. You do not know your customer’s lifetime value
2. Your business is not repetitive, which means that you are not acquiring customers in a similar way.
1st stage: Product-solution fit. The first stage is the customer and problem identification. This means that you need to find the problem, see if your solution has enough customers will pay you to solve their problem.
2nd stage: Product-market fit. The second stage is to create an ideal product large enough for your startup growth. This means you need to test, validate, and determine the core features
3rd stage: Channel fit. The final stage is about lowering operating costs, increasing profit margin through optimization, and retaining customers. Once you lower your costs and determine your customers, you can step on the gas and scale-up.
EdTech Startup Failure
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