Building something that no-one else wants. This is the classic product-founder-fit problem. Be sure to get validation that you’re building something the world needs, not just you. Domain expertise helps, and so does scratching your own itch, but other people need to feel that itch too.
Trying to get an idea funded. Everyone has ideas. In fact, I have a journal in which I write a new startup idea every day. You’ve got to have validation and traction. Investors invest in people with businesses, not people with ideas.
Sending massive, generic, spam-like emails (and messages). Emails are hard enough to manage with people constantly selling telecom services or web development offerings. Take your time to be intentional about who you’re reaching out to, do your homework, and craft a concise message. The longer the message, the less likely it is to be opened. As the famous saying goes: “If I had more time, I would have written a shorter letter”.
Not having a clear ask. Whether it relates to customers, mentors, or investors. No-one is a mind-reader, so you have to directly call out what you’re asking for. As obvious as it may seem to you, people have their own journey, and it’s important to clearly articulate that.
Forgetting (or having too much ego) to follow-up. Emails, text messages, calls get lost. Follow-up. This doesn’t just apply to people. Try product or marketing experiments. The people winning didn’t just try something once and succeeded. They would have tried, and tried again. If someone introduces you to someone, follow-up with them too. Gratitude for past behavior is the hack to get more of the same.
Talking more than needed. Don’t arrange phone calls to pick someones brain and then talk the whole time. God gave us two ears and one month, so listen twice as much as you speak.
Not getting to know their co-founders well enough. Some argue building a company with someone requires more commitment than a marriage. Whatever your view is, finding a co-founder you trust, believe in, compliment, and enjoy working with in incredibly important. It’s not something you can find and sign in one weekend, it takes months if not years of working together to figure out if you’re on the same page. Don’t rush into it.