“Create a product first, and customers will come.”
Your dreams won’t sell themselves. Building a great product is not enough; it won’t magically reach customers on its own. A great manufacturer isn’t always a great businessperson. Managing emotions while dealing with different customer types can hinder their creativity and product innovation. We need a clear differentiation strategy to approach customers with the lowest marketing cost possible. Avoid using generic language that anyone can imitate, especially when your communication reach is still limited.
“Hire fast and fire slow.”
Rushing to hire someone can lead to bad decisions that indirectly create a toxic work culture. Focus on the quality of your hires, not the speed, when building your team. Do the opposite: hire slowly and fire quickly.
“Steve Jobs didn’t ask customers what they wanted.”
Vietnam is not the United States. It’s challenging to create something entirely new and lead the rest of the market. Don’t generalize the market based on the 0.0001% exception. Understand your customers’ needs and put yourself in their shoes. Avoid adding features or creating differences they can’t even imagine using.
“The more funding, the better.”
Securing a large funding round creates high expectations from investors. They expect rapid growth and asset accumulation, leading to risky and bold decisions to meet unrealistic targets.
“Focus on funding, not revenue or profit.”
A company that doesn’t generate revenue or profit cannot become a sustainable business icon. Growing revenue and profit means reaffirming that your competitive and expansion strategies are valid. This is more important than raising large sums from investors.
“Beat competitors by lowering prices.”
Cutting prices can trigger a price war, hurt profit margins, and attract disloyal customers. Focus on value, not just pricing. If you lower prices, ensure it aligns with a low-cost strategy. Many founders fail to differentiate between discounting and low-cost models. Be obsessed with why customers choose—or don’t choose—your business.
“Focus on growth first, figure out the business model later.”
Focusing on growth without a validated business model is like building a house on sand. It might look impressive, but it won’t last.
“Do what successful companies are doing.”
The strategies of large-scale companies are unsuitable for SMEs. They have more resources, brand recognition, and long-standing customer bases. SMEs and startups need strategies tailored to their strengths, limited resources, and flexibility—areas where giants cannot or choose not to compete. If your approach feels unique, consider that it might be because the giants have overlooked it.
“Don’t launch a product until it’s perfect.”
In business, perfection is a taboo. Delaying a product launch means losing market opportunities, increasing costs, and conceding the market to competitors who dare to act faster and take risks before you do.
“Raise as much money as possible from individual investors in early rounds.”
In early rounds, when both investment capabilities and business management skills of team members are still evolving, avoid accepting contributions from those who only provide money (especially small amounts) without being directly involved in management. These investors are unlikely to have the patience to understand and support you.
“Raise funds when you’re struggling.”
The capital market doesn’t work the way you might think. Be prepared with a strategy to raise funds or divest successfully at any time, as this reflects a wise exit strategy.
Your ego is essential to motivate you to achieve great things, especially when others haven’t recognized your potential. But handle it carefully—an oversized ego leads to greater harm when things go wrong. When we’re small, we need the support and goodwill of those around us. Look at the many founders stuck in dilemmas during crises, and you’ll understand.
These are common mistakes I’ve observed while supporting and mentoring founders.
Have a great Sunday!