Thursday, August 11, 2011

Why startups fail: Lack of focus

At the Lean Startup Seattle meetup last week, Madrona Venture Group’s Greg Gottesman explained the importance of entrepreneurial focus. After all, at least as the Seattle venture capitalist sees it, the best startup ideas are those “where you figure out what you can be the the best in the world at.”

That’s a tall order for sure. But starting out with that sort of drive and confidence is absolutely crucial.

“I think the biggest mistake that most startups make is that they try to do too much,” Gottesman said. He was joined on the panel by Brian Fioca, co-founder and CTO of RescueTime, and Kate Matsudaira, vice president of engineering at SEOMoz (and a past GeekWire Geek of the Week).

Fioca noted the importance of team, comparing the startup process to a marriage.  ”The hard times are a lot more potent than the good times,” said Fioca. Gottesman later added that creating a startup is kind of like having a child, noting that there’s never really a good time to have a child or to do a startup.

“It is learning to trust your gut,” said Gottesman, adding that the very best entrepreneurs have an innate sense of timing.

Each panelist also offered a little bit of startup advice. Here’s a quick summary of each of their pearls of wisdom.

Read more: Geek wire
QR: power-lean

Posted via email from Jasper-Net