One of the most valuable experiences that entrepreneurs can learn from is the mistake that cost another entrepreneur their dream. Whether you’re building your first company or your tenth, entrepreneurship is full of uncertainty. And while success is always the goal, there are a thousand valuable lessons in startup failure. On today’s episode of the podcast you’ll hear from three serial entrepreneurs about the biggest mistakes to avoid when building a startup.
First, you’ll meet Michael Cloran. This guy started his career on a bumpy road. His first hand in success was making a kid-safe internet venture. From there he started his biggest company, Interactions. While working there he got his first real display of technical debt. Learning from this experience, he founded Developertown to help other startups that don’t have extreme technical skills on staff.
Dr .Todd Saxton teaches strategy and entrepreneurship at the IU Kelley School of Business and Kelley Direct, which is one of the best online MBA programs in the world. Dr. Kim Saxton is also a professor at the IU Kelley School of Business. Kim teaches marketing and works as an academic researcher studying how entrepreneurs work, fail and succeed. In addition to their lives in academia, both Todd and Kim are angel investors to several startups.
The purpose of their book, The Titanic Effect, is to let founders know what to avoid in order to make a successful venture. The book launches next month, so this episode is a little bit of a preview. Tune into Igniting Startups to hear which mistakes broke good business ideas and how to avoid them yourself.
In this episode on how successful startup teams can avoid startup failure with the authors of The Titanic Effect, Michael Cloran, Kim Saxton and Todd Saxton, you will learn:
- Which startup mistakes to avoid when building your new venture
- What market research you deserves your focus early on
- The importance of anticipating problems before they happen
- How to test the waters in a new market
- What you can do to build the most “unsinkable” startup in your market
- Listen to it on iTunes.
- Stream by clicking here.
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Michael Cloran, Kim Saxton and Todd Saxton quotes on how successful startup teams can avoid startup failure from this episode of Powderkeg:
“People think the essential task of the entrepreneur is to create a product, to find customers, or to find money. In reality it is pieces of all those things. An entrepreneur has to simultaneously navigate uncertainty across all of these different categories.” — @DiveProfTodd on @PowderkegHQ
“Developers fundamentally learn from peer reviewing each other’s code. But the real thing is; developers are gonna code differently when they know someone else is going to look at it.” — @mecloran on @PowderkegHQ
“What we see is very similar in the startup world to what we see in the new product development world. The number one driver of success is the same. And that is that you meet a customer’s unmet need.” — @profksaxton on @PowderkegHQ
“Go and get research from people who are complete strangers to you, and don’t wanna help you. They’re gonna tell you exactly what’s going on.” — @profksaxton on @PowderkegHQ
Links and resources mentioned in this episode:
Companies and Organizations:
- Kelley Direct
- Indiana University
- Hey Auto
- Code Climate
- One Click
Did you enjoy this conversation? Thank Michael Cloran, Kim Saxton and Todd Saxton on Twitter!
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What stood out most to you about what Michael, Kim & Todd share in this podcast?
For me, it’s how to test the waters in a new market.
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