The shiny object syndrome.

"Too many founders struggle with this problem and at ABN, we observed that it kills the startups almost for certain.

Lets meet The shiny object syndrome:

Every new exciting idea, goal, narrative that comes along…

Steals away their attention and focus, driving them away from success.

Here are 9 things founders obsess over that add little to no value:

✨1/ The competition

Dig up that old Michael Phelps meme. The winners tend to focus on their own game. This doesn't mean be oblivious to competitive forces, it just means don't over-copy or react to a toxic extent. Keep an eye on competitors, but don't let it consume you.

✨2/ Raising capital too often

Repeat after me: Raising millions does not = having made millions in profit. Focus on efficient growth and lean operations. More fundraises means more obligations and more people to answer to.

✨3/ Fancy office

Rental can be a killer especially in countries like Singapore. Don't over-commit to long-term contracts. Consider the proximity of your location tied with your priorities. Don't posture to look good and bleed cash in the background.

✨4/ Scaling too fast before finding Product-Market-Fit

No market feedback? Slow down. There is no meaningful scaling otherwise. Get aggressive only after you know that customers want what you sell. Trying to scale products and sales forces too early can be quite risky. Build something people want.

✨5/ Overfocus on visibility

Chasing the limelight can boost your company, but don't let it eat up your time. More press interviews and conference speeches might feel good, but a well-built business machine will perform better. Be strategic with publicity, not excessive.

✨6/ Chasing advisors

Seek advisors for their value, not just their status. Ask yourself what doors they can open for you. Consider if they can provide useful, actionable advice.

✨7/ Avoiding failure

The simple answer is you can't. You have to take risks. Failure is to be expected in entrepreneurship by definition. Accept that you can't win every time and adapt quickly.

✨8/ Vanity Metrics

Don't orientate your company around social followers, impressions etc. If they aren't leading indicators for growth. Consider numbers that relate to acquiring paid customers that will stay. (e.g. Slack tracks # messages sent on its app)

✨9/ Too many partnerships

Quality over quantity. Or else, they become a distraction. Choose partners wisely and make sure they don't compete with your product, Whilst providing visibility to the customers you want to be in front of.

Advice from Tin Men Capital "

Author

AiUTOMATING PEOPLE, ABN ASIA was founded by people with deep roots in academia, with work experience in the US, Holland, Hungary, Japan, South Korea, Singapore, and Vietnam. ABN Asia is where academia and technology meet opportunity. With our cutting-edge solutions and competent software development services, we're helping businesses level up and take on the global scene. Our commitment: Faster. Better. More reliable. In most cases: Cheaper as well.

Feel free to reach out to us whenever you require IT services, digital consulting, off-the-shelf software solutions, or if you'd like to send us requests for proposals (RFPs). You can contact us at [email protected]. We're ready to assist you with all your technology needs.

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