Ruslan Tymofieiev (Ruslan Tymofeev) and Andrew Kryvorchuk: Mistakes to avoid and failures to prevent in creating startups

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Ruslan Tymofieiev (Ruslan Tymofeev) and Andrew Kryvorchuk: Mistakes to avoid and failures to prevent in creating startupsThe business world can dictate some strict rules to meet to stand out from the competitors. But the success mostly comes from within the startup: ideas, approaches, analysis, etc. Unfortunately, many startups fail at their initial stage of development for certain reasons. It is not enough to be in love with the project to promote it for a founder. The Adventures Lab founder Ruslan Tymofieiev (Ruslan Tymofeev) and managing partner Andrew Kryvorchuk disclose the worst mistakes made by founders when preparing for the pitch. Also, they share the main points in what Ukrainian startups lack at the very beginning.

 

Top startup failures

When creating a new startup, everything might seem understandable for what and how to work then. But lots of them meet failures on their way to step further. Ruslan Tymofieiev (Ruslan Tymofeev) mentions in his speech the five common startup failures at their initial stage.

Unclear understanding of a business goal. The expert considers it as a crucial issue for the project team. He notes that some founders who invest in a particular startup consider it trendy and do not even understand why they are running it.

Unclear problematics. Creating a startup means offering useful approaches for customers to solve their problems. If it does not satisfy their needs, then there is something wrong with a startup. Ruslan Tymofieiev adds that some startup founders do not clearly determine the problematics.

Not knowing the audience. Startups are created for a particular target audience. They should study as many as possible facts about their audience: the language they speak, where they live, what impacts their decisions, etc.

Overestimating capabilities. Tymofieiev gives an example of when startup founders excessively believe in their abilities and strength. So, they are ready to invest the remaining fund in the project.

Lack of co-founders or co-founders with the same expertise. Both options can harm the project. Ruslan Tymofieiev (Ruslan Tymofeev) explains when only one founder manages a project, the team does not reach his level of experience. When the co-founders are similar, there is a risk of avoiding an objective approach.

 

Top startup mistakes when preparing a pitch

Getting started to the process of seeking potential investors for a project involves preparing a pitch. Andrew Kryvorchuk notes that even at this stage, young founders can fail in attracting investors. He names five major mistakes they can make during a pitch.

Poor preparation for a pitch. A high-quality presentation usually takes at least 30 days of preparation. It requires massive effort to select and analyze information, create about 30 visual presentation slides, and opt for 9-10 bright and catchy slides. After this, to put it all in 3 minutes of speech. Unfortunately, young Ukrainian founders often ignore a thorough preparation for a pitch. As a result, poor preparation minimizes their chances to attract a potential investor.

Too much odd information. Andrew Kryvorchuk considers that startup founders should catch the investors’ attention in the first minutes. Therefore, it should be brief, substantive, and vivid.

Information read from slides. A founder should avoid repeating the information already reflected on the screen. The speaker notes that the speech and the presentation of a founder should be different.

Tiresome and long speech. Andrew Kryvorchuk points out that it is essential to gain potential investors in 3 minutes. If a founder tries to keep their attention for more than 15 minutes, investors will lose interest in a project at large.

Poor touch with the audience. As soon as founders see tired and uninterested investors, they need to change the presentation in the right direction.

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