10 Tech Start-Ups Whose Sizzle Fizzled
"It can be very difficult to do that when you are out there raising money with the vision and the big excitement and a long-term view of things," Lipsky says. "It's a managerial issue. Building a culture of focus is just as important as a culture of hard work, working long hours and hiring smart people."
He admits that it sounds counterintuitive, but start-ups also need to be agile and willing to commit to strategic shifts in either product or service.
A killer mistake is when entrepreneurs don't focus sufficiently on customers and their experience with a product. In many cases, a launch can be rushed."Many entrepreneurs get excited about being first to market," Lipsky says. "It's very exciting because you are inventing something and thinking that because you are first to market you are going to succeed. The problem is that you are in the difficult position of educating the market about what the product is and why the market needs the product. You are also making product and service mistakes for the first time.
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