(Flashback) Rob Fitzpatrick: Five Mistakes Bootstrappers Should Avoid in 2021

Dec-31-2019 as "Tough love for 2020: five mistakes holding IHers back."
Here are Rob's original formulation with some positive suggestions.

1. Trying to bootstrap an idea which isn't easily bootstrappable

• Bootstrappers should pick markets where they can leverage their connections (social capital), domain knowledge, and technical know-how to compensate for a lack of capital.
• Explore several ideas in parallel and make a choice from well considered alternatives: you are going to have to live with it for some time.

2. Searching for magic bullet marketing before the product is right

• Until you have paying customers that are happy with your product proceed slowly with marketing spend. Pouring more water into a leaky bucket is not substitute for patching the bucket.

3. Chasing a customer segment you don't understand or have access to

• Target customers you understand and want to serve.

4. Trying to be "efficient" too soon

• Talk to your prospects and keep having conversations with them once they are customers.
• Prioritize learning from a few prospects over sending the same message to many.

5. Not allowing the mistakes required for soft skill growth

• Plan for at least iterations to get anything new you are trying right. Plan for small failures with limited damage.
• Most recurring problems have a psychological element as well as a skill gap, pay attention to your emotional reactions to a situation. Be gentle with yourself.
• To be effective in a new practice you have to rehearse and debrief: train as you want to be able to perform. True for individuals and teams.

More about Rob Fitzpatrick

• The Mom Test: How to talk to customers and figure out if your business is a good idea when everyone is lying to you
• The Workshop Survival Guide: How to design and run educational workshops that work every time
• Write Useful Books: A modern approach to designing and refining recommendable nonfiction (Currently Early Access)

See also Rob Fitzpatrick: Five Mistakes Bootstrappers Should Avoid in 2021