Not following a discipline\u200a\u2014\u200ait\u2019s very important to fix a time for yourself and your team when they come to office. It\u2019s a startup\u200a\u2014\u200ayou need to work more than everyone else. Yes culture is important, coolness of a startup is important but the most important thing is hard work.\r\n\r\nNot knowing what to do\u200a\u2014\u200aa lot of first time entrepreneurs are confused about what their focus should be. One they need to be hands on with everything\u200a\u2014\u200aproduct, design, sales, team and ops. Second\u200a\u2014\u200athey need to focus a lot on hiring the right people. Third\u200a\u2014\u200aevery morning write on a piece of paper what all you need to get done today and by the end of the day get all that done\r\n\r\nThe speed of hiring new people\u200a\u2014\u200aif it\u2019s too fast or too slow you\u2019re doomed. It should be moderate\u200a\u2014\u200ait should be done consciously and you should be involved with each and every step. If your product is selling hire one sales person per month for next couple of months. Don\u2019t hire five of them in one go. Rookie mistake.\r\n\r\nFocussing too much on competition\u200a\u2014\u200awhile building Flatchat we spent too much time on what others are doing because they were making news every week. And six months later they are failing in every aspect miserably. Don\u2019t give your competitors mindshare. Give that mindshare to your product, to your employees and to your customers.\r\n\r\nIgnoring the importance of processes\u200a\u2014\u200awhen I started my first company my co-founder who was four years elder and much more experienced asked me to circulate daily KPIs. I was irritated\u200a\u2014\u200awhy waste time on noting down key performance indicators\u200a\u2014\u200athree years later I am teaching the same to my new co founders. Processes and numbers are very important. Startups are more about discipline than anything else.\r\n\r\nMonthly burn rate\u200a\u2014\u200aI have an excel sheet where I update on a daily basis\u200a\u2014\u200amoney left in the bank. And the other details which I update as they come is my monthly recurring or one time expenses. It shows me how many months of capital is left in the bank with the current expenses and revenue. I am obsessed about it and it makes me very conscious about the money we are spending. I don\u2019t overspend\u200a\u2014\u200aand I don\u2019t underspend. Making this sheet will only help you spend the right amount of money.\r\n\r\nIgnoring travel, reading and health\u200a\u2014\u200athe best ideas do not come in that meeting room they come when you give yourself a few days every month and travel. When you spend time reading books that some of the best people are recommending and when health doesn\u2019t take a backseat while you\u2019re raising money.\r\n\r\nNot having a \u201cit\u2019s not done until it\u2019s done attitude\u201d when someone who works in my company comes and says to me it\u2019s done\u200a\u2014\u200aI only ask one thing is it completely entirely done? If the answer is anything less than yes then they know what\u2019s coming. It\u2019s not done until it\u2019s done. X was on leave or Y is not working or the Internet is slow is not an excuse. Every excuse is fixable. So saying that the shipping is delayed by three days is fine but giving excuses is not. Never.\r\n\r\nGlamour and fame is a viscous cycle\u200a\u2014\u200ayou announced your funding news now everyone wants to interview you and invite you for a college talk then half the time you\u2019re spending on this than building your business. Set rules for yourself and your co founders. If you focus on your product the fame quotient will anyway increase but if you let these things distract you\u200a\u2014\u200ayour core goal might suffer.