Benchmarking on Jargons
This is the most common problem, which startups founder face when they are in the planning stage and based on these they try to build the financial plan, which gives huge scope of revenue generation, and launch on these assumptions is good recipe for failure.
The first jargon which is used commonly by all founders is SWOT Analysis, yes this analysis is important but not for startup where in you have not even survived day one in the market.
Founders write SWOT analysis and believe that there startup has these strengths, weakness, opportunity and these are the threats arriving at these jargons even before seeing day light is no point as these just give you the hypothetically made plan which is founders mindset.
Next jargon which is commonly used is Competition analysis, the founders start to compare there startup with an existing company which has been in the industry and has got funded as competition which is no where to any reality, its like I can also run so my competition is ussain bolt which has no logic nor any reality to it.
Then founders go one step ahead in this competition analysis and try to figure out that tomorrow when they get a competitor how are they going to survive the competition, this is just absurd to think of. As your startup has not even seen day light and you start to think how will you take on competition which is going to arise, the first hurdle startup needs to clear is to survive for 1000 days which should be the first plan in mind rather than bench marking competition and figuring out what you will do when you get competition. The founders get carried away by lot of information given on google which is genric and not to specific market.
Next Jargon is Strategy where in founders decide my strategy will be like this where in I will advertise in these platform will get so much of traction and I can build a company. The word strategy is most abused word. When a startup, which is yet to launch comes out saying our strategy to enter market and capture market, is going to be like this it is good you have path but what founders tend to forget is that the cost involved to implement.
So without mapping the strategy to the cost of implementation the thought process revolves around saying this will be my strategy.