165 - The Mistakes that Killed my First Business - Spencer Walker-Fooks
About this episode
Spencer Walker-Fooks shares the lessons learned from his first business, Unseen Games, including key mistakes and strategies for success.
Our own Co-Founder Spencer Walker-Fooks talks about his first business, Unseen Games, the motivations behind it, and the mistakes that eventually killed it. This episode is a little different, it comes from one of our live events in London. Over four years, Spencer navigated the challenges of creating a social gaming console for pubs and cafes, ultimately drawing transformative lessons from both the highs and lows of startup life. 💡 What You’ll Learn from Spencer's Journey with Unseen Games: 🔸In a Double-sided Market Validate the Economic Buyer: Ensure your product or service addresses the needs of the actual decision-maker who controls the purchase, not just the end user. 🔸Build a Diverse Team: Avoid skillset redundancy; prioritize bringing in teammates whose strengths and perspectives differ from your own, especially outside of your expertise. 🔸 Pivot Fast and Reduce Dependency: Stay nimble and ready to adapt your business model when circumstances change, and avoid relying too heavily on a single industry or channel, if a black swan event hits that industry, it could kill your business. 🔸 Don’t Succumb to the Sunk Cost Fallacy: Recognize when to let go of a project…
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