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| Should you admit to mistakes as a founder? | A question I recently had from a client who was forced to pivot due to some poor strategy is whether they should admit these mistakes in their pitch. | Startup pitches are a unique beast because your primary objective is to pitch the company, but you do have a secondary objective, which is to prove that you are the right person to run the company. These two things can come into contrast at times when part of the story of the company is the early failures and struggles and how the idea evolved to create a strong business. But when telling that story, you can make yourself, as the person who oversaw the failures and struggles, look unfit to run the company.
In short, yes, you should admit to mistakes as a founder. It’s better to incorporate them into your pitch than to try and justify them later when investors are quizzing you on the history of the business.
That being said here are some tips/tricks that you can use to make yourself seem better in the process: | | Free Notion and Unlimited AI | | Thousands of startups use Notion as a connected workspace to create and share docs, take notes, manage projects, and organize knowledge—all in one place. We’re offering 3 months of new Plus plans + unlimited AI (worth up to $3,000)! To redeem the Notion for Startups offer: | Submit an application using our custom link and select Beehiiv on the partner list. Include our partner key, STARTUP4110P67801.
| Learn More | | Use your mistakes to show your ability to adapt and iterate. One of the top skills a founder needs is the willingness to move quickly, make decisions and get shit done. If you can frame your mistakes (and subsequent recovery) as an example of these skills, then you can win over investors. Always talk about the mistakes in the context of wider success. Some founders focus too much on the ‘bad days’ they get so deep into those struggles that it makes them seem incompetent. Instead, only talk about this when you are doing so as part of the wider story of how you dragged the company from its struggles to success. Mention the mistakes but focus on the recovery. Show what has changed since you made those mistakes. Sometimes mistakes are made because of circumstances, and if you are able to paint your mistakes as such, then you can show why they won’t happen again in future. Did you receive bad advice from someone you have now cut out, was there a unique situation you have since resolved? Anything you can do to show that the circumstances that led to the mistake no longer exist can help investors appreciate that the error won’t happen again.
| | Do you tell investors about your mistakes? | | | Learn AI in 5 minutes a day | What’s the secret to staying ahead of the curve in the world of AI? Information. Luckily, you can join 800,000+ early adopters reading The Rundown AI — the free newsletter that makes you smarter on AI with just a 5-minute read per day. | Sign up to start learning. | | Are you looking to grow your business? Here is how I can help: | |
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