Hiring a PR agency often leads to disappointment, as many founders end up firing them after realizing they don't deliver the expected results.

Founders frequently waste money on hiring, especially when they pursue high-salary candidates from large companies, believing they will significantly boost productivity.

Relying on contractors instead of full-time employees can lead to inefficiencies, as contractors may lack the commitment and understanding of the company's culture and goals.

Many founders mistakenly believe that spending on marketing, especially through ads, will guarantee growth, but this often leads to wasted resources without learning valuable lessons.

Investing heavily in brand advertising and sponsorships can be tempting, but it often doesn't yield the expected returns, especially for early-stage startups without established brands.

Founders should approach events creatively and resourcefully, rather than spending large sums on sponsorships, to maximize their visibility and impact.

Building direct relationships with journalists is crucial for gaining media coverage, rather than relying on PR agencies, which can create unnecessary barriers. I spent $50,000 on a PR agency that didn't understand my company, leading to a waste of money and forcing me to handle press outreach myself, which resulted in a better launch announcement.

Hiring a PR agency is often a mistake for startups; most founders end up firing them after realizing they don't deliver value.

I wasted $50,000 on customizing employment agreements with a first-year lawyer who was learning on the job, which was not a good use of funds.

If your lawyer can't provide a clear estimate for their services, it likely means they lack experience, which is a bad sign.

Don't customize legal documents unnecessarily; instead, get quotes and specifications before spending money on legal services.

Successful startups rarely attribute their success to paid advisors; instead, valuable advice often comes from informal relationships without equity exchange.

Many founders mistakenly believe they need to give away equity to advisors, but often, they can negotiate for advisors to invest instead, aligning their interests with the startup's success.

As a founder, you should earn the right to spend money by first testing low-cost or no-cost solutions before scaling up expenditures.

Founders should be cautious about spending money before achieving product-market fit; it's essential to be disciplined with finances in the early stages.