In this segment of the Start Thinking Forward podcast, we have the pleasure of interviewing Dr. Todd and Kim Saxon from Indiana University. These esteemed guests bring a wealth of knowledge and experience in advising startups and entrepreneurship, making them the perfect experts to shed light on the challenges and strategies for success in the startup world.

We kick off the conversation by highlighting their passion for educating entrepreneurs and preparing them for the obstacles they may face along their journey. Dr. Todd and Kim emphasize the critical phases that startups go through, which we outline as pre-revenue, minimal viable product, replicable product, and scaling. Understanding these phases is key to achieving long-term success.

One important takeaway from our discussion is that success as an entrepreneur is not limited to raising venture capital or going through all four stages. Being self-employed and creating jobs for others is also a meaningful and valuable achievement. We also delve into the three P's: punt, pivot, and proceed, which are essential considerations as entrepreneurs navigate through the different stages. Thoughtful decision-making is crucial to make the most of the opportunities and challenges that arise.

Moving on, we dive into the concept of a lean startup versus traditional business plans. We stress the importance of formulating hypotheses, conducting thorough tests, and avoiding careless assumptions. We draw examples from startups that failed to gather market feedback and adjust their strategies accordingly, leading to their downfall. The need for startups to adapt and attract their target audience is emphasized throughout the conversation.

Furthermore, we explore the concept of hidden liabilities and debts that startups often overlook, likening them to the hidden dangers faced by the Titanic. These mistakes, or "icebergs," can have serious consequences. To help entrepreneurs navigate these treacherous waters, we share 32 common mistakes that entrepreneurs should avoid. Hard work and equity earned through efforts are underscored as essential ingredients for success.

Next, we address the challenges of being the first in the market and stress the importance of having a profitable mission. We discuss various revenue generation strategies and the significance of considering customer preferences and market dynamics when choosing a business model. Continuous experimentation and learning based on customer feedback play a crucial role in staying ahead of the curve.

Throughout the conversation, we emphasize the value of setting milestones, resisting the temptation to cut corners, and prioritizing customer needs and desires. We also touch on the importance of personal relationships, support from partners and family members, and the imperative of taking action and creating opportunities.

As we wrap up the conversation, we extend our heartfelt gratitude to Dr. Todd and Kim Saxon for sharing their insights and expertise. We encourage our listeners to go back and rewatch the episode, take notes, purchase their book, and visit their website for further guidance. We sign off by reminding everyone to always start thinking forward, innovate fearlessly, and push the boundaries of what is possible in the world of entrepreneurship.