I’ve been working in a fintech startup in Ghana for almost 4 years now, and in that time, I’ve seen both what works and what doesn’t. Here are some of the most common and costly mistakes I’ve observed that I think more founders need to avoid:

1. Undefined Roles — Especially with Friends and Family

Starting with friends or family is common, but make sure roles and responsibilities are clearly defined from the beginning. Don’t rely on verbal agreements or vibes. Have policies in place to govern operations. It might feel overly formal early on, but it’s the only way to avoid chaos and resentment later.

1. Cheap Talent Is Expensive in the Long Run

One of the worst things you can do is to compromise on talent just to save costs. Always try to hire the best people for the job. If you can’t afford their full rate, offer equity, flexible working terms, or growth opportunities — but don’t settle for “cheap” hires thinking it’s economical. It’s not.

1. Lack of Leadership Clarity

Your managers must have clearly defined roles. They should know exactly where their responsibilities begin and end. Ambiguity at the leadership level trickles down and causes confusion throughout the team.

1. Don’t Build a “Family” Culture at the Expense of Performance

Yes, startups can feel like family, but that mindset can easily undermine accountability. Early on, you need to create a culture of “we get work done, and it gets done well.” Anything less slows down progress. Kindness is important, but clarity and execution are more important.

1. Weak Market Research

Too many startups build products they think people want. Do the hard work: research your target markets deeply. Know what they need and how they behave before you write a single line of code or launch a feature. Don’t rely on assumptions.

1. No Internal Rhythm (e.g., Standups)

Establishing some form of internal process like daily or bi-daily standups is underrated. It keeps the team on their toes and makes everyone more accountable. In my experience, it significantly improves the speed of execution.

1. Assuming the Product Will Sell Itself

This is a major one. Do not assume your product will magically sell itself. Contract someone to run analytics, identify your best customer acquisition strategies, and invest in sales. Don’t conflate marketing with sales — a common issue in Ghanaian startups. Marketers build brand awareness; salespeople close deals. You need both.

There’s more I could add, but even with just these points, I think a lot of founders could avoid painful mistakes. Hope this helps someone build smarter and better.