As first time entrepreneurs, what part of the process are people often completely blind to?
Having worked with thousands of entreprneurs over the last twenty years, the biggest issue is not understanding the "world" of the customer. That is, they don't understand what their customer-to-be's life is like, the problems they have, how the approach finding solutions, etc.
Without knowing what problem your potential customer is trying to solve, it is impossible to provide them with a solution.
Constant Ozbargain user, currently studying a Bachelor of IT majoring in Computer Science.
You are studying Comp Sci so it's just a matter of getting out there to build something. Yes that's probably my number one advice especially for those who can build -- just do it & iterate. Do it for the love of the product and your users :)
Seriously OzBargain wasn't started as a "startup" that you usually associated with fast growth, multiple round of fundings and then multi-million dollar exit when it's barely ramen-profitable. I love bargains and this site was started during my spare time to help other like-minded consumers, and I'm making it a full time work now as a "life style business" rather than aiming for big exit (which I believe would not benefit the users). Slow and steady is the name of the game. I was fortunately already financially secured from previous ventures so I can afford to do this the slow way. Your mileage might vary.