Entrepreneurs who could not afford to fail. Tell us your story of how you made it happen?
Friends, relatives looking down on you waiting for your downfall. Losing money and not sure if your business is going to make it. Laughed at and discouraged. Co-founder going rogue.
And anything else you wanna add, I wanna hear your story of struggle and how you made it out.
If you fail and get on another startup your odds of success increase. I'll make sure to keep this in mind if I fail. //Most startups fail. But we never hear from them. A bad analogy, is that most people die, and we never hear from them. So u/SentinelSpirit mentioned selection bias - it is very true. People buys a disney movie ticket, they never want to know what happened after the prince and princess are married.
Startups fail for failing to cross three big mile markers;
MM1: get sales, getting a SINGLE BUYER. (not user)
MM2: get profit. Most people's startup ends up just becoming a job.
MM3: get growth. Most "successes" don't grow. A guy who opens a Amazon store by selling something he ODMed from China quickly find others are chewing on his turf. He can not abandon the ship, and he has to answer all the calls. And there is no money left to research a second product.
The "home runs" are far and between. But that is all what people know and promote on the news.
When I was going through college I had to pick between taking the bus to class or eating lunch that day. I took any and every job that came my way. The first job I ever got that payed more than a couple hundred dollars was to design a magazine for the university. They asked me how much it would cost and I told them $1,000. That was within their budget, and at the interview they asked me a bunch of questions regarding my experience. I exaggerated a bit but what I was really doing was extracting from their questions, exactly what I would need to learn that night to accomplish the task. I was confident that I could learn anything they needed me to do.
In the end I learned adobe indesign, and how to prepare a document for print, and was able to get the job done. I did it well enough that they hired me again for the second issue of the magazine.
One thing I hated was that apparently some businesses pay things a month late? like they pay you 30 days later? I had never heard of this before so I was down at the student union every day checking if my payment was ready. Eventually I got my payment though and I was extremely happy.
it was one of the most stressful work experiences i've had, but I grew a lot from forcing myself to accomplish the job.
Most people don't know, that first startups always fail. I have some great entrepreneurial friends and they are big time - the work for the top VC firms, serial startups sending companies to stock market - their first start 3 years, is always failure. People who can starve off the first failure are the truly promising. This is hardly mentioned but you know, books that says "startup is hard" will never sell a single copy. Everyone likes the get quick fast on my idea solopreneure formula better.
To "avoid a failure" is like a baseball playing not daring to hit - you will at best have a baserun. I hope this analogy sinks in. You don't get lucky. The world is fare - if you don't fail, you will always be in the denominator, not the numerator part of the equation.
Many people tell you "oh I got paid this much money" - I admire them, but they are just doing this as an alternative job. It is not starting a company. Many people get rich on a job, they never talk about it.
Choice. Hustle. Fail forward. Choice. Hustle, Win. The six steps of startup.
Question asked by
May 10, 2020, 5:21:53 PM
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What are the steps to turn an idea into an innovation? there are at least the following steps. The idea must be turned into a product, and the product must enter the market. In the market, the target audience will examine the artifact - if they buy, then the product becomes a merchandise.
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How to turn an interest into a money maker. How to attract people, how to stimulate people to pay, how to make profit, how to make relations, how to keep relations.
How much do I have to give my audience so they can pay me something in return? What do they value? what problem do they search for answers on your own? I want to solve that problem.
Brand means name recognition. A lot of people knows what your company does and what you stand for. Brand is result of long campaign of consistent value provision and media cultivation. Brand helps a company reduce marketing cost.
Whether there are buyer willing to pay or not. For that to happen you must provide extreme value. The entire startup process would be based on guess before the validation. Validation happens in a market, not on the street.
Value is what you give customers beyond the price you charge. Value is effective solution to a problem. The price your customer pays reflects whether the problem is big for them and whether your solution is uniquely effective. Value stems from quality and detailed work.
Marketing means bring your product to the market and bring your message to your customer. Marketing is not salesmanship. Marketing is to penetrate the world of commerce through many barriers and existing networks.
Minimally viable business, or MVC, minimally viable company. A company that scrapes by, full of guess and hope and no traction and sales. When you give your customers things for free they all take it. But they never pay and you can never rent a table at the market.
Minimal viable product. A full artifact of a real product. Something that works ALL THE TIME. You can demonstrate the real effect on real people - not to sell hope. The MVP may not have certain non-essential bells and whistles, but it needs to have appeal value.
Customer is king
A business lives at the mercy of its customers. You provide your customers 10 dollars worth of value and they pay you 1 dollar, not knowing that your company only costs 99 cents to provide the item. The value is not the item - the value is what is attached to the item.
Company culture is based on a company making money. Once your workers are paid, they need to have a mission and aspiration so they are not bored everyday and make trouble in the work place.
A company valuation is cash investment divided by the percentage. As long as your story is good, the valuation will keep coming, and the investors will keeping falling into the line.
Return on investment
Investors are either behind family fortune (never work with them) or for rich clients as investment vehicle. Both need returns 2-3 times better than stock market darlings.
Having found what people want, not just what people may need. Your offering and their acceptance is sure, no longer a guess. You can provide it for profit, and you can indeed making living on it. Traction is sometimes called validation. You are no longer a theater. You have touched nature, and found cash vein.