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 at 5:21:53 PM