I bootstrapped a company for four years and now I am tired ...
Decided to keep things short after writing a wall of text:
Had a lot of enthusiasm for an idea 4 years ago,
Had offers from investors that valued me at nearly a million only for the idea alone but refused them at the time and bootstrapped.
I spent nearly $30,000 in expenses alone to build the platform, without counting the time I spent on developing it.
By the time the platform was built, I had competitors that got ahead of me,
I don't think it's too late. With a few actions, the company can be very successful, but it needs someone or a team with a drive.
The rest of the question: Now I'm tired. I personally don't like the idea anymore even though it still has a lot of potential.
Because I'm tired and sick of it, I want to sell the business and pursue something else.
I've been clinging on it for nearly 2 years hoping that people will come without me doing much to market and that's buried me a little and made me feel depressed.
I feel like many people are looking for a ready to go business that can be performed online so it's still a viable business that is fully set up.
Can anyone suggest where I can sell it? I was thinking eBay where I sold an app I built many years ago but I don't know if it's still a viable place to sell a business.
Well, when you start it is important to get revenue and customer fast. Get out of the gate fast. Don't wait forever to perfect something. Validate. Even though you don't need a partner or money, those would have helped. However, if you don't have barrier, competitors with more money and experience will rush in. They probably got tipped by your VC.
Question asked by
May 21, 2020, 3:15:22 AM
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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.