It will take you about three years to get a business off the ground in this way. Faster if you are lucky, slower if you are unlucky or if the market isn't large enough. In five years you may match your bay area salary, in a decade you might be ready for an exit (or sooner, again, if you are lucky). Keep it bootstrapped if you can at all afford that.
Ask HN: Trouble doing my own startup
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Re: Ask HN: Trouble doing my own startup
#12Btw, seed & series A startups are still hyper risky. Seed is usually trying to figure out pmf (product market fit) and series A is trying to figure out marketing/CAC. These were distorted in the last few years too so just cus a startup raises a lot of money doesn't mean you can't compete and differentiate!
Last thing... If you're just trying to replace your bay area salary, that's a lifestyle business at best. You can literally mow lawns and be a multimillionaire these days.
Re: Ask HN: Trouble doing my own startup
#13>every idea I have there's already a startup that's doing something very similar (if not the exact thing) - and is super well funded or positioned You can still differentiate yourself. For example, find out what users don't like about competing services or products, and why they don't like it. What other features do similar apps/products/services offer, and what else are users asking for? Offer that. >I'm also having…
> You can still differentiate yourself. For example, find out what users don't like about competing services or products, and why they don't like it. What other features do similar apps/products/services offer, and what else are users asking for? Offer that. I think this is true for challenging established or med/late stage startups but I keep running into seed/Series A startups or agencies. I'm less so worried about…
True - but if you're running into a bunch of early-stage companies, why not try to join one instead of dealing with the headache of founding one? You'll probably be able to command a decent equity percentage, and influence the product or service in a myriad of different ways. If you can't beat 'em, join 'em.
>Because I'm not pursuing a specific idea I'm very flexible and it's hurting my chances. I have a chicken and an egg problem between figuring out the business & finding the right people to help me with it. The advice I read online suggests focusing on the people first (since the biz idea changes a lot) but I'm not super sure about it.
There's the crux of the issue. Figure out what you want, and hopefully in doing so you'll quickly discover what you need. If you don't know what you want to build, how can people help you?
Try narrowing it down to maybe 2 or 3 different ideas, and testing the waters. Example: "I want to develop product/service ABC, and to do so I need a person with a ______ background; but if I want to develop product/service XYZ, I need a different sort of person, someone with a _________ background"
Focus on the people, yes, but also focus on what you want to build and the people will fall into place as you'll know what you want out of every person you meet.
Re: Ask HN: Trouble doing my own startup
#14Earlier quoted context omitted.
> You can still differentiate yourself. For example, find out what users don't like about competing services or products, and why they don't like it. What other features do similar apps/products/services offer, and what else are users asking for? Offer that. I think this is true for challenging established or med/late stage startups but I keep running into seed/Series A startups or agencies. I'm less so worried about…
>I think this is true for challenging established or med/late stage startups but I keep running into seed/Series A startups or agencies True - but if you're running into a bunch of early-stage companies, why not try to join one instead of dealing with the headache of founding one? You'll probably be able to command a decent equity percentage, and influence the product or service in a myriad of different ways. If you…
This I believe is the core of the issue. Thanks for helping out a stranger on the web - I really appreciate it.
> why not try to join one instead of dealing with the headache of founding one
While I'm not primarily money motivated, joining an early stage startup is really a bad decision for my individual case (assuming I can go back to FAANG as an EM/Dir+). IMO startup founders have a significantly better deal when compared to employee #1. I get that it's also much harder to be a founder than an employee but I would argue that it's worth at best 5-10x if you're an employee < 10-15.
Re: Ask HN: Trouble doing my own startup
#15Than, You will create solid foundations, which will give You possibilities, to finance command, with well funds and/or positioning.
That's all startup wisdom, You should early become profitable, or get somewhere money, for lot of MVPs.
My successful friends, who grew few startups, said, "first yearS, You should make new MVP every 1-2 weeks, so 50-100 MVPs in two years".