What I Learned in My First Year Year as a Solo Founder
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Re: What I Learned in My First Year Year as a Solo Founder
#2> The communication cost of making decisions and shipping something is extremely low.
I'm sure everyone is a little different in this regard, but for me, having someone to make a decision with is something I really cherish. I'm a very optimistic person who dreams big, so having a partner who can poke holes and challenge my decisions has always helped me along the way.
> Do not invest too much time early on designing the perfect pricing model for your product.
As someone on the cusp of launching a side-project/wanna funded startup, I really loved this. I've recently caught myself trying to attain perfection instead of 'ship and adapt', and this is a great manifestation of that to be aware of.
Thanks for the great article!
Re: What I Learned in My First Year Year as a Solo Founder
#3Thanks for sharing! I have spent a lot of time as a solo founder and I’ve spent time as a co-founder. I thought it might be helpful to contrast my experiences.
As a solo founder I found that the highs were muted and the lows were amplified. This likely won’t be true for everyone but this was very true for me.
As a solo founder I often felt like I had no idea if I was working on the right thing because there are so many things that need to be done. Being able to divide and conquer is a great feeling.
I’ve read that statistically your chances of succeeding are higher as a co-founder. This idea can really get in your head if your having a rough week.
As a co-founder you might sometimes feel like you are carrying all of the weight and others are benefiting more from your hard work. Don’t worry, the next time you get sick they will carry on for you. It goes both ways. Not everyone will put out the same effort every day but hopefully it averages out.
Personally I’m a very social person even though I sometimes feel like an introvert. Just because you can live life alone doesn’t mean it is the best choice for everyone. Now that I’m married and have a daughter I can’t imagine how lonely I would be if I had to go back to experiencing life alone. Similarly, working with people who you care about to some degree can be a great reward and motivator.
Everyone is different and solo founders can be successful. For me, having experienced both, I will find a friend to join me on my journies from now on.
Re: What I Learned in My First Year Year as a Solo Founder
#4A lot of solid advice. I’m surprised you learned so much in just your first year. It took me way longer for certain things to realize. Thanks for sharing!
Re: What I Learned in My First Year Year as a Solo Founder
#5What does "net revenue" stand for? Is that profit?
Re: What I Learned in My First Year Year as a Solo Founder
#6[deleted]
Re: What I Learned in My First Year Year as a Solo Founder
#7What does "net revenue" stand for? Is that profit?
Net revenue is usually top line (sales - COGS), while net profit is bottom line, and in-between are various adjustments like taxes
Re: What I Learned in My First Year Year as a Solo Founder
#8What does "net revenue" stand for? Is that profit?
Net revenue is usually top line (sales - COGS), while net profit is bottom line, and in-between are various adjustments like taxes
Net revenue is gross revenue minus certain costs (discounts & refunds), but does not subtract COGS.
What parent comment describes is more akin to EBIDTA.
Re: What I Learned in My First Year Year as a Solo Founder
#9Thanks for sharing! I have spent a lot of time as a solo founder and I’ve spent time as a co-founder. I thought it might be helpful to contrast my experiences. As a solo founder I found that the highs were muted and the lows were amplified. This likely won’t be true for everyone but this was very true for me. As a solo founder I often felt like I had no idea if I was working on the right thing because there are so ma…
> As a solo founder I often felt like I had no idea if I was working on the right thing because there are so many things that need to be done.
As a solo founder myself. Here's how to solve that problem. If you pre-launch speak to potential customers. If you are post-launch, speak to your customers.
Those who are in the weeds and touch your application/competitors application on a daily basis are the ones who will give the best and most important feedback and from there you will know what to work on.
Re: What I Learned in My First Year Year as a Solo Founder
#10What does "net revenue" stand for? Is that profit?
In marketplace e-commerce (I'm thinking Etsy or Amazon), gross revenue might include dollars received for goods sold which is passed on to the actual seller since the platform is a market place i.e. teddy bear is sold for $15 of which $14 goes to the seller so net revenue is $1. So if your costs/COGS were $0.50 your gross profit margin on the net revenue was 50% (much higher than the 3% on total revenue).
Other companies do this when they pass through costs such as in outsourced manufacturing.