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Failed for the past 12 years as an tech entrepreneur

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Re: Failed for the past 12 years as an tech entrepreneur

#81

Well done for persevering, but it sounds like you missed the obvious. If you want to start a business, study business (and marketing). Since you spent time marketing there are 2 conclusions: nobody cared, or you didn't manage to find people who would have. Learning marketing should have taught you both those things. The classic marketing line is: find a gap in the market or an undeserved niche, understand their needs…

What are some good courses/books for understanding marketing and business?

Especially interested in anything that focuses on tech or SaaS specifically.

Re: Failed for the past 12 years as an tech entrepreneur

#82

Earlier quoted context omitted.

I agree, I focused too much on technology side and completely sidelined marketing and sales. It took some time but I have learnt my lesson now. I spend a week marketing/sales and a week on building features. I wish I could have known this much before.

I don't mean spending time on marketing as in advertising, I mean market research, segmentation, positioning... The things you should do before you write any production code if possible. I hear Blue Ocean Strategy is a good book to help find a vacant position.

Interesting, I will check that out. Thanks a tonne.

Re: Failed for the past 12 years as an tech entrepreneur

#83

Well done for persevering, but it sounds like you missed the obvious. If you want to start a business, study business (and marketing). Since you spent time marketing there are 2 conclusions: nobody cared, or you didn't manage to find people who would have. Learning marketing should have taught you both those things. The classic marketing line is: find a gap in the market or an undeserved niche, understand their needs…

Prioritizing and learning about marketing is important.

But I think it is a leap to go from there to taking formal business courses.

Many MBAs (I suspect most) will tell you that what they learned there doesn't remotely make up for the cost in time or money of attending. (Most of those pleased with their experience will focus on the networking and career opportunities that opened up to them).

In my experience, most business knowledge is acquired much faster by combining actual practice with learning and a good feedback loop (and in many cases, practice and a feedback loop alone outperform formal education).

I believe that this is especially true of many aspects of marketing. You learn things when you are ready to learn them. Important marketing lessons that are found in textbooks will go in one ear and out the other without experience that allows you to recognize their importance.

I suppose this is why the case method remains popular in many business schools, although I have no confident opinion about its effectiveness.

Bottom line: Its is important to prioritize marketing. But taking courses on it has far lower returns that teaching yourself: so low that I do not recommend it at all.

Re: Failed for the past 12 years as an tech entrepreneur

#84

I am very proud of you, of what've you've accomplished, and happy to see that your latest venture is getting some growth. There's nothing more powerful in this world than someone who is determined to do something. Slow and steady wins the race! Also glad to see many others sharing similar stories about not giving up. Since we are on a christmas mood already, big hug to all of you. Regarding me, I've been making and b…

Thank you so much for your kinds words. Your comment made my day.

Regarding your story, I mean wow, that must have been a scary and stressful situation. I am glad you are in a better place now.

Re: Failed for the past 12 years as an tech entrepreneur

#85
post #37
post #21

I'm 16 years in and have followed a similar path. I graduated college in 2004, started my business in 2005 and never took a job. Consulting has gotten me here and I've had up to 4 direct hires with me, but my dream has always been to run a product business. I must have attempted 3 dozen different ideas by this point. But on Friday last week, we reached our 100th subscriber. Combined with other free products, we now h…

how you bootstrapped yourself?

he says in the post. Consulting

Re: Failed for the past 12 years as an tech entrepreneur

#86
I've never understood the drive to own my own business.

My parents were both entrepreneurs and it always felt so tenuous and stressful compared to other jobs.

What percentage of small businesses actually end up making you more money than a traditional job? If my parents had worked at Walmart with their business degrees, they would probably be making way more $$ at a much more stable company than if they had run businesses.

Of course, I say this as a person who has been very fortunate to decide on the right degree and career at the right time ( Software Engineer ), and has always been in enough demand to hold a well paying, steady job.

My significant other has a less fun job. She works as a DBA at a museum. Every day I hear a new horror of being tech in a non-tech place. You don't realize how essential agile is until you see what it is trying to solve. [0]

- 0: In my opinion, agile is about forcing stakeholders & product to commit to plans and communicate with tech in a timely manner, in order to avoid blame shifting.

Re: Failed for the past 12 years as an tech entrepreneur

#87

I've never understood the drive to own my own business. My parents were both entrepreneurs and it always felt so tenuous and stressful compared to other jobs. What percentage of small businesses actually end up making you more money than a traditional job? If my parents had worked at Walmart with their business degrees, they would probably be making way more $$ at a much more stable company than if they had run busin…

Just my personal anecdote. I find it much less tenuous and stressful compared to most jobs. The key may be that I'm doing consulting and not trying to market a product.

Day to day I'm not really a part of the team. If the project ultimately fails I don't have to deal with the aftermath, or the project has already failed by the time I'm brought in and I'm just cleaning up a mess. Regardless, it's not really my neck on the line. It's ultimately the company's fault and I will do my level best to help them, but that's the end of it. Switching to consulting REALLY helped my mental health in this way: If the company makes a bad decision, I don't care anymore. I feel like many (most) employees feel a lot of negative emotion when they believe management is making a bad decision. That's totally gone now.

Regarding tenuous, I feel like I have much more job security compared to a regular employee. More people want my time than I have time. So if one of them bails on me, I just go down the list of relationships. In effect, I have multiple "employers." Worst case scenario I just get a regular job somewhere for a few years. If you're a person who doesn't interview well or is otherwise not confident in your ability to go back to a regular job easily I can see why this would be stressful.

Re: Failed for the past 12 years as an tech entrepreneur

#88

Well done for persevering, but it sounds like you missed the obvious. If you want to start a business, study business (and marketing). Since you spent time marketing there are 2 conclusions: nobody cared, or you didn't manage to find people who would have. Learning marketing should have taught you both those things. The classic marketing line is: find a gap in the market or an undeserved niche, understand their needs…

Marketing is a vital skill for entrepreneurship. An MBA is the polar opposite, it would mostly just be a waste of time.

By all means improve your marketing and sales skills, it will only help. Half the battle is building something people want, the other half is communicating it to them in a way that they understand why they want it quickly and concisely.

Re: Failed for the past 12 years as an tech entrepreneur

#89
I know extremely successful people and all of them made huge mistakes in their lives. But I don't believe you are using a good strategy here and find your advice is bad:

1. You should quit as soon as possible is you are getting nowhere. We don't need more miserable entrepreneurs. Entrepreneurship is probably not for you if you fail consistently. Don't waste your live doing something you are miserable at.

2. Each failure can really hurt you, no different from making a mistake while skiing or driving. It can destroy your life: Your relationships, your wealth and health.

3. You don't automatically improve as time passes. Specially if you learn on your own without good teachers. You will acquire "bad practices" or "vices" like if you try to learn to play tennis on your own: It will take you longer to "unlearn" your vices than if you learned from good teachers.

The first thing I would recommend is that you make friends that are entrepreneurs so you learn from each other and support each other.

I sense a very individualistic behavior from your writing but I see customers as friends and that helped me a lot. I give them way more value that what I extract to support my business, and that is the secret. People are not stupid, in the same way children "sense" who really loves them fast, customers could sense very fast the value you give them.

You also develop over time a good intuition on the value you are creating if you know how to listen to your custommers. You don't need 12 years for that, 1 or 2 years is enough.

I understand that "what does not kill you makes you stronger" but I have experienced what failure feels, and it really can kill you, emotionally, mentally, socially and finally physically.

The way to success is making mistakes frequent and small, so small that it can't hurt you: Instead of risking a million dollars you risk a thousand and escalate.

Instead of making mistakes you meet the people that have done what you want and you learn from THEIR mistakes, so you don't need to repeat them.

They will help you and love to do so. Dozens of entrepreneurs have helped me when I just asked them and some of them are good friends now.

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