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I am done. I give up

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Re: I am done. I give up

#231

Having seen various projects go well, and go badly. The trend I've seen is that "quality" is massively overrated. All about knowing the right people that can further spread your network and reach.

ugh, this so much, the cringe cofounders at my last startup were so painstaking annoying about how "perfect" the design had to be (for all 500 of our monthly users) that it took us MONTHS to ship new features.

my wisdom: if a product is good, people will use it and pay for it, regardless of minor design problems (that can always be fixed later!)

Re: I am done. I give up

#232

Been there, done that. However, the worst position to find yourself in is partial traction. A few customers, giving you that slight bit of hope to keep grinding. Then after 5 our more years, you've made 20K and are stone motherless broke. Or maybe that's just me. Chin Up dude.

So true brother. Partial traction is the worst.

If you enter business, either go big or go home.

Re: I am done. I give up

#233
This is good starter for a conversation, but I'm afraid text is not the medium for it.

You're right in going to a recover phase. Move on to something that isn't yours but give you a good foundation with at least a decent team and keep going waiting for a more adequate opportunity for you to try something of your own again.

Re: I am done. I give up

#234
post #55

Earlier quoted context omitted.

> A big fact of the entrepreneur world is that it is hugely based on luck. And for anything with bigger ambitions than a lifestyle business, don’t forget connections. Most founders are still men from Ivies or Stanford. Just look at the “PayPal mafia” to see how inbred tech investing can be. Not that most entrepreneurs need or should expect VC funding, but this is HN, run by a VC. You can totally run a business and be…

> Most founders are still men from Ivies or Stanford Is that also true for YC startups? I felt like YC (while still playing the capitalist's game) was providing a more equal opportunity to start-up "luck" by just looking at the numbers :)

Maybe, but to have good numbers to be in YC to begin with having the right connections helps a lot.

Re: I am done. I give up

#235
post #10

A big fact of the entrepreneur world is that it is hugely based on luck. Luck of finding the right idea, the right market, the right timing, the right connections, the right customers, the right employees, the right financing. The basic fact is that most startups and most entrepreneurial dreams fail or get consumed by another for their talent/clients. And as an entrepreneur you fight against all odds. Most will fail…

Everything in life is luck, including your comment being top voted. If everything is luck, then it probably isn’t worth saying.

Re: I am done. I give up

#236
I can only tell you what's working for me. I'm telling you my story because while you cite mental health as the problem, I think its reasonable to have mental health problems when your company and life collapses. Instead I think it's sensible to build a safety net so that you never hit "rock bottom."

I've started 3 SAAS buisnesses that failed.

I'm also almost FI because I saved (and invested) my salary as an employee and then later as a contractor. Now I split my time between contracting gigs, personal family time, holidays and working on new startup ideas.

It's a long term sustainable lifestyle that gives a good standard of living, lots of free time, and the opportunity of a longshot where one of my bootstrapped start-ups takes off.

The contracting gigs and investments give me that safety net so that it's ok if my startups fail.

I know three people who took this approach, then had million dollar exits from their successful Startups, and another who pivoted into a successful million dollar buisness that they will never sell. The more common outcome is what im getting: a long career of short contracts, paid off house, family and upper middle class lifestyle.

Re: I am done. I give up

#237

It's not defeat, it is the expected outcome. Out of 20 or so of my projects two have been break-out successes and the rest (commercially) complete failures, and I'm very lucky to have two out of those 20, with very small variations in timing it would have been a big fat zero. So don't beat yourself up about it, some people win the lottery and the majority don't. There is absolutely no recipe that will work every time…

>One problem is not just the influencers peddling their books and their bullshit, it's also the eco-system that sells the dream itself.

The word 'influencer' is already a red flag. Personally wouldn't touch anything with that word in it with long pole. It won't be too long before that word is morphed into another buzz word.

Re: I am done. I give up

#238
post #122

Earlier quoted context omitted.

And there is absolutely nothing wrong with a life style business to begin with, the negative stigma is there only because certain VCs feel that you are a horrible person for not cutting them in on the action so they can diversify their portfolios.

This . I really dislike the term "lifestyle business". What's wrong with a stable long-term business that makes founders and customers happy? Why does every business need GROWTH GROWTH GROWTH at all costs, even if the result is a net negative for customers? I sometimes explain to customers that if my business were VC-funded, it would grow and be developed much faster, but in the end there would need to be an exit and…

Most problems in a Startup are product or distribution.

Most people who look down on lifestyle businesses often have the lifestyle to begin with, or are their… yet to be accomplished followers. It’s koolaid that can lose a decade of so many peoples lives. Anyone who looks down on lifestyle businesses should introspect on where it came from that it’s ok for them to look down kn another’s choices and personal formula. Not everyone has a safety net and building one for yourself let’s you really swing for the fences if you wanted. Or not.

Lots of business skills transfer from small business to big things.

All big things consist of small things.

Getting really good at small things is what makes you really good at big things instead of having the details to others.

Learning enough business skills before you need them means you can self fund though paid customer discoveries but being a well paid enough consultant. But that takes years to get really good at, and many times we don’t really consider if we’re going to love an area for the rest of our lives it’s going to be decades and not years. Having 5 figure monthly skills puts you on a very different and equal footing with investors who buy the time of people in their 20s like a toy. Others are much more conscientious. Anyone who wants to help you investment or not needs to bring more tot he table than money, specifically relationships that are meaningful to you.

How small, is there not just as much innovation and vision required to make an atom work compared to a molecule or something bigger?

Lots of things must be learned by learning to sit stand and walk before running. Entrepreneurship is a pretty harsh self development mirror.

Entrepreneurship is a marathon, as much as people feel it’s a sprint.

If founders take vc money save for angels, founders are almost guaranteed to be replaced as founder by a corporate type one day because founders usually don’t have or develop the business skills quickly enough.

Investment is not for the many, it is for the few. Most startups in all sectors are self funded. I feel this is one of the biggest sleights of hand for our time. Investment isn’t success either, it’s just a different kind of pressure to grow at any cost even if it’s not the right one or the one you might have picked had you waited a few months extra.

If you don’t want any investor to tell you when to go home, it’s often valuable to learn the difference between freelancing -> contracting -> consulting —> product. Lots of transferable skills the least of which is understanding jobs to be done.

You can benefit from a natural relentless curiousity and resourcefulness. Otherwise building a startup falls to being about tech and not learning how to build distribution.

Customers don’t care what you code in. Spending more time hanging around hanging out in online communities vs with customers and their pains is a red flag. Indiehackers is a great read, product hunt is nice too but none will replace doing the work that is hitting the streets and talking to elope face to face even if on video.

To the OP: It’s ok to go build other skills and often they will shed a more positive light on this time. You will discover you certainly have picked up a lot of valuable skills that others will pay for. That experience can uncover lots of needs that have no solution. Or, you may find something that you can do, and consider with a different perspective. You have value. You will add value. You will create value. You will continue becoming more well rounded.

Re: I am done. I give up

#239
post #200
post #133

Earlier quoted context omitted.

One of the privileges people don't often think about is being able to afford to fail. If you don't risk destitution after your startup fails, you can try and fail many times, learn and try again. It's like continuously rolling two dice, and you only need to get double sixes once, and after that it's private jets until you die. One of the many reasons the rich get richer and the poor, well you know how it goes.

This is one of the underappreciated benefits of the Nordic-style welfare state: everybody can afford to fail. Unfortunately it's rarely discussed in society as such. The political parties that built these welfare states have traditionally been associated with worker unions, and entrepreneurship isn't high on their agenda. The Nordic right-wing parties got ideologically married to Thatcher-style neoliberalism and pref…

The issue is who pays for the welfare state. Finland got a lot of its wealth through off sea oil I think. Not easy to replicate in almost every part of the world. If you make the population pay for the welfare state, you are essentially robbing Peter to pay Paul. The people you rob (the ones paying the bulk of taxes) have a lower incentive to produce.

This is one reason the energy Windfall taxes being proposed everywhere seem ludicrous to me. If you tax energy producers at a high marginal rate, they will actually be disincentivized from producing a lot of energy. This is basic economics/human nature.

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