It is good advice. Not fully agree with 5 tough. You need both, stability and UX. Cemeteries are full of stable products that were hard to use.
I Lost over $200k
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Re: I Lost over $200k
#12Not to dismiss your points, but if you are going to title the post “I lost 200k” it’d be nice to at least explain where the money went. Was it routine operating expenses that ultimately went to fund a failed product, or something more nefarious (#1 hints at that).
Re: I Lost over $200k
#13Our startup import export business lost about $5MM in one transaction over Covid when the Vietnamese mafia / corrupt factory decided to say YOLO and keep our cash.
Still haven’t recovered anything.
Re: I Lost over $200k
#14Not to dismiss your points, but if you are going to title the post “I lost 200k” it’d be nice to at least explain where the money went. Was it routine operating expenses that ultimately went to fund a failed product, or something more nefarious (#1 hints at that).
Almost all the funds went into operations.
Re: I Lost over $200k
#15I'm interested in "build an audience before building a product" - classically you would determine a target market/niche, build an MVP, and then attempt to market it, refine it with early customers. What kind of audience and conversations can you have without _any_ product? I've seen more than one startup fail by investing into marketing without having anything to market ready. But I'm curious in other experiences.
Re: I Lost over $200k
#16It’s not clear how this 200k was spent. In terms of team composition, age of your startup. So some more context would be nice.
Almost all the funds went into operations, mostly developers.
Re: I Lost over $200k
#17Everything here could be wrong or right depending on your individual situation.
No two companies are the same. Take advice (or insight) with a grain of salt.
Re: I Lost over $200k
#18All great advice, but maybe a bit overindexing and fighting the last war?
Re: I Lost over $200k
#19There's not enough detail on what happened, the product, market, etc. to get anything out of this. I fell for the clickbait title but was just confused
Re: I Lost over $200k
#20It is good advice. Not fully agree with 5 tough. You need both, stability and UX. Cemeteries are full of stable products that were hard to use.
UI and UX shouldn't be the priority when building an MVP. People often focus on this instead of focusing on making the product stable and suffer. The moment one stands building the next iteration of the product, that's exactly the right time to focus on UI/UX alongside considering all the feedback from the users.