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Bootstrapping a side project into a profitable seven-figure business

projectionlab.com

111–120 of 264 posts

Re: Bootstrapping a side project into a profitable seven-figure business

#111
Looks good!

Am a potential customer.

I would like to understand what all market data is built in for the historical simulations and future predictions. I currently do financial projections in Excel, the critical missing part for my own calculations being the market data.

How long is the free trial for premium version? (I could not find on the website.)

Thanks.

Re: Bootstrapping a side project into a profitable seven-figure business

#113
post #107

I love how these stories always start with “I just wanted to scratch my own itch” and end with “...and now I’m running a company with a payroll bigger than my old day job.” It’s inspiring, but also a little bit intimidating. Makes you wonder how many potential seven-figure ideas are just sitting in people’s “maybe someday” folders. The real lesson here? Ship something, even if it’s ugly. You can’t optimize what doesn…

For me the lesson is: ship the thing that makes you feel like you are playing Golf doing it (assuming someone who plays Golf enjoys it alot).

The golfer won't regret their day on the course. And if you fail on the passion project it won't feel like a fail.

I have another idea too. It's the win anyway system. Pick something that if you fail you use those skills at work and get ahead. E.g. the side project is also the training for the gap in your career.

Re: Bootstrapping a side project into a profitable seven-figure business

#114
post #107

I love how these stories always start with “I just wanted to scratch my own itch” and end with “...and now I’m running a company with a payroll bigger than my old day job.” It’s inspiring, but also a little bit intimidating. Makes you wonder how many potential seven-figure ideas are just sitting in people’s “maybe someday” folders. The real lesson here? Ship something, even if it’s ugly. You can’t optimize what doesn…

To me, a lesson is: If you keep chugging along on your idea then you might get lucky and be the one out of 10,000 for whom this single-entrepreneur-bootstrap project works out, you get to be your own boss, have a big payroll and it ends up as a success story on HN. Without that luck, you are among the other 9,999 where it just died. But without trying, you are guaranteed failure (though with less frustration perhaps).

Re: Bootstrapping a side project into a profitable seven-figure business

#115

Thank you so much Kyle for sharing all this. This is very inspiring. I will put a few more extra hours today in my project thinking about you. I'd love to have some info about the hiring of Jon, anything you may feel like sharing, while I realize a lot of it is very confidential. For example: - I am wondering how the working relationship got started since you write that he "spent a year contributing real value", and…

> I will put a few more extra hours today in my project thinking about you.

And that's the recipe for failure right there. Your passion side project needs to be fueled by passion, not thinking about somebody else's success that you are trying to replicate.

Re: Bootstrapping a side project into a profitable seven-figure business

#116

Thank you so much Kyle for sharing all this. This is very inspiring. I will put a few more extra hours today in my project thinking about you. I'd love to have some info about the hiring of Jon, anything you may feel like sharing, while I realize a lot of it is very confidential. For example: - I am wondering how the working relationship got started since you write that he "spent a year contributing real value", and…

> I will put a few more extra hours today in my project thinking about you. And that's the recipe for failure right there. Your passion side project needs to be fueled by passion, not thinking about somebody else's success that you are trying to replicate.

I find this such a strange comment, to be able to reach such a conclusion so quickly without any idea what my side project is, how much passion I have put into it, and how much still have in me, with no idea how many people I've helped already with it.

Like Kyle writes keep showing up to make it a little better every day. Today again I will show up, but today I'll think of him and it will help me.

What's your passion project? How do _you_ keep the motivation every day? How long has it been?

Re: Bootstrapping a side project into a profitable seven-figure business

#117
post #9

Survivor bias Failures don't get on HN front page Hey, btw congrats :-)

failure posts are way less interesting than the authors think they are.

They can be very interesting, both in the now and historically. They often aren't, when the problems were blindingly obvious and any mistakes ones that have been made countless times already, but the same can be said of success stories: without novel specifics there are only so many ways to say “we stuck at it and eventually pushed through and/or got lucky”.

Failure stories frequently aren't posted by the authors, they don't think it is interesting enough but someone else did. Such stories are often written as a post-mortem for those originally invested (in terms of intellectual interest, being a user of [thing-or-service], or financial investment) or even just as a therapy exercise before moving on, and not pushed to a wider audience by the author.

Re: Bootstrapping a side project into a profitable seven-figure business

#118

Wow, that whole thing was completely devoid of useful content. Does it even say what the product or service is? "We’ve also added a few contractors to the team. And these guys are legends. They come straight from the ProjectionLab user community" So... the product was obviously built, because it had a "user community;" so now they've added contractors? Whoop dee doo. Is there some advice or playbook we're supposed to…

> Does it even say what the product or service is?

Do you really need spoon-feeding that directly?

The whole site is about the product. Much more information about it is literally a click-or-two away. Describing it specifically on that page, given how much information is already around it on directly linked pages, would seem superfluously wordy (even to me, someone who just used “superfluously” instead of “overly”).

> Or is it self-congratulatory spam?

Largely, yes. But no more than so people having anniversary parties are showing off, do you begrudge that sort of thing too?

I much prefer that to a self-aggrandising comment essentially stating “I'm better than them because I wouldn't post something like that” (yes, as some may be wondering, I am self-aware enough to acknowledge the strong touch of hypocrisy in that comment!).

Re: Bootstrapping a side project into a profitable seven-figure business

#119

It's so, so , so hard to walk the line between persistence (which leads to glory) and stubbornness (which leads to more time following already wasted time.) Congratulations for walking this line correctly. I agree that some sort of market validation is necessary to at least pretend you are on the former not the latter. Those early usage spikes are helpful reminders that there is a business here somewhere. I'll also m…

Persistence and Stubbornness are just different words for the same personality trait. The former is used when looked at a positive light while the latter is used in the negative.

You're persistent if your project succeeded but you're stubborn if you keep at it despite unfavourable outcomes.

Re: Bootstrapping a side project into a profitable seven-figure business

#120

It's so, so , so hard to walk the line between persistence (which leads to glory) and stubbornness (which leads to more time following already wasted time.) Congratulations for walking this line correctly. I agree that some sort of market validation is necessary to at least pretend you are on the former not the latter. Those early usage spikes are helpful reminders that there is a business here somewhere. I'll also m…

Persistence and Stubbornness are just different words for the same personality trait. The former is used when looked at a positive light while the latter is used in the negative. You're persistent if your project succeeded but you're stubborn if you keep at it despite unfavourable outcomes.

So the difference between the two is just luck?

I apply to a thousand job offers, get rejected every time => I'm stubborn.

I apply for job #1001, I get the job => I'm persistent.

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