The Truth about a Failing Startup • Hacker News Board

Re: The Truth about a Failing Startup

#21

Post by mrchess » Thu, Feb 21, 2013, 5:27 AM UTC

j45 wrote: post #13

mrchess wrote: post #7

Earlier quoted context omitted.

Agreed. Part of the job of being an investor is to balance your portfolio, and losses are to be expected. Such a world doesn't exist where investments are risk free. There are many entrepreneurs who have raised again from VCs even after they didn't make it from their first raise. As long as you tried your hardest, there isn't much else more you can do. Keep at it.

OOC, Have either of you built and lost others money from investors as well as lost your own?

When I was 25 I lost more than $20,000 of my own and FFF money investing in my own project only to have it fail. At the time I was obviously, really upset.

Fast forward to today -- looking back it was one of the greatest investments in my life so far as all the stuff I learned both emotionally, psychologically and professionally has really helped with current work and life.

I used to think losing money was a big deal, but now I realize it isn't. Investors are in a sense "buying" your time. Can you really put a value on your time? Your own life?

Sure, the memories were disappointing and frustrating, but I wouldn't have had it any other way. And yes, I plan to save and try it again.

EDIT: Just to be clear I'm not saying throw VC money around... of course you still need to be responsible.

Re: The Truth about a Failing Startup

#22

Post by erichocean » Thu, Feb 21, 2013, 5:28 AM UTC

I've been there too. The first time is the worst.

It was hard, but I still do startups and wouldn't change that for anything.

It'll get better. Don't give up on yourself. :)

Re: The Truth about a Failing Startup

#23

Post by xijuan » Thu, Feb 21, 2013, 5:29 AM UTC

To the author of the article: I have been staring at the screen for two mins after reading the article. I really want to say something encouraging and supportive; but I found myself at a lost of what to say. Maybe it is because I really understand what you mean by the sense of "impending doom." When I had the sense of "impending doom," I feel that people just don't understand--How can I not feel depressed when the situation is getting worse and worse? But life moves on.. And the situation will get better one way or the other. Ten years later when you look back at this, I am sure that you will realize that it is not as bad as you think it is... You have to stay hopeful!

Re: The Truth about a Failing Startup

#24

Post by Pitarou » Thu, Feb 21, 2013, 5:29 AM UTC

Failure is a life event, and it sucks. (Just like getting ditched, getting fired, getting sick, and so on.) Frankly, I'm glad I'm not in your shoes right now. But it's not the end. This thing you built will not take you down with it. You'll still be standing, and ready to move on to the next chapter.

Re: The Truth about a Failing Startup

#25

Post by 8ig8 » Thu, Feb 21, 2013, 5:31 AM UTC

Fuck them. Don't let it ruin your life. It was a gamble and they knew it. No risk. No reward. If it were a sure thing, credit unions would be giving cash. If they were investing their retirement funds, that's their issue, not yours.

I'm sure you worked hard. Tried your best. What else can you do. If it's over, move on and get out of the current gig now. Tomorrow even. It sounds like your investors already have.

You've made sacrifices as well. Call them tomorrow, thank them for what they did, shut the door and open a new one.

Re: The Truth about a Failing Startup

#26

Post by wiradikusuma » Thu, Feb 21, 2013, 5:32 AM UTC

Curious question: If an entrepreneur raised money from VC, and things go south, is the entrepreneur's career basically "done" (e.g. blacklisted by every VC on the planet)? Can he start another venture and get VC money again?

How is it compared to being fired? (Being fired = you can find another job, might need to explain why you're fired to potential employer, but life goes on)

Re: The Truth about a Failing Startup

#27

Post by alexbosworth » Thu, Feb 21, 2013, 5:33 AM UTC

I've missed more than 9000 shots in my career. I've lost almost 300 games. 26 times, I've been trusted to take the game winning shot and missed. I've failed over and over and over again in my life. And that is why I succeed.

Michael Jordan

Re: The Truth about a Failing Startup

#28

Post by wavesounds » Thu, Feb 21, 2013, 5:33 AM UTC

j45 wrote: post #13

mrchess wrote: post #7

Earlier quoted context omitted.

Agreed. Part of the job of being an investor is to balance your portfolio, and losses are to be expected. Such a world doesn't exist where investments are risk free. There are many entrepreneurs who have raised again from VCs even after they didn't make it from their first raise. As long as you tried your hardest, there isn't much else more you can do. Keep at it.

OOC, Have either of you built and lost others money from investors as well as lost your own?

I have not, but isn't it safe to say that if this money wasn't going into venture capital it would probably be going into something like oil speculation or mortgage backed securities, which undoubtably has much more negative impact on our world then giving some people jobs to try out their crazy ideas for a few years dont you think? It's good OP is concerned about his investors, but its just money from people with lots of it. His own money is more of a concern imo, but at least the job market is good for someone with his skills. He'll bounce back, hang in there!

Re: The Truth about a Failing Startup

#29

Post by faramarz » Thu, Feb 21, 2013, 5:33 AM UTC

Good story..

Own it. Own this failure and figure out (if you havent already) what went wrong and own it. This isn't just about damage control, this is about realizing the struggle in keeping a business a float is an asset, extracting as much data and knowledge will drive the success of your future projects.

And above all, do not let the investors forget you with a bad taste in their mouth. Own it, again. Remind them why they invested you in the first place, you never know what the future holds. Don't let it just burn up!

Re: The Truth about a Failing Startup

#30

Post by tekromancr » Thu, Feb 21, 2013, 5:37 AM UTC

orangethirty wrote: post #9

Been there, done that. You know what? Failure is just an event. Its not you. You havent lost your "touch", because there wasnt one to lose from the start. You just got lucky. It didnt work out. Now, understand that being average is OK, and pretty awesome too. So you didnt hit it big, but you had an average run. You did not become Instagram, but you had average sales. You made average money and had average success. Ag…

Nah, man. Only nerds and failures talk like that, brahiem.

Wise words indeed. One of the things that has always bugged me about certain portions of the startup culture is that over valuing of 'success'. As far as I am concerned, if you learn something from the experience, you can't fail.