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The Truth about a Failing Startup

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Re: The Truth about a Failing Startup

#101

Post by ovi256 »

Maro wrote: post #88

Hey, fellow failed entrepreneur here. My startup failed about 6-9 months ago. It was a very difficult time, our business partners went back on their promises and with that 3+ years of my life went down the drain. It was a terrible couple of months, lots of lost sleep, high blood pressure, I'm still dealing with it. I was unemployed for a couple of months, then finally took a job at a great company, where I feel great…

Thanks for your story, I appreciate you sharing it.

I agree with you about the only constant in life being change. I think it's even older than buddhism, I seem to recall it was Heraclitus who put it as "change is the only permanence".

As for the OP, I hope he stops taking losing investor money so personally. The investors knew well they bought a lottery ticket. Had OP succeeded, the investors would, of course, have gladly taken their part of that upside. Now, he didn't, and they lost their ticket money. And that's all it was: ticket money, their fee for getting to play the game. I sympathize with what he's going through, and hope he'll get through.

Re: The Truth about a Failing Startup

#102

Post by d--b »

Take it easy dude. Don't feel sorry for your investors, they know the risks they take. Don't feel sorry for yourself, you knew the risk you were taking. Failing a startup is not failing at life, it's just life. Forget it and go on with something else.

Re: The Truth about a Failing Startup

#104

Post by blueprint »

Maro wrote: post #88

Hey, fellow failed entrepreneur here. My startup failed about 6-9 months ago. It was a very difficult time, our business partners went back on their promises and with that 3+ years of my life went down the drain. It was a terrible couple of months, lots of lost sleep, high blood pressure, I'm still dealing with it. I was unemployed for a couple of months, then finally took a job at a great company, where I feel great…

"The buddhists are right, the only constant in life is change"

Not totally true. I want to point out that there's a huge gap between what Buddha saw and taught and what is said by the teachings in modern Buddhism.

Gautama Buddha went to people basically every single day for 45 years and tried to awaken them. He absolutely did not teach people that it's possible to eliminate suffering while alive, and he never taught that meditation is a way to enlightenment. Instead, if we make a gist of the content of his life work teaching we can see that he taught two things: the theory of transmigration (reincarnation), and the law of cause and effect. He taught these things to make people realize how the world works, and what he taught is still totally accurate even by the view of today's world. There were ways in his teaching from the problems people have to the solutions they want to get. But those ways are absent from modern Buddhism.

So we can conclude that while things in the world exist through change (reincarnation), there is another constant meaning in the world, and that is "truth", or law, of how the world works – the law of cause and effect.

When we see and understand the world of the truth then what we find is permanent and never changes. All the answers are fixed. Only questions change.

Re: The Truth about a Failing Startup

#105

Post by calinet6 »

swombat wrote: post #63

Once your startup actually fails and is behind you, here's the surprise: You will feel an immense sense of freedom and lightness. It's pretty obvious why: a weight is about to be lifted from your shoulder. Where your path was a narrow funnel leading to one specific destination, you will now have the infinity of all possible and reachable paths ahead of you. You couldn't do anything but worry about the startup - now y…

Yes, definitely. One piece of advice I can give from experience:

After you've left your first startup behind you, take a break.

Mine was only a month, but it was the most productive, thoughtful, and interesting month ever. I came up with new ideas about business, people, philosophy, and the world, and just had some of the best and most clear thinking I had had in many years. I processed my former mistakes and turned them into valuable lessons that I will remember forever. I had tons of new ideas and started writing them down. I went skiing a lot. That month has proved immeasurably valuable.

It's amazing what your brain can do when it has space, and you need to let it have that space, especially after such a long time being focused on one thing.

My explicit recommendation to the OP: leave it all behind for as long as you are able (a week, 2 weeks, a month), travel, and bring a journal.

And remember—you'll have a new perspective on all of this in a year's time. Try to keep that 1 year/5 year/10 year outlook and just take the next step. Don't worry, it's just life.

Re: The Truth about a Failing Startup

#106

Post by jnazario »

gojomo wrote: post #40

If they're professional investors, they know all the investments don't work out. Communicate honestly about what's been tried and failed, but don't ruminate excessively about having "let them down". If 'doom' is still a month or two off, but inevitable, attempt orderly wind-down. Maybe a corporate entity is bankrupt. Maybe employees need a fair warning. Maybe there are salable assets. You can ask for help, even from…

came here to say what gojomo said.

treat everyone with respect, honesty, and be forthright. it'll feel awful and scary, but it'll mean a lot more than if you made everyone rich, or at least helped them with some more paychecks. people will remember your character and your behavior far more than any money you made or lost for them.

i think a lot of people forget the incredible risks and burdens founders take on. i saw a quote in inc magazine that put it best, something to the effect of "if this business goes under, you lose your job, but i lose my house and maybe even more." never having founded anything i can't imagine the burden your under, but i know it's immense. that said, remember to be forthright with everyone.

Re: The Truth about a Failing Startup

#107

Post by specialist »

blueprint wrote: post #104
Maro wrote: post #88

Hey, fellow failed entrepreneur here. My startup failed about 6-9 months ago. It was a very difficult time, our business partners went back on their promises and with that 3+ years of my life went down the drain. It was a terrible couple of months, lots of lost sleep, high blood pressure, I'm still dealing with it. I was unemployed for a couple of months, then finally took a job at a great company, where I feel great…

"The buddhists are right, the only constant in life is change" Not totally true. I want to point out that there's a huge gap between what Buddha saw and taught and what is said by the teachings in modern Buddhism. Gautama Buddha went to people basically every single day for 45 years and tried to awaken them. He absolutely did not teach people that it's possible to eliminate suffering while alive, and he never taught…

Maro is commiserating and you give him a theology/philosophy lesson.

Further, I studied buddhism for a while. I have no idea what you're talking about. In other words, YMMV.

Re: The Truth about a Failing Startup

#108

Post by juanbyrge »

Don't worry about the weirdo investors! They're still alive, they were not harmed in any way, they'll be fine. They aren't even investing their own money! All investors have a broad strategy, and they have anticipated that not all their investments will work out.

Also, you should be celebrating the risk you took to build something great. There's absolutely no shame in that. Feel proud of everything you learned, these lessons will remain with you for the rest of your life.

Re: The Truth about a Failing Startup

#109

Post by blueprint »

specialist wrote: post #107
blueprint wrote: post #104

Earlier quoted context omitted.

"The buddhists are right, the only constant in life is change" Not totally true. I want to point out that there's a huge gap between what Buddha saw and taught and what is said by the teachings in modern Buddhism. Gautama Buddha went to people basically every single day for 45 years and tried to awaken them. He absolutely did not teach people that it's possible to eliminate suffering while alive, and he never taught…

Maro is commiserating and you give him a theology/philosophy lesson. Further, I studied buddhism for a while. I have no idea what you're talking about. In other words, YMMV.

"Maro is commiserating and you give him a theology/philosophy lesson."

You didn't point out a problem clearly, so I'm not sure what you think I should have done instead of branching a philosophy discussion. You'll note that the only thing to which I replied from Maro's answer is his comment about Buddhists being right. My reply has nothing to do with his commiseration, and I believe I stay on topic 100%. Besides, if you want me to reply to Maro's commiseration, my answer is that we should verify everything in OP's post first before deciding with what to commiserate. Why commiserate in places where OP is actually repeatedly at fault and chose the wrong way? How can you properly commiserate at times when OP was right if you can't see where they are? That's not justice to the investors, nor OP, nor is it the way to help OP to find the right way. Fact is neither you nor I know OP. Anyway, see my own reply to OP in my comments.

"Further, I studied buddhism for a while. I have no idea what you're talking about. In other words, YMMV."

I've often experienced this kind of reaction from today's Buddhists. I don't understand why. What I do know is that it's impossible to understand the truth with untruthfulness inside oneself. I also studied Buddhism for long years, traveled a lot, and met a lot of people, but I've never found in any country a Buddhism which is for the living people.

It's critical that this result is informed accurately to human society so that people can protect themselves from being cheated by falsehood.

Re: The Truth about a Failing Startup

#110

Post by bm1362 »

6chars wrote: post #64

I'm going through this same process of admitting failure right now, and it seems like everybody gives people in our position the same advice: "Don't worry about the investors. They knew what they were getting into." In our case, this is simply not true, and we can't be the only startup in this position. All of our funding so far was raised from my personal friends and family. None of them ever invested in anything ev…

This sounds like a nightmare. I'm sorry, but you've got a tough road ahead of you if things don't take an upward swing. I'm just a student, no entrepreneurial experience (yet!), but the best advice I can give you is to man up and avoid trying to hide from the people you've let down.

Be honest, no one respects a coward.

At the end of the day, you'll be alive. You have clean water and probably an iPhone- it could be much worse. You've learned a lesson too, don't take loans from friends/family.

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