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The Truth about a Failing Startup
141–150 of 169 posts
Re: The Truth about a Failing Startup
#142I just signed away 10% of a company I founded. It was hampered by loans from the origination of the business 5 years ago. Had that orignal money not been equity AND loans we'd have been profitable 18 months ago. I was laid off in September and now have a good job after a few tenuous months.
I won't feel bad if they do end up making something of it and sell it for a profit because I am glad to be out. I don't need a freelance job that doesn't pay anything around my neck all week, every week.
The investors protected themselves and brought down the business with it.
Re: The Truth about a Failing Startup
#143Been there. And you know what's more difficult than letting investors down? ("Debts won't be paid" etc)
Paying them back. Not immediately, perhaps over a period of 2 or 3 years, while working on saving the co without making any salary.
Unfortunately, most entrepreneurs prefer to just walk away.
Re: The Truth about a Failing Startup
#144Regarding your investors not calling you back etc - they've written you off.
Surprise them. But before you can do that -
Come up with a new original plan, a pivot, anything that might just revitalize the business. It sounds like you had given up before they did. Look at your digital assets - can your codebase be repurposed for something? Would rebranding work? What about your user base - could you interest them with a new app or new service? Any IP you could license to someone else? There Amy be a well-funded company out there that's trying to build what you already have.
Re: The Truth about a Failing Startup
#145What reason did your wife give you for getting a divorce? Did she realize you weren't going to strike it rich and bailed? Now's the time to get out there and bang as many 21 year old chicks as you can.
Re: The Truth about a Failing Startup
#146I'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
Thanks Alex for posting the first quote from a sportsperson I've every actually found inspirational.
OP, hang in there and find someone you can talk about your feelings to, even if you have to keep your "confident face" on all day.
Failing that, listen to a lot of Nine Inch Nails. No, wait, that was Dotcom 1.0.
Re: The Truth about a Failing Startup
#147Earlier quoted context omitted.
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…
Small nitpick: Buddha(563 BCE-483 BCE (aged 80) or 411 and 400 BCE) predates Heraclitus(535 BC-475 BC), but your point definitely stands, as I'm sure that realization predates recorded history.
Wisdom transcends time, space and culture.
Re: The Truth about a Failing Startup
#148If If you can keep your head when all about you Are losing theirs and blaming it on you; If you can trust yourself when all men doubt you, But make allowance for their doubting too: If you can wait and not be tired by waiting, Or, being lied about, don't deal in lies, Or being hated don't give way to hating, And yet don't look too good, nor talk too wise; If you can dream---and not make dreams your master; If you can…
Powerful poem. Love it!
Read about what happened to Kipling's son before you believe too much in it.
Re: The Truth about a Failing Startup
#149Hey, 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…
Pretty much spot on for my experience with entrepreneurship.
Re: The Truth about a Failing Startup
#150Earlier quoted context omitted.
> Don't lie to your parents. They're your safe harbour, they will understand and help you. Tell them what's going on. I understand what you mean by this, but just wanted to comment that this is not unambiguously good advice. Some parents have their own issues (severe anxiety, substance abuse, poor interpersonal skills, etc) and can't act as a safe harbor; lie to those parents if you've got to! Leave them in the dark!…
Same thoughts here. My parents are simple people. If I would tell them I had less sign-ups this week than last week, they would be pretty devastated. Talking anything more serious is no-go.
Same here. Love them, but they don't really understand and I don't want to trouble them.