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Does Failure Lead to Success? I sure hope so

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Re: Does Failure Lead to Success? I sure hope so

#11
post #8

Did you learn anything you can use in your next attempt? Also maybe try again in a similar category. Iterate on similar things so you can build on what did work and remove what did not. Also successful outcomes are rarely felt as success... and the timelines can be in the period of decades... give things time

I think time is the one thing I definitely disregard. Disregard in the sense I move too quickly, its just how my brain operates. Learn, push things out, rinse and repeat. That's typically my approach to things. I am going to try and slow down, let things marinate and see what happens.

Re: Does Failure Lead to Success? I sure hope so

#12

I’m in a similar position to you, having just started a break from a side project I tried to cram into a business. The idea is a niche news aggregator for professionals like market researchers and consultants focused on a domain. The main take-away I’ve had is “if you make a good MVP, target the right audience, with the right messaging, with a real problem, you will get a very strong response. If you don’t get a stro…

First off thanks for your post, its been a great read and very helpful.

Most important the lessons learned you shared are great and I hope you don't mind i've made a copy to reference as the going gets tough.

Re: Does Failure Lead to Success? I sure hope so

#13
>The question is HOW? How would you approach things if you were in my shoes?

1. If someone is selling a course on FB or YT, that business is dead and not worth pursuing because otherwise that person would be doing it themselves. FBA, drop-shipping and real estate are the big three.

I'd accept an argument for RE, but that's not a casual thing to get into, easy to blow your cash and you need to go long-term. Flipping wholesales is one I've heard bad things about.

2. You need more 'at-bats'. I am not sure the velocity you had with your previous Saas ventures, but launching full products every 6 - 12 months isn't going to cut it. In addition, when products aren't gaining traction after 1 - 2 months, you need to cut losses and move on. I have fallen into this trap twice now, of thinking a product just needs a bit more tweaking. Both of those projects have been been put on the backburner, so nothing says you can't keep the idea but do it later when you have more resources, research, eyes, whatever.

You need to launch smaller products faster. Target niches rather than big markets. You want to be going after small markets where no VC-backed companies are. A $10k MRR market is worthless to VC, but worth a lot to a single person. Caveat: You could carve a niche out of a VC-backed company and eat their lunch on that segment, by doing things that don't scale / serving that market better by building specifically for them.

Check out Pieter Levels (levels.io) and the wider indie maker community, if you haven't already.

3. Focus on a specific market. I see some indie makers say they don't have a market, but they pretty much always do. You want compounding returns rather than launching a lot of diverse products where your social media and previous gains have to be thrown out.

You want content marketing for product A, which you may shut down in a month, to bring you people who will be interested in product C, D, E...

You don't need a specific niche, but I've realized it would be better to focus on a community or general interest, rather than launching tons of products that have nothing to do with each other.

Re: Does Failure Lead to Success? I sure hope so

#14
Thanks for being open. Let's assume you have the right products to make it easier. Have you considered finding the right audience for your work?

You failures so far might just be that the right audience for your work has not yet been found?

This article https://leveragethoughts.substack.com/p/cracking-the-who-you... might help you.

Re: Does Failure Lead to Success? I sure hope so

#15
post #9
post #4

Earlier quoted context omitted.

Hey, I agree I'm sure plenty of entrepreneurs can relate. I'm in my mid 30's also, but I still find myself pivoting frequently. I think it may be a balance issue in my case. Meaning, working a full time job and having family that need my time and attention. In this case, I try to find something that sticks, and if not, I move on. But maybe that approach is flawed. Maybe the overall vision of becoming financially free…

> Maybe the overall vision of becoming financially free is the wrong approach. Maybe it's a matter of focusing on something you really enjoy. You may have a point here, or at least you have made me think about it.. :) As with many people around here, I prefer to do my own things rather than waste time doing "work". Not that I'm lazy (as in sit on a coffee table all day), but I have lots of other interests. So I've be…

I agree with the selected quote. I also feel burnt out sometimes but it just so happens that building software and learning new "stuff" has kind of become my main hobby.

I'd love to work on impactful and meaningful projects so at least if/when that opportunity comes at least the hobby will have paid off in terms of what I know.

Re: Does Failure Lead to Success? I sure hope so

#16

>The question is HOW? How would you approach things if you were in my shoes? 1. If someone is selling a course on FB or YT, that business is dead and not worth pursuing because otherwise that person would be doing it themselves. FBA, drop-shipping and real estate are the big three. I'd accept an argument for RE, but that's not a casual thing to get into, easy to blow your cash and you need to go long-term. Flipping w…

Thanks for your response here, I like the quick launches of products, however, my coding skills are a hinderance here as im still learning. I understand your point however. I like the community advice, however I feel like this step takes time, the very things we are trying to cut out. Perhaps, by choosing a specific niche and always tailoring products around that niche may help build the community faster than switching niches often.
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