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Failed for the past 12 years as an tech entrepreneur

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Re: Failed for the past 12 years as an tech entrepreneur

#121
post #97

I've never understood the drive to own my own business. My parents were both entrepreneurs and it always felt so tenuous and stressful compared to other jobs. What percentage of small businesses actually end up making you more money than a traditional job? If my parents had worked at Walmart with their business degrees, they would probably be making way more $$ at a much more stable company than if they had run busin…

For me, it's mostly about independence. Living my life on my terms, on my own time, and on my own agenda is priceless. I don't have to ask anyone for permission to go for a walk or have a 3-hour long lunch if I want to. I can slack as much as I want as long as I keep the lights on. Oh, and I passionately hate alarms. Don't want to wake up every morning just because someone decided for me that I have to be somewhere.…

> I don't have to ask anyone for permission to go for a walk or have a 3-hour long lunch if I want to.

Me neither and I work at a FAANG.

I think a lot of those serial entrepreneurs that have never worked in companies have a very skewed idea of what it actually looks like once you're in a decent company.

Re: Failed for the past 12 years as an tech entrepreneur

#122

I've never understood the drive to own my own business. My parents were both entrepreneurs and it always felt so tenuous and stressful compared to other jobs. What percentage of small businesses actually end up making you more money than a traditional job? If my parents had worked at Walmart with their business degrees, they would probably be making way more $$ at a much more stable company than if they had run busin…

I think for some people working for someone else is akin to selling off a piece of your soul daily. It's not about the money - it's about having autonomy, excitement and risk in your career. Money is just the scorecard. As an entrepreneur you get to hand pick who you work with, what you work on and how you get it done - something basically impossible working for someone else. If you think about it, in no other time i…

> As an entrepreneur you get to hand pick who you work with, what you work on and how you get it done - something basically impossible working for someone else. If you think about it, in no other time in history has it been normal to work in distributed, mega corporations.

You do? I've owned my own consulting firm before. We took the clients we could get, and not all of them were our first choice. But we needed portfolio work and money to keep the lights on.

Good clients are worth their weight in GOLD, and are comparatively rare to the "Oh hmm... I thought I was buying a website from you? I have to do stuff?" clients we would constantly see

Re: Failed for the past 12 years as an tech entrepreneur

#123
How have you been iterating on your ideas? Generally, this is what I tell other entrepreneurs. It's startling how few actually take a framework like this to heart (doesn't have to be exactly this):

1. Build a hypothesis about how the world works

2. Build things to test the hypothesis

3. Figure out the world doesn't work that way

4. Alter hypothesis

5. Show progress as you repeat 1-4

I also want to call out that spending 18 months to build a landing page and your web app is an extremely long iteration cycle. I don't have all the context about your life, but that seems to be an area where you can get much tighter based off this post at least.

Re: Failed for the past 12 years as an tech entrepreneur

#125

I've never understood the drive to own my own business. My parents were both entrepreneurs and it always felt so tenuous and stressful compared to other jobs. What percentage of small businesses actually end up making you more money than a traditional job? If my parents had worked at Walmart with their business degrees, they would probably be making way more $$ at a much more stable company than if they had run busin…

Your comment reminds me of all those imigrant entrepreneurs who run a business for a generation that pays for their children's college so they never have to get stuck running their own business.

Re: Failed for the past 12 years as an tech entrepreneur

#126
Very few entrepreneurs understand that sure, market matters, and sure product fit matters, however the variable of time is an interesting one. Most startups growth looks super slow, then ramps up, and then quickly ramps up. This is very similar graph to investing $$ with e.g. a X% annual return. The key similarity is the concept of compounding. Individual features, marketing campaigns, blog articles, monetization channels probably won't have an immediate impact, but over time can compound. Similarly, entrepreneurs often think that developing a feature will immediately cause users to sign up. In reality, all you've done is "invest" your money, but you need time to work it's compounding magix.

Re: Failed for the past 12 years as an tech entrepreneur

#127
I've been failing for about the same length of time. Had some weird ups, some weird downs, learned a lot, etc. I should probably write a book, but I really can't be arsed to do it right now. The important thing, to my way of thinking, is that I'm still here, still failing. As far as I'm concerned, I haven't really "failed" per-se until I quit (or die). As long as I'm still moving forward, still learning, and still chasing my dreams, I'm "in the game".

I'll go back to one of my all-time favorite pg essays:

If you can just avoid dying, you get rich. That sounds like a joke, but it's actually a pretty good description of what happens in a typical startup. It certainly describes what happened in Viaweb. We avoided dying till we got rich.[1]

And truth be told, I don't know how much I even care about the "getting rich" part anymore. I mean, sure, all things being equal, I'd rather be rich than not. But at this point, I'm just happy to be still growing, still learning, still exploring. Just being in the game is its own reward in many ways.

[1]: http://www.paulgraham.com/die.html

Re: Failed for the past 12 years as an tech entrepreneur

#128
post #59

I’m sincerely not trying to be mean, but it’s possible you were previously simply bad at entrepreneurship. There is this dominant narrative that entrepreneurship is primarily about raw willpower and persistence despite the odds. As a 20+ year entrepreneur I do not believe this to be the case. I believe the primary skill is observation. Yes, we need to try different ideas, but what really makes a product work is liste…

> I believe the primary skill is observation

This. But you also need to be good at evaluating your ideas in the harshest light before executing them.

None of the ideas presented are unique or good enough (also not trying to be mean, just honest), the first thought that comes to mind with each is "Doesn't this already exists in some form, if so what's the USP? and is it strong enough"... That doesn't mean it's impossible to make something of them, but it will probably be incredibly difficult and not be worth your time, something that is a variation or combination of existing products is not usually a strong enough idea, and executing it is a punt. Equally, something that is entirely unique but there is little demand for will also be incredibly difficult to and not worth your time.

It sounds as though you made a lot of MVPs, but there is a stage before this which has a less tangible process: Minimum Viable Idea - trying out an idea even as an MVP has a cost (as you well know), and you cannot afford to try everything randomly.

The fact is that most people are not good at evaluating their own ideas - it's a learned skill - you need to move past the initial emotion of "I came up with this amazing idea", then evaluate it in an unbiased light regardless of who originated it, be completely detached from it and able to drop it as soon as you realise it has no legs (which most ideas don't). I'm kinda good at doing this (shooting down ideas), but, I absolutely suck at generating unique and executable business ideas... if you can do both, you will probably do great things... if not, maybe pair up with someone who has the things you lack.

Re: Failed for the past 12 years as an tech entrepreneur

#129
I'm trying to be constructive with my thoughts, so my initial thoughts are: I've had a pretty different experience than you, and don't think your recommendations are good for a lot of people. IMHO you're taking too much risk doing what you think is a market need, when you should be offloading risk and making what the market is actively wanting/needing. This sentiment is repeated by quite a few commenters in different words.

Serial SMBer here, looking back at the dozen entities that worked in the past 20 years -- every one of my projects with 7+ figure outcomes had clear successes to validate the idea 3 months in, and I would often times MVP it off a contract with one client/vendor. (A few examples: niche used office furniture circa 2006, iOS app circa 2010, ML-based investing circa 2011, Amazon store in 2013 - so... all over the place.)

Just adding a bit of anec-data since we have quite a few people sharing what worked (and what didn't), the top 3 learnings for me have been:

1) Know people with deep pockets who want a problem solved - this means networking and establishing a niche for yourself as the go-to execution guy for problem X. I went to school near Sand Hill so that made it convenient. This simplifies your customer #1 problem as well as your revenue problem.

2) Know people who are good at solving problems, esp ones you dislike or can't solve. This is how you scale from a 1-person weekend project to a 1M+/yr rev project. You want this because a) problems that need multiple people to solve are a natural barrier to entry for anybody else, which means your solution is more defensible and b) partnerships are fun and when built right promote accountability where the sum of work is greater than its parts.

3) Entrepreneurship is hard work and should only be done as a last resort, if you know what you're getting yourself into, because you ABSOLUTELY WANT IT for whatever reason, whether because seeing something inefficient drives you nuts, that sorta thing. It's absolutely not for glory-chasers which I find kinda frustating, as a lot of (US) society glorifies it as such and sets peoples' expectations totally wrong and I see tons of miserable entrepreneurs burning out all the time in the startup orbit.

Re: Failed for the past 12 years as an tech entrepreneur

#130
post #18

Earlier quoted context omitted.

> The west has essentially very few people (and diminishing by the day) and each and everyone of them have a telegraph pole up their you know what. It should only be used as the money making app What did he mean by this?

Just like you have the dating app or the mail app on your phone. The west is the money making and business app. Strictly business, don't even call or seek people for reasons which aren't business or money making. Social relationships and genral life outside work app is Africa and South East Asia. Unlike the west they have loads and loads of people who are not spoiled by abundance vis-a-vis the west which has very few…

latin america too is great from a cultural perspective. Dating prospects being much better as well.
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