What I’ve learned in 20+ years of building startups

1. Fail Well. You’ve heard it a million times before: ideas are easy; execution is hard. Execution is incredibly hard. And even if something works well for a while, it might not work sustainably forever. I fail a lot. I’d say my ideas are successful maybe 2/10 times, and that’s probably going easy on myself.

2. Keep Going. The difference between overall success and failure, is usually as simple as not quitting. Most people don’t have the stomach for point #1 and give up way too quickly.

3. Saying No. Especially if you didn’t have a particularly good month and it’s coming up on the 1st (bill time), it’s hard to say “No” to new income, but if you know it’s something you’ll hate doing, it could be better in the long-run to not take it or else face getting burnt out.

4. Work Smart (and sometimes hard). I would hazard to guess that most of us do this because we hate the limitations and grind of the traditional 9-5? Most of us are more likely to be accused of being workaholics rather than being allergic to hard work, but it certainly helps if you enjoy what you do. That said, it can’t be cushy all the time. Sometimes you gotta put in a little elbow grease.

5. Start Slow. I’ve helped many clients start their own businesses and I always try to urge them to pace themselves. They want instant results and they put the cart before the horse. Especially for online businesses, you don’t need a business license, LLC, trademark, lawyer, and an accountant before you’ve even made your first dollar! Prove that the thing actually works and is making enough money before worrying about all the red tape.

6. Slow Down Again (when things start to go well). Most company owners get overly excited when things start to go well, start hiring more people, doing whatever they can to pour fuel on the fire, but usually end up suffocating the fire instead. Wait, just wait. Things might plateau or take a dip and suddenly you’re hemorrhaging money.

7. Fancy Titles. At a certain stage of growth, egos shift, money changes people. What was once a customer-centric company that was fun to work at becomes more corporate by the day. Just because “that’s the way they’ve always done it” in terms of the structure of dino corps of old, that’s never a good reason to keep doing it that way.

8. Stay Home. If your employee’s work can be done remotely, why are you wasting all that money on office space just to stress your workers out with commute and being somewhere they resent being, which studies have shown only make them less productive anyway?

9. Keep it Simple. Don’t follow trends and sign you or your team up for every new tool or app that comes along just because they’re popular. Basecamp, Slack, Signal, HubSpot, Hootsuite, Google Workspace, Zoom (I despise Zoom), etc. More apps doesn’t mean more organization. Pick one or two options and use them to their full potential.

   

10. Keep Doors Open. While you’ll inevitably become too busy to say “Yes” to everything, try to keep doors open for everyone you’ve already established a beneficial working relationship with. Nothing lasts forever, and that might be the lesson I learned the harshest way of all. More on that below…

What I’ve learned in 20+ years of building startups: A personal note that might be helpful to anyone who’s struggling

Some years back (around 2015), we sold the company my partner and I built that was paying our salaries. During those years, I closed a lot of doors, especially with clients because I was cushy with my salary, and didn’t want to spend time on other relationships and hustles I previously built up over the years.

I had a really rough few years after we sold and the money ran out where I almost threw in the towel and went back to a traditional 9-5 job. I could barely scrape rent together and went without groceries for longer than I’m comfortable admitting.

There’s no shame in doing what you’ve gotta do to keep food on the table, but the thought of “going back” was deeply depressing for me. Luckily, I managed to struggle my way through, building up clients again.

What I’ve learned in 20+ years of building startups – Conclusion:

Navigating the world of startups requires a balance of resilience, strategic decision-making, and adaptability. The lessons learned over two decades in the startup ecosystem are not just strategies but guiding principles for sustainable success and growth in the dynamic world of entrepreneurship.

If you’re curious about how I make money, most of it has been made building custom products for WordPress.

Source: r/Entrepreneur

What I’ve learned in 20+ years of building startups – References:

1. Entrepreneurship Blogs and Websites: Look for blogs from successful entrepreneurs or business coaches. Sites like Entrepreneur (entrepreneur.com), Forbes Entrepreneurs Section (https://forbes.com/entrepreneurs), and Harvard Business Review (hbr.org) often have valuable articles on startup strategies and entrepreneurial journeys.
2. Startup Case Studies: Websites like Inc. Magazine (inc.com) and Fast Company (fastcompany.com) frequently publish case studies and stories about startups and entrepreneurial experiences.
3. Business and Tech News Websites: Platforms like TechCrunch (techcrunch.com), Business Insider (businessinsider.com), and The Wall Street Journal’s Business section (https://wsj.com/news/business) are good for staying updated on the latest in startup trends and business strategies.
4. Remote Work and Productivity Tools Blogs: For insights on remote work and productivity tools, check out blogs from companies like Basecamp (basecamp.com), Slack (https://slack.com/blog), and Zoom (blog.zoom.us).
5. Online Business Forums and Communities: Websites like Reddit’s Entrepreneur subreddit (https://reddit.com/r/Entrepreneur) or startup-focused forums on sites like Quora (quora.com) can provide real-world advice and experiences from various business owners.
6. LinkedIn Articles and Thought Leaders: Following successful entrepreneurs and business thought leaders on LinkedIn can provide you with a plethora of insights and firsthand accounts of business experiences.
7. Business and Entrepreneurship Books: Websites of authors who have written extensively on startups and entrepreneurship, such as Guy Kawasaki or Seth Godin, often have blogs and articles that are invaluable to entrepreneurs.

Examining the Fragmented Data on Black Entrepreneurship in North America

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• What marketing strategies do you use in your business and how successful are they?
  by /u/Maleficent_Mess6445 on July 27, 2024 at 2:45 am

  Please give details of how much sales in percentage do you get with each method. Thanks in advance. submitted by /u/Maleficent_Mess6445 [link] [comments]

• Be your own boss
  by /u/golddiggers321 on July 27, 2024 at 2:15 am

  Be your own boss. Get a degree, find a professional trade, or technology to financially secure you and you're family. Working 40 + years as an employee will not give you the peace of mind or security you deserve. According to Google over 65% os Americans live paycheck to paycheck. submitted by /u/golddiggers321 [link] [comments]

• is this business model legal?
  by /u/bellsybells on July 27, 2024 at 2:00 am

  Hi! gonna keep it short. I love sewing and creating new pieces out of old branded ones. My question is, is it legal to sell for example a remade nike skirt under my own brand since i've remade it and you can't purchase it like that. im obviously not gonna claim that i am selling it under nikes brand but at the end of the day its still nike which i want to promote, i dont want my potential clients to think its a fake piece made in china? any advice or help?:) submitted by /u/bellsybells [link] [comments]

• Let's Talk About Fake MRR Reports
  by /u/Affectionate-Olive80 on July 27, 2024 at 1:43 am

  Hey fellow entrepreneurs, I've noticed a concerning trend on reddit lately: an increase in posts boasting about unrealistic or potentially fabricated Monthly Recurring Revenue (MRR) figures. While WE ALL love celebrating wins and success stories as much as anyone, I think it's time we address this issue head-on. Why This Matters? Misleading New Entrepreneurs: Fake success stories can give newcomers unrealistic expectations about growth and success rates in business. Damaging Community Trust: When we can't trust the reports we see, it erodes the overall value of our community discussions. Discouraging Honest Entrepreneurs: Those who are genuinely working hard and making steady (but perhaps less explosive) progress might feel inadequate in comparison. Some Red Flags to Watch For Extremely rapid growth without a clear, replicable strategy Vague descriptions of the business model or product Reluctance to provide any verifiable details when asked Post history that doesn't align with the claimed success I'm not saying we should become overly skeptical or start witch hunts. But I do think we could all benefit from: Being more critical consumers of information Encouraging posters to provide more context and, where possible, verification Celebrating a wider range of success stories, not just the "unicorns" What do you all think about this trend? Have you noticed it too? How can we maintain a culture of honesty and authentic sharing in our community? submitted by /u/Affectionate-Olive80 [link] [comments]

• Stripe Atlas taxes
  by /u/Many-Mention-3903 on July 27, 2024 at 1:36 am

  I registered an LLC company through Stripe Atlas in March 2024 as a non-US citizen. Over the last 3-4 months, I have received several payments in my Mercury bank account, which is connected to my Stripe Atlas account. Does Stripe Atlas offer any services related to tax filing? Is tax reporting required on a monthly basis, or is it done only once a year? submitted by /u/Many-Mention-3903 [link] [comments]

• Imagine if AI takes over all of our jobs. Then if everyone is jobless, who will the companies serve to as no one earns money ?
  by /u/OppositeCard3014 on July 27, 2024 at 12:48 am

  So most likely in the future more than 95% of the jobs will be replaced by AI as it is developing so much and so quick. It can get creative while also be extremely technical. It raises the question, if companies want cheap labour so they replace their workers with AI, then who will these companies' target customers be as the unemployed not will make money and what can these people do to earn some ? So if there are no/low employed workers, who willl these companies find money to earn ? And most of the earners will probably be the head or the owners of the company. submitted by /u/OppositeCard3014 [link] [comments]

• Tips for my SAAS?
  by /u/Alive_Design1629 on July 27, 2024 at 12:31 am

  Hi! I am a semi-new grad from University with a Bachelor's in CS. I have recently started an app on the Google Play Store (CryptoView) and I have been working on it for months now (since this Feb-March) and I feel comfortable in my basic product at the moment. I launched this app last month and am getting about ~4-5 daily new users. I made a X account and a Instagram to post reels/posts to get followers (essentially maybe new people to download my app). After my first 2 weeks of marketing on socials, I managed to reach 4-5K people from reels and posting a few times but my conversion rate is not high at all (~10 link clicks to my app). I do not use paid ads, strictly social media impressions. Are there any ways I can improve my marketing to improve my conversion rate to people that install my app? Essentially at the moment, I am not using any ads or paid features in my product to keep my early downloaders happy, might do it after I get close to 1K+ downloads, which is why I am focusing on the marketing part currently while also regularly pushing updates to improve the product. My end goal is to have two of the same apps but one is paid/ad-free and the other one is free but has ads. If anyone has tips for marketing a SAAS better or has knowledge in Mobile development to give me tips on how to get more store conversions etc... feel free to leave a comment here. All criticism/tips are welcome, Thanks! submitted by /u/Alive_Design1629 [link] [comments]

• 3D artist and motion graphics designer. Which platform will work for me. Upwork/Fiverr?
  by /u/Maximum-Productivity on July 27, 2024 at 12:31 am

  I'm experienced 3D artist and motion graphics designer, for the last 7+ years I'm worked for well known company. Last month I read from my 9 to 5 job and now ready to start my own start-up. But I have few questions. How to find good paying white label clients for quality services. Which freelance platform works better for artist? Any advise will be highly appreciated. submitted by /u/Maximum-Productivity [link] [comments]

• question for importers and manufacturers
  by /u/Thatguy3295 on July 27, 2024 at 12:03 am

  Hey everyone- I’ve recently made relations with factories overseas during a short work contract abroad. Ive been cold calling for two weeks and have set meetings with different companies who are interested in the product, it’s a cheap commodity around $60 a ton, a container + shipping would cost about $5000 USD. My question is, how do I go about this? How are these transactions usually facilitated? - do I buy this myself and then sell it in Canada? (Where the final customer is) (i do have a business in Canada and would operate under that). This would include paying for the inventory upfront and then the buyer making an LC to my Canadian company- is that correct? do I act as an agent and work on commission, and in this case do they make LC’s to each other? How is an agents commission protected legally? I don’t mind doing either, but just wanted to know what those with experience in the field have done. I’m aware of LC’s but wonder if the buyer would make it to my company or to the manufacturer? submitted by /u/Thatguy3295 [link] [comments]

• Is there any one who wants to be rich one day inorder to help the poor? Instead of buying fancy stuff for themselves. I'd love to know how you guys keep motivated?
  by /u/EcoLittleRabbit on July 26, 2024 at 11:28 pm

  The only thing which motivates me is like 'I have to do this as i have lot of poor people to help' submitted by /u/EcoLittleRabbit [link] [comments]

• Funding alternatives?
  by /u/Mission-Pain-7665 on July 26, 2024 at 11:20 pm

  When banks are not an option, where do you guys go for funding for your startup? My credit file is too recent for a traditional loan as I’ve only been living in the US for a couple of years but I am trying to bring my online business into a brick and mortar location. Do you guys have any recommendations for non traditional funding ? Would need about 30K submitted by /u/Mission-Pain-7665 [link] [comments]

• got a early-stage SaaS question? bring it.
  by /u/geter-business on July 26, 2024 at 11:07 pm

  I'm a 10 yr SaaS sales veteran and I'm a little bored on this Friday afternoon so... I'm here to answer your questions (if I can lol) about SaaS sales for technical founders. I've worked with dozens of silicon valley startups, helping them build high-performing sales teams and achieve their revenue goals. I've also experienced the frustrations of being a seller & sales leader in a tech-driven environment. Happy to share my insights, experiences, stories on developing a buyer-centric sales strategy, optimizing sales process, hiring and onboarding great sales talent, measuring and improving sales performance, or anything else related. I'll be here for the next day or so. Let's get a discussion going! submitted by /u/geter-business [link] [comments]

• Struggling to Get Agency Partners for Our Exchange Program Platform - Seeking Advice
  by /u/MDC2001 on July 26, 2024 at 11:01 pm

  Hi r/entrepreneur, My team and I have developed a platform called Alfred, which helps users find the best exchange programs and agencies tailored to their preferences. We’re focused on making the search and application process smoother for students and professionals seeking international opportunities. However, we’ve hit a roadblock in our growth. We’ve reached out to about 15 agencies via email, but we haven’t received any responses. We were hoping to form partnerships to offer our users a wider range of options, but it seems our efforts are not hitting the mark. We’d really appreciate any advice or feedback on what we might be doing wrong. Here are a few details about our approach: Our emails included a brief introduction about Alfred and its benefits. We highlighted potential mutual benefits, such as increased exposure and lead generation. We kept the emails concise, focusing on key points to respect their time. Despite this, we’ve had zero engagement. Should we be approaching this differently? Are there better channels or strategies we should consider? Thank you in advance for any insights or suggestions! submitted by /u/MDC2001 [link] [comments]

• UI designer Project
  by /u/Vegetable_Contact140 on July 26, 2024 at 10:15 pm

  Hi, I am a UI designer and would love to work with startups, founders on designing their MVP . I am good with figma and Adobe xd. Do let me know if there is a paid project. I can share you my recent works over DM. submitted by /u/Vegetable_Contact140 [link] [comments]

• Is there actually a higher chance to become a succesful entrepreneur just because you want to be one?
  by /u/New_Cod6544 on July 26, 2024 at 10:14 pm

  I‘m currently reading a lot of books and stuff to get into entrepreneurship but i sometimes find myself struggling to understand if there‘s an actual correlation betwen people who actively do self-improvement / trying to become an entrepreneur and people who actually become succesful with their own businesses. I sometimes think that this whole „entrepreneur thing“ is just a huge bubble filled up with gurus trying to sell you something and people whi daydream about being succesful but just are not going to at the end of the day. I also see that many succesful people have not been in the state of „i want to become an entrepreneur“ but rather naturally become one without forcing it. Do you understand what i mean? These thoughts kind of scare me as it leads me to think that success is kind of predetermined in the way of your level intelligence / character / charisma submitted by /u/New_Cod6544 [link] [comments]

• Advertising for Bar, Restaurant, and Liquor Store Owners
  by /u/MezcalCC on July 26, 2024 at 10:02 pm

  Hi everyone, long time reader, first time poster. I am looking for suggestions on the best outlets where I can advertise services to restaurant, bar, and liquor store owners. Any suggestions welcome. Thank you. submitted by /u/MezcalCC [link] [comments]

• Does anyone else struggle with the slightest amount of downtime?
  by /u/ak22801 on July 26, 2024 at 9:43 pm

  Ive been in multiple businesses since 2011. Always working, setting up my schedule, working 60-80 hour weeks during peak season, doing a million different things and running around like a maniac. I love it, and it’s been extremely rewarding for the time being. However, one thing I struggle with is any sort of downtime. Don’t get me wrong, I can go on vacation and enjoy it, or a Saturday trip to the lake with the wife and kids, always a blast. As well as in the evenings once the kids are down I can relax for an hour or two before bed. But I’m talking on a day to day basis. My days are so hectic 99% of the time that if there is ever any amount of time where I say “I think I’m caught up for now?” my mind just starts racing on what needs to be done. It’s almost become a mental thing for me. My wife says I can’t just sit down or lay around (she’s right, I really can’t). I don’t hate that about myself, I like being busy. But even now, at 5:40pm when I’m writing this, I have a crew of guys working on site and I have several minutes of feeling caught up, I can’t do it. I’m thinking, minds racing, I need to do something or I feel like I’m underperforming or wasting time. Is this just the way it is? submitted by /u/ak22801 [link] [comments]

• School/Sports photographer
  by /u/Deaneverest on July 26, 2024 at 9:33 pm

  I’m a portrait photographer and moved to Arizona (Probably the worse idea being in a hot state)… but I was thinking I wanted to start a sports photography business where we partner with different schools and places and take photos of kids events. I got this idea cause some times I like to be out trying different things when I get burnt out and parents are always fascinated about my camera and if I’m catching their kid. I was thinking if I had a booth or something where parents can see the photo of their kid and buy the photos on site or something would be neat or get to a point where parents know who I am and they can go to a site to look and choose to buy for a limited time.. so my first question, does this sound like a good idea? Second question, how do I partner with schools? I think schools would get a good benefit cause yeah parents can buy the photo from my business but maybe the school could get the best photos for free or something so they can use it.. maybe get to a point where the schools cause hire us for different things like portraits and maybe events. submitted by /u/Deaneverest [link] [comments]

• Wanting to start a local game store any tips?
  by /u/Justice4Thanos on July 26, 2024 at 8:56 pm

  Hey all! I’m seeking advice from anyone and everyone about how to start and grow a local game store in a small town. My main question is how much capital would be required to open and manage a game store to keep it running? submitted by /u/Justice4Thanos [link] [comments]

• What would you invest in?
  by /u/DullGoat9337 on July 26, 2024 at 7:37 pm

  If you had $30,000 in Southern California. What would you invest in? A new business? A smoke shop? Or something else submitted by /u/DullGoat9337 [link] [comments]