Category: startup

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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• Stop Chasing Goals, Chase Traits.
  by /u/goraksha on July 26, 2024 at 1:44 am

  Many of us have very ambitious business goals, first dollar online, 5k/m, 10k/m. While having all these goals are amazing, most people go about it the wrong way. Goals do not achieve themselves, people do. If you want to achieve your ambitious goal, you need to become the person capable of achieving them. What traits would someone who makes 10k/m have? He surely wouldn't be procrastinating, playing video games, scrolling tiktok. He would have laser like focus, monk like discipline, etc. Chase these traits and the goal will be a byproduct of YOU becoming capable of achieving that goal. Let me know if you have any questions. submitted by /u/goraksha [link] [comments]

• ROBS
  by /u/Sensate613 on July 26, 2024 at 1:42 am

  Does anyone have any experience setting up a ROBS with their 401K? submitted by /u/Sensate613 [link] [comments]

• Who is Your Favorite "Business" Creator?
  by /u/notomarsol on July 26, 2024 at 1:19 am

  Which business creator inspires you the most and has genuinely helped grow your business? submitted by /u/notomarsol [link] [comments]

• Entrepreneurs, what tools do you believe every startup should have in their toolkit to succeed?
  by /u/Ok-Mood-2539 on July 26, 2024 at 1:01 am

  Launching and growing a startup is no easy feat, and having the right tools can make all the difference. From project management and communication to marketing and analytics, there are countless tools available. We want to know which ones you consider essential. What are the must-have tools for every entrepreneur? How have these tools helped streamline your operations or drive growth? Are there any lesser-known tools that have made a big impact on your business? Share your top recommendations and insights in the comments. Let's build the ultimate toolkit for entrepreneurial success together! 🚀🛠️✨ submitted by /u/Ok-Mood-2539 [link] [comments]

• Growing pains: delegating/employees - how to protect your business?
  by /u/Brilliant_Goat_472 on July 26, 2024 at 12:23 am

  4 months ago I took the scary step and expanded my business. With that expansion I inherited 3 part time employees. They work independently, mainly in the workshop or are out on installs. Business is booming and I'm working 10 to 12 hour days every day, weekends included. I need to delegate some back office work because this pace is not sustainable for me. The delegated tasks will be work from home at your own schedule. I have an employee that is interested, has the skills or is very willing to learn them, and who has shown themselves to be very reliable even though they are "neurospicy" (think ADHD, OCD, etc). My concern: at this stage, delegating means granting access to emails and customer info. It's a little stupid to worry about it since I include the customers contact info in the job assignments anyway because my employees often need to contact the customer when they arrive at a job site, which they all do from their personal phones. So in theory they all already have all the info. Anyway. My hubby is now upset and has me paranoid because I'm starting to train an employee on handling cold outreach, monitoring order progress, and final follow up. My husband is worried that said employee will "screw me over" e.g. by trying to steal the customer or sending the wrong info to the customer or whatever. And to some extend, hubby is correct, that is a possibility, which is why delegating is so scary to start with (I'm a control freak anyway but am trying to let it go. There's literally no more growth until I delegate more. And 12 hour days are not my ideal future for the next 10 years). Aside from having a solid employment contract, requesting the use of the company email as well as the company CRM for all customer contacts for tracking purposes, is there anything else I should be doing, do you have any other recommendations to help keep the business "safe"? submitted by /u/Brilliant_Goat_472 [link] [comments]

• Is this a justified purchase?
  by /u/tiff3_ on July 26, 2024 at 12:21 am

  I’m a 24F, that’s very fiscally responsible with my money. I don’t shop as a form of therapy, I don’t over indulge in myself, and I budget and give every dollar a job. As I’ve taken building a business and a brand online more seriously, I’m seeing that my savings really isn’t doing much for me. I have about $20K in savings, in which 13K is set aside, sitting there. I’ve been needing to upgrade my computer (2016 MBP), especially to speed up the time of editing. I don’t plan on using all of the $13K on a computer, but I’m eyeing a 2024 14” MBP. I’m not sure why I find it hard to pull the trigger and invest in new gear for myself but, would this cost be justified? submitted by /u/tiff3_ [link] [comments]

• Life has thrown a curveball and I now need to be pretty remote. What would be good options to pursue entrepreneurship through acquisition?
  by /u/GroundbreakingName1 on July 26, 2024 at 12:20 am

  Hope everyone is doing well. I’m in a unique situation. I’m thankful to have built up a pretty successful real estate portfolio, part time for most of my 20’s while I worked (2 public companies, one a F500, and then a few years as a consultant) and now full time for the last 2 years. I’m in my mid-30’s now, and unfortunately life has thrown a bit of a curveball. My wife is European and her parents have both gotten sick very fast. It’s hard to tell how long this may last, but it’s likely she’s going to have to be primarily EU based for a few years, and I’ll likely need to go back and forth between the EU and US. I’m going to be hiring a property manager to look after the real estate in the meantime, but am now wondering what I can do to not fall behind. I’m interested in acquiring a small company, but it needs to be one where I can be very flexible on location. Most of what I’m finding so far seem to amount to nothing more than dropshipping operations that can have a hole blown through them at any moment. The whole “I work 2 hours a week from a beach in Greece and make $500k” IG influencer BS Any thoughts on what industries I should be looking for quality businesses to acquire and run, while being flexible on location? Some with even a few employees and a stronger business model than “we dropship leather keychains”? I suspect I’ll be in the US about 70% of the time, and the EU 30% in stints of 2-4 weeks. My background has mostly been strategy/m&a, though my last corporate stint was marketing and data science. And of course the real estate. As far as budget, I have a few hundred thousand in cash and would be a good candidate for an SBA loan. submitted by /u/GroundbreakingName1 [link] [comments]

• How to use STICKERS creatively?
  by /u/Kinley777 on July 26, 2024 at 12:03 am

  I have an online store for a niche medical-type product. What is the best way to use stickers to ultimately help increase sales? My business is primarily B2B. I feel like most companies just throw in a sticker with their company logo. Has anyone seen anything more creative? Like a sticker with a discount code, etc? Or maybe an idea where I can place stickers so people see them everyday? Any ideas in general? submitted by /u/Kinley777 [link] [comments]

• Huge dilema,I need advice/perspective
  by /u/Krypson8 on July 25, 2024 at 11:37 pm

  Hey guys. I apologize in advance for the long post. I am a 24M in a high-paying job for my age (maybe too high-paying). I do not hate it, but it triggers me sometimes, and I am far from loving it. I had the idea to start a mathematics tutoring company, so I made Facebook posts and other advertisements. A guy reached out to me; he is a business owner who is about 1.5 years more advanced than me. He has 100+ regulars and maybe 10 tutors as independent contractors. He let me tutor one of his long-time students; he charges $65/h and paid me $50/h. That student said I did a really good job tutoring her, and because I wanted to know more about it, I invited this guy for coffee. We just met, and to be honest, he seems nice and honest. He is a biology PhD student, and so, in between the tutoring business, the accounting of the business, and his program, he has very little time. For example, he has no time for marketing or building tutoring resources. He basically offered me the possibility of, instead of me growing my own tutoring company, joining forces and growing together. Among many things, we discussed options like: I could buy into part of the company and become a co-owner, or we could structure some compensation package for me getting him clients, and if I prove my worth, I could become a co-owner as well. I can create resources/packages for him, and he would pay me like a subcontractor. The other possibility is that we each continue to grow our separate companies, and from time to time, he will send me mathematics clients (he teaches mainly physics and mathematics). I really do not want to be unethical and "steal" his clients for myself. Is it feasible to say if I quit my 9-5, I could grow my tutoring company but also be part of his company as well? How would that even work? I am lost and excited right now. Any insight is hugely appreciated. I do want to take this leap of faith because although I am comfortable in my job, it doesn't excite me. Lastly, I want to mention he is very open to negotiation so, nothing is fixed yet. Any advice/insights would be incredibly valuable. Thanks guys. submitted by /u/Krypson8 [link] [comments]

• Harnessing the Right Kind of Magical Thinking in Startups
  by /u/jacobgc75 on July 25, 2024 at 11:28 pm

  I want to explore a topic that's been on my mind lately, drawing from my personal experience running my startup over the past year. This is my second venture, and I've noticed a significant shift in my approach to what I call "magical thinking" between my first startup and now. When I was younger and working on my first startup, I often fell into the trap of simplistic magical thinking. I'd dream big without the foundation to support those dreams. This approach, while exciting, ultimately proved detrimental to my success. I'd set unrealistic goals, hoping that sheer optimism would somehow make them achievable. Now, with my current startup, I've come to realize that there's a more nuanced and beneficial form of magical thinking - one that can be a powerful energy source when applied thoughtfully. This isn't about abandoning reality or logic, but rather about harnessing a particular mindset that can drive growth and innovation. To better illustrate this concept, let me draw an analogy from the world of magic. Consider two types of magicians: illusionists and what we might call "real" magicians. The classic "floating woman" illusion is a perfect example of an illusionist's trick. In this performance, a magician makes it appear as though a woman is levitating in mid-air. The secret lies in a specially designed apparatus hidden beneath flowing fabric. The woman lies on a concealed platform, creating the illusion of floating. This trick relies entirely on pre-made equipment and misdirection, not on the magician's personal skill or understanding of principles. Contrast this with David Blaine's infamous ice pick through the hand trick. Blaine appears to push an ice pick through his hand, with the point visibly emerging from the other side. However, this is not an illusion. Blaine has spent years developing a fistula, a small tunnel of scar tissue, through his hand. This allows the ice pick to pass through without causing significant damage. Blaine's approach is grounded in a deep understanding of human anatomy and the body's ability to adapt. He gradually created this passage over time, starting with smaller needles and working up to larger ones. This feat requires not just courage, but a profound understanding of the body, careful preparation, and real physical conditioning. In my current startup journey, I'm striving to emulate Blaine's approach. The most beneficial form of magical thinking in entrepreneurship is deeply rooted in knowledge, preparation, and first principles. It's about seeing possibilities that others miss because of your deep understanding of the field. I'm at the seed stage, having raised $2 million to pursue something big. It's daunting, especially when the goal is to build a billion-dollar business. Having worked in tech, I know what great looks like and I'm aware of the pitfalls of naive magical thinking. But I also know that people do achieve these seemingly impossible goals. Billion-dollar companies are created. It's not impossible, just extremely difficult. This type of thinking has become a tremendous energy source for me. When I know that something is theoretically possible based on solid principles, even if it seems "magical" to others, it drives me to work harder and push boundaries. It's exciting to pursue goals that seem impossible to most, but that you know are achievable with the right approach and effort. By thinking from first principles and ensuring everything checks out, I allow myself to tap into that magical thinking as an energy source. I can believe in achieving the "impossible" while acknowledging the challenges. This approach energizes me and attracts team members and investors who share this vision. They see our ambitious goals not as mere dreams, but as achievable objectives backed by deep understanding and careful planning. In conclusion, my journey has taught me that there's a place for "magical thinking" in startups, but it needs to be the right kind. It should be based on knowledge and first principles, not illusions. It should drive us to achieve the seemingly impossible, not through tricks, but through deep understanding and relentless effort. This is the kind of magic that can truly transform startups and drive innovation. submitted by /u/jacobgc75 [link] [comments]

• Looking for business-minded friends
  by /u/chiseyuki on July 25, 2024 at 11:05 pm

  Hii! I'm a business student who's interested in entrepreneurship and side hustles (especially online). no one in my circle is interested by this so i was wondering if i could make some friends here? i just think it would be cool to have someone to talk to about business opportunities etc if you're interested please dm me , only condition is that you have to be my age or older (i'm 18) (and please don't try to sell me anything lol) Have a good day 💗✨ submitted by /u/chiseyuki [link] [comments]

• What happened after you accomplished your childhood dream?
  by /u/neon-traveler- on July 25, 2024 at 10:58 pm

  When I was 6 years old I held a firm dream in my mind. It was a dream that was achievable but unlikely. My parents and friends would tell me how my dream was unrealistic. For many years, I would tell people my dream, and they would often not believe it to be achievable. In my mind, I had a clear picture of what my life would be like if I could achieve this dream. From the age of 12, I worked tirelessly to make my dream a reality. I gained many skills by pursuing this dream. When I was 26 years old, I achieved it. A dream many thought could take a lifetime if achievable at all, I had achieved in my mid-20s. I felt a sense of joy and accomplishment. I was proud of myself, and so were my parents and friends. Despite this, it was relatively short-lived. The dream wasn't as important to me as I had thought. At 28, I decided to travel. To soul search, and discover what I wanted to do next. What was my life purpose now? I realized, that the dream I held when I was 6, was not as meaningful to me as I had thought. It was somewhat ego-filled, materialistic, and I had wanted to prove people wrong who did not believe in me. I have been soul-searching and traveling for 11 months, and my new purpose and dream have not been identified. I feel lost on my path in life. Despite having gained great skills and value from the dream I set at 6, I now find myself unsure of what to do next, and I feel a sense of guilt, that I could arguably do anything and help anyone, but I lack the motivation, drive, and purpose. I am grateful for what I have achieved, working tirelessly, but now I lack drive and purpose. My dream now seems to be simpler: to build a loving family, have kids, and have an experiential life together. But it is not so straightforward to get there, and it doesn't answer the question of what I want to do with my productive hours of the day. I am prepared to soul search further. Some say it can take several years, but it feels weird to me that I no longer have ambition to create, when since the age of 12, I've been creating daily. I am curious if anyone can relate, and how long it took you to find your path again. submitted by /u/neon-traveler- [link] [comments]

• Why did you start a business?
  by /u/JackPlumber24 on July 25, 2024 at 10:36 pm

  Interesting to hear other people’s stories. Please share, hopefully it inspires a new entrepreneur. 😇 submitted by /u/JackPlumber24 [link] [comments]

• Going old school
  by /u/Status-Effort-9380 on July 25, 2024 at 10:33 pm

  Today I'm working old school planning out my social media posts with pen and paper in a notebook at Starbucks. For years and years I worked in an office on the computer 8 hours a day. To me, this is what work felt like. Though I teach people how to create online courses and am currently working on the promotion of those courses, which means of course creating web pages and social media posts, more and more I’m challenging my notion that work means being behind a computer. I’ve been taking time for my own yoga practice so I can think through what I really want to communicate, and working with notes and cards to organize my ideas visually. Then I only sit at the computer to create the content once I’m clear in my heart. I’m enjoying this a lot. I love computers, but I find I’m not really at my best when I try to begin my thoughts there. I like the act of writing. How are you working away from the computer? submitted by /u/Status-Effort-9380 [link] [comments]

• “Hustle” ideas for a pre-teen?
  by /u/noneo on July 25, 2024 at 10:20 pm

  One of my kids loves the idea of starting his own business and was curious if you all had some ideas for a pre-teen to try out. I’d be there to support them, and also not force them to do anything. They have a YouTube channel with 3k subs, enjoy Lego, design, robots, movies, directing, they are a hard worker, fine with yard work and such, not shy talking to people or sales. So far I’ve thought of a lawn mowing business, continue to grow their YouTube channel to get a sponsor, and that’s about it. Would love some outside opinions! submitted by /u/noneo [link] [comments]

• Time Machine Opportunity
  by /u/ValuableDad on July 25, 2024 at 10:12 pm

  If you had the opportunity to go into a Time Machine to change one thing in your life, when and what would it be? submitted by /u/ValuableDad [link] [comments]

• What are the foundations of a successful business?
  by /u/a2j2tiwari on July 25, 2024 at 9:48 pm

  I’m fairly new to business and I keep trying to do everything but do the basics: Have a good product/improve product, get customers, sell at profit, take feedback. Is my foundation wrong? If so, what would you experienced businessmen of Reddit say are foundations of a successful business? submitted by /u/a2j2tiwari [link] [comments]

• My first Etsy sale! 🥳
  by /u/Suspicious_Rush8007 on July 25, 2024 at 9:10 pm

  I got my first Etsy sale! 🥳🥳 hello I'm 20 f and I do horror pixel art. I sell horror pixel art digital stickers on Etsy and I got my first sale yesterday. So far I'm happy with myself. submitted by /u/Suspicious_Rush8007 [link] [comments]

• Selling as a modern day entrepreneur
  by /u/charlesholmes1 on July 25, 2024 at 9:09 pm

  While selling is essential for entrepreneurs, most sales resources focus on in-person or phone/video call interactions, leaving a gap for those navigating the digital landscape. With the majority of business communication now happening online through email, social media, and other messaging platforms, what are the best books for mastering digital sales techniques? I'm particularly interested in resources that go beyond general sales advice and dive into the specifics of selling through messaging. Are there any books that specifically address: Persuasive messaging strategies tailored for digital communication Effective scripts and templates for different platforms (email, LinkedIn, etc.) Building and nurturing relationships through written communication Timing and cadence of outreach for optimal results submitted by /u/charlesholmes1 [link] [comments]

• How is your business doing? Has it crossed break even? If yes is the income good enough for a full time living
  by /u/Maleficent_Mess6445 on July 25, 2024 at 8:05 pm

  Please give more details of the financial aspects of your business. submitted by /u/Maleficent_Mess6445 [link] [comments]