Tag: business model validation

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

Entrepreneur A community of individuals who seek to solve problems, network professionally, collaborate on projects, and make the world a better place. Be professional, humble, and open to new ideas. Our community supports side hustles, small businesses, venture-backed startups, lemonade stands, 1-person-grinds, and most forms of revenue generation! However, no one cares about your blog. Please do not come here to self-promote your consulting, book, podcast, MLM, website, dropshipping guide, or $$$ scheme.

• How do i get 25$ in a day if i need it instantly? Its pretty urgent is there a work i can do to get it instantly?
  by /u/Head_Hawk4747 on May 9, 2024 at 2:53 pm

  . submitted by /u/Head_Hawk4747 [link] [comments]

• Reached $5k MRR with my side project but growth has slowed - looking for advice
  by /u/AndrewPetrovics on May 9, 2024 at 2:53 pm

  It's been about 6 months since I launched my side project, Video To Blog, which is a tool that creates high quality blogs from videos using AI. I hit $5k MRR semi-recently (which I'm thrilled about), but growth has slowed and I'm trying to figure out how to get it unstuck. I think the main problem is churn which I'm trying to fix by improving the quality of the generated blogs, but even I fix churn I'm still not having much luck growing the top of the funnel. I've tried paid ads (Google mainly, but also FB and X), advertising on AI tools sites like Futurepedia, I have an affiliate program, I've tried reaching out to YouTube influencers, and also started trying to blog and create free tools. All of those strategies have sort of worked, but nothing super great. Any ideas on what I should try next? My goal is to get to $10k MRR so I can finally start thinking about quitting my job and working on this full time. Thanks in advance for any advice. submitted by /u/AndrewPetrovics [link] [comments]

• Anyone want AI customer service for your business ?
  by /u/Dig-Programmatically on May 9, 2024 at 2:53 pm

  If you are doing business and having difficulty to attend your customer on time or your customer have so many questions about your business, I would recommend you guys to try having your own AI Customer Service. I can help you guys setup one for free. I can ensure it will be very helpful if you want to attend your customer fast and give them all the information they want to know. Let me know if you want to try it out. submitted by /u/Dig-Programmatically [link] [comments]

• Duffle bag business is booming!
  by /u/DoofBalls on May 9, 2024 at 2:47 pm

  Hey guys, I sell duffle bags to alot of fortune 500 companies and other various outlets. I've gotten a steady stream of orders for the past few years, nothing crazy. But now all of the sudden, I am selling out left and right and cant keep them in stock. I've also gifted a few to my clients for bringing in ~1M in total sales this year. Anyone know why this is? Crazy. submitted by /u/DoofBalls [link] [comments]

• Rate my idea
  by /u/CaterpillarOk3509 on May 9, 2024 at 2:41 pm

  Hi y’all! So long story short, i am an high school student looking to make a side business this summer that maybe can compound over time and i can go full time on it. In the pandemic i locked myself inside my house and taught myself how to code, and recently a friend of mine had this idea about an “seo heist” and i was thinking what do you guys think about it. In essence, it is a website where you input a competitor’s blog url, it automatically scrapes all the blogs on that website, you chose how many you want, then it automatically takes the big keywords of each blog, rewrites the blog in a way that it replaces everything with your company’s data and it also restructures it so it won’t lookalike (same topic and keywords, close enough structure but different wording), i have fine tuned an ai so it won’t sound AIish and it doesn’t get detected that much by ai detectors (although I believe those are bs) so it mostly passes the google ai check then you can export the blogs directly to Wordpress or download them in md or jsx format. I am curious about what you guys think, not here to sell anything just wanting some opinions submitted by /u/CaterpillarOk3509 [link] [comments]

• Start asking for what you want
  by /u/Currently_clueless on May 9, 2024 at 2:35 pm

  I mean, the benefits are endless aren’t they? What could you possibly ask that would result in a net loss? At the very least you become comfortable being told “no”. And, believe me, that is a skill worth having as an entrepreneur. Noah Kagan coins this “rejection therapy” - a business superpower. I have learned first-hand that this is a superpower invisible to others but omnipotent to oneself. Within a fortnight of commiting to developing my “ask muscle” I had secured a date with the girl I fancied for years, met a financial advisor openly offering advice, and orchestrated a collab with an CEO in Thailand who would’ve been otherwise oblivious to my existence. I think this quote from Kagan sums it up better than I could: “The thing is, most people don’t ask for what they want. They wish for it, they make “suggestions” and drop hints, they hope. But the simple fact of business is that only by asking do you receive what you want.” Don’t be most people. submitted by /u/Currently_clueless [link] [comments]

• What do you want to see at indoor play center
  by /u/bullfy on May 9, 2024 at 2:13 pm

  Just poured life savings into buying an indoor play center and as this is slow season wanted to know from parents who visit these places for under 10 wish these places had? I am thinking Free coffee, some games for kids who don’t like jumping but enjoy building stuff (this was another redditor’s recommendation. What are some things we can add that help parents and kids have good time without burning their pocket or ours! We are committed to grow the business while adding happy customers! We are already the most economical place for hosting parties in the city even after having best brand recognition in the city (we are not name brand franchise) Any feedback is greatly appreciated. submitted by /u/bullfy [link] [comments]

• LED mobile digital ads
  by /u/hendersonwriter10 on May 9, 2024 at 2:06 pm

  Hello! I’m a small business owner and would like to advertise via LED mobile digital ads. I’m talking this guy and he keeps changing his quote which is frustrating. He seems very shady. I’d appreciate it if someone can make a reliable recommendation. submitted by /u/hendersonwriter10 [link] [comments]

• Example pitch decks?
  by /u/Brilliant-Victory505 on May 9, 2024 at 2:05 pm

  I need to create a pitch deck for my own consulting firm. Does anyone have examples that they don't mind sharing or even what programs you use to create one? I know there's AI but kind of lost how to navigate that. I just want like 4-6 very compelling slides that tell a story and capture the client if that makes sense. submitted by /u/Brilliant-Victory505 [link] [comments]

• Boat Rental Company doing $400,000 in Revenue
  by /u/Icy_Chemistry_9037 on May 9, 2024 at 1:50 pm

  I have recently graduated from college with a major in commercial entrepreneurship (22 years old now). I spent much of my final year researching how to start a boat rental company, expenses, amount of work, revenue streams, pros and cons, etc. I was considering starting my own company, but I found a company for sale in an area I like. I am going to start working there for 3 months to learn how to manage and run his business. Depending on if I like it or how I feel about the company, I will then decide to purchase or not. The company has good revenue and the only reason they are selling is because the owner lives 28 hours away. He has 2 full time employees paid 25 an hour, $350,000 in boats, and good repeat clients. His online presence generates him 90% of his revenue. That being said, would this be a good business to purchase or am I not seeing a con to this. submitted by /u/Icy_Chemistry_9037 [link] [comments]

• Mat leave has got me thinking!
  by /u/CharacterCustomer336 on May 9, 2024 at 1:10 pm

  Hey hey! I’m on maternity leave and I’ve been thinking a lot about my next move (and catering to my little one of course). When my mind wonders, I’ve always imagined myself being an entrepreneur/owning a business BUT I just don’t have the ideas or I get overwhelmed with the what ifssss. I’m a great worker, I can get pretty obsessive when I’m into something. When people ask me for advice, I love it and get a rush that I can help them. I’m someone who really enjoys working as a team, and it’s got me thinking, are there any people out there that have the idea 💡 but are looking for a partner to grow their business? Just thinking y’all, any advice/recommendations would be greatly appreciated 🥰. submitted by /u/CharacterCustomer336 [link] [comments]

• The Idea is Worthless If you Don't Know Which Distribution Channels To Use!
  by /u/Sarvaturi on May 9, 2024 at 1:07 pm

  The advice is always the same, but when you have a business idea the first thing you have to think about is “How am I going to sell this?” This is a question that few people ask but which should ALWAYS appear at the start of a venture. What channels will I use to distribute this product? What message will attract the audience? How do I turn visitors into customers? Focus on these questions before starting anything. Having this defined before you even start creating the product or service can be a game-changer. submitted by /u/Sarvaturi [link] [comments]

• This shit is tough lol
  by /u/iwishiwasanonionring on May 9, 2024 at 11:36 am

  How is your week going? This is a safe space, feel free to rant & let go. (My rant) No one in my close circle is an entrepreneur and everyone has been telling me to focus on my 9 -5 and or apply for a second job. I'm losing motivation and no one close to me is helping lol, but I'm sticking to my plan and will push through the rutt. What are you feeling? submitted by /u/iwishiwasanonionring [link] [comments]

• Sam Altman has 13 tenets for becoming wildly successful. Here they are.
  by /u/hell0__w0rld on May 9, 2024 at 11:18 am

  5 years ago Sam Altman wrote a blog post called “How to be successful”. And looking at where Sam is today, he meets every definition of the word "successful". But beyond his own accomplishments, during his time as President of YC, Sam worked with thousands of ultra successful founders every day. He studied them. Learned from them. Noticed the common traits they all shared. This makes him uniquely qualified to talk about what it takes to become wildly successful. While the post is great, it’s a long read (> 3,000 words long). So, here’s the TLDR version: Compound Yourself: Embrace compounding growth, both in business and in personal development, aiming for an ever-increasing trajectory of success. Have Almost Too Much Self-Belief: Cultivate strong self-belief, even to the point of delusion at times, as it fuels perseverance and conviction in your ideas. Learn to Think Independently: Foster original thinking and a willingness to pursue contrarian ideas, prioritizing truth-seeking and embracing failure. Get Good at "Sales": Develop strong communication skills and conviction in what you're selling, whether it's ideas, products, or yourself. Make It Easy to Take Risks: Create an environment conducive to taking risks, recognizing that most people overestimate risk and underestimate reward. Focus: Prioritize focus over mere effort, ensuring that your efforts are directed towards the most impactful tasks. Work Hard: Acknowledge the importance of hard work, recognizing its compounding effects and the role it plays in long-term success. Be Bold: Pursue ambitious goals and visions, even if they seem far-fetched or contrarian. Be Wilful: Assert your agency in shaping your own future, persisting in the face of challenges and setbacks. Be Hard to Compete With: Build leverage, unique skills, and a strong network to differentiate yourself and become difficult to replicate. Build a Network: Cultivate relationships with talented individuals, collaborate effectively, and identify and empower emerging talent. You Get Rich by Owning Things: Recognize the importance of ownership and equity in wealth creation, whether in businesses, real estate, or intellectual property. Be Internally Driven: Focus on internal motivations and values rather than external validation, pursuing work that aligns with your personal sense of purpose and fulfilment. PS if you’re looking for a business idea to follow step 12, there are loads here. submitted by /u/hell0__w0rld [link] [comments]

• Does it make sense to build 12 products in 12 months?
  by /u/ankit-saas on May 9, 2024 at 10:58 am

  Recently I found some advice from famous indie hackers that - to increase the chance of success, build 12 product in 12 months and then focus on those that make money. Alright I get that! To build 12 products in 12 months, you'll need to : think of an idea/problem, talk to relevant folks if they'd pay, build landing page, build product, launch or bring traffic, customer support, email marketing and whatnot. And doing all this for 12 products, can someone really commit enough time to make a product successful? Whats the hack here? Open my eyes. P.S. I'm currently building/managing 2 AI micro-SaaS. Takes shit amount of time. submitted by /u/ankit-saas [link] [comments]

• Content production/editing outsourcing for a content page with 1.9 million followers
  by /u/xSnipeZx on May 9, 2024 at 9:31 am

  Hello fellow hustlers I am wondering if there are people here working in content and are willing to share some tips on content production outsourcing and delegation without directly employing a team. Some background, I have grown a social media account to 1.9m followers. Currently still edit the content myself. I use a couple of Ai tools to assist me in the production process. However, I am kind of reaching burn out, and I can definitely improve on quality as editing videos is not my biggest strength. I license/outsource the footage I use. The videos generate ad revenue directly on the host platform. it is my main source of income. Happy to answer any questions. It feels like this step has been long coming. But I am looking to design a more consistent and sustainable pipeline of content. Like from script writing to editing/graphics. Where would I start, and what are the best platforms to outsource? I have used fiverr for my outsourcing needs a few times and it seems pretty good. So do I just hire someone to write the story board, pass it on to an editor/graphic designer and then upload? Are there any good books that explain this sort of thing? submitted by /u/xSnipeZx [link] [comments]

• Thank you Thursday! - May 09, 2024
  by /u/AutoModerator on May 9, 2024 at 9:00 am

  Your opportunity to thank the /r/Entrepreneur community by offering free stuff, contests, discounts, electronic courses, ebooks and the best deals you know of. Please consolidate such offers here! Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts. submitted by /u/AutoModerator [link] [comments]

• Getting a mortgage - society cheers. Getting a loan to build or scale your company - society turns judgemental. What is your opinion on this?
  by /u/Pure_Wasabi5984 on May 9, 2024 at 8:15 am

  I recently started thinking how come as a society we cheer up for people who get a mortgage and will be tied up for 30 years and cannot loose their jobs. But the moment you mention that you might have to get a loan to build or scale your company suddenly everyone panics and see it as super risky. The risks are there for both but the rewards for trying to build something might bring way more than a house. I am super curious what is your opinion on this? submitted by /u/Pure_Wasabi5984 [link] [comments]

• How can I promote my app online without spending much?
  by /u/Miserable-Phrase-614 on May 9, 2024 at 7:12 am

  Hi All I'm working on a consumer app, and it's almost good to go. I'm thinking of doing a small-scale launch, mainly online. However, I don't have much money for ads. Any ideas on how I can pull this off effectively without spending much? submitted by /u/Miserable-Phrase-614 [link] [comments]

• People who make $10k+ Per month working for themselves? What do you do
  by /u/sky-builder on May 9, 2024 at 5:42 am

  I am curious to hear insights on how entrepreneurship has been for a lot of people, your current MRR, how you got there and some of the challenges you have faced , let’s hear your story and learn together submitted by /u/sky-builder [link] [comments]