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

What I've learned in 20+ years of building startups.

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

In the fast-paced world of startups, two decades of experience can teach you invaluable lessons. From the trenches of entrepreneurial ventures, here are the distilled wisdom and key takeaways from a seasoned startup veteran’s 20-plus-year journey.

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

What I’ve learned in 20+ years of building startups – Summary: The journey of building startups for over 20 years has yielded several crucial lessons:

  1. Fail Well: Failure is a common part of the startup process, with success in only a fraction of attempts. It’s important to accept failure as a stepping stone.
  2. Persistence: The key to overall success often lies in sheer perseverance and the refusal to quit, even in the face of early failures.
  3. The Power of ‘No’: Turning down opportunities, especially during financially tough times, is crucial to avoid burnout and stay true to your goals.
  4. Work Smart and Hard: While enjoying your work is vital, readiness to put in extra effort when needed is equally important.
  5. Start Slowly: For new businesses, especially online, it’s advisable to start small and avoid getting entangled in bureaucracy before proving the business model.
  6. Be Cautious with Growth: Rapid expansion can lead to financial strain. It’s better to grow at a sustainable pace.
  7. Avoid Corporate Pitfalls: As businesses grow, maintaining a customer-centric and enjoyable work culture is essential, avoiding the trap of becoming overly corporate.
  8. Embrace Remote Work: If possible, allowing remote work can save costs and increase employee productivity.
  9. Simplicity in Tools: Using too many apps and tools can be counterproductive. Stick to a few that work best for your team.
  10. Maintain Relationships: Keeping doors open with past collaborators is crucial, as business landscapes and relationships are ever-changing.

What I’ve learned in 20+ years of building startups – Lessons Learned in Detail

  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.

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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.

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Source: r/Entrepreneur

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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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  • Pricing for government entity as a customer?
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    Backstory Several years ago I started work on a P2P marketplace application meant to solve a specific issue within condominium communities. Like any marketplace I'd take a cut of any sales made through it though the option exists to not take a cut and charge the community a monthly subscription fee. However I ran into a launch blocker at the last moment that prevented me from fully launching due to a limitation in the platform I was tied to that was never disclosed to me. The platform itself then completely shut down their developer's program meaning no new features, bug fixes, etc meaning the issue could never be resolved. I left my service up in case anyone somehow found it and decided to use it as it was still about 90% functional just could not be used by the specific niche customer I was targeting. For the past two years I've received constant spam messages on my contact form until the past two weeks. Now I have schools and even the US government (a part of the Treasury) asking if my product will work for them. Not sure why this is suddenly happening but I figure I shouldn't ignore them. The Problem Technically yes, I can adapt what I had before and add a login system and provide a SaaS solution for them to subscribe to. It wouldn't take that much effort though it strips out the whole marketplace concept it is based on meaning I have to charge a subscription fee. I estimate maybe around $1000 in development costs with a guy I've worked with in the past (I'm also a developer but I've mostly retired from developing my own apps). My product was meant to be niche as I wouldn't know how to market to the very people that have somehow now found my product. They also want training and support which wouldn't be a problem. How do I? My real question though is around pricing and sealing the deal. In the past I've actually sold my other services to companies like Sears and PayPal and as crazy as it sounds they just signed up without any real contact and just paid like any other customer but I've never had experience with the government. I know the government is terrible when it comes to costs and spending. Yet I doubt one can actually take advantage of that. There's likely a bidding process and vetting process, etc. How does the government actually choose products when evaluating SaaS solutions that they use? And do they pay enterprise level pricing? If I were to have developed the product I would be adapting here and mass marketed it I'd probably only charge $50 - $100 per month for the service. But at the moment I have no customers to compare against. If that product existed and they contacted me about it I'd just give them a demo, tell them the price everyone else pays, and offer a paid support contract. submitted by /u/rydan [link] [comments]

  • Is 30 followers per week working 80 hours enough to make a B2C startup in the finance industry competitive?
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    My cofounder says he is able to get 30 followers a week on instagram every week posting 7 times a week. he works full time in social media growth as i work to code the product. I’m not sure weather this is a competitive number for a startup. He is working without a budget at the moment submitted by /u/C4_Charisma [link] [comments]

  • App Launching
    by /u/MimMoussa on April 20, 2024 at 8:58 am

    So I am developing an app that connect lets say professionals and users. But I stack in the launching process, because how it should be, should I first launch it only for professionals, and then when there are many professionals I launch it for users or how. I always wonder, how companies like UBER do this, did they launch it before for just the drivers, or the launched it for all users. Because I imagine first users coming to the app and not finding drivers. What is the best practice before launching an app ( apart of ASO, ads..). submitted by /u/MimMoussa [link] [comments]

  • Dropshipping
    by /u/raj7509 on April 20, 2024 at 8:53 am

    Is there anyone who’s earning by Dropshipping. Is it worth to invest time and money there. submitted by /u/raj7509 [link] [comments]

  • i’m at what seems to be a dead end after big success, tips?
    by /u/miaocat6 on April 20, 2024 at 8:00 am

    so I started off making my own cash outside of work in high school doing dropshipping which i flipped in the stock market (trading on no set schedule just every few weeks or months when i felt like a dip was coming soon) and i made pretty good money. dropshipping on ebay = great. well fast forward to when the dropshipping market dried up and ive been pulled out of it for 3 years im living with my mother at the moment at age 22 and not really sure what’s next like i know i enjoy doing it on my own and i have a serious issue that makes it hard for me to work with other ppl blah blah i just realized i have a passion for working in my own world. im not sure if its entrepreneurialism that i have as a passion or just strategically making money that gives me freedom. I didn’t consider the lack of sustainability soon enough and ive been the worst rut that’s taking my confidence away and i just DONT know what to do next. i know asking other ppl will only give me more generic unsustainable things like vending machines or marketing coaching grqschemes. it’s something i have to figure out on my own ive just become so scared of failure and lack of success and groove that i had before bc i haven’t even moved out yet that im scared to even start touching on things i could try out like my mind draws blanks and fills with worry. but i refuse to live a route that i hate. anyway does anyone have any mindset tips or stories similar to mine that ends in a success? i honestly just needed some positivity and positive guidance from others in this game if possible submitted by /u/miaocat6 [link] [comments]

  • Working capital finance
    by /u/Dan9813 on April 20, 2024 at 7:56 am

    What's the best alternative to debtor factoring for a young rapidly growing company in the mining industry with lots of debtors with 30 days after statement payment terms? submitted by /u/Dan9813 [link] [comments]

  • I (16M) have a really good idea for a buisness I truly believe is in a league of its own and I need advice.
    by /u/jamesfnmb on April 20, 2024 at 7:54 am

    So, I am really curious and random enough that I get crazy buisness ideas randomly. For some time now, I've been building on one idea. My plan is to work a collegeless job for about 3-5 years to save enough money to start my buisness. That aside, my parents really want me to go to college and say its either I get a scholarship or I take a student loan, why are they trying to control my future after being so controlling my whole like? I really don't want to start a buisness with so much in debt. What even is the purpose of college now when I can learn everything I wan't to online? But my parents constantly check on my grades, ask if I'm preparing to write my SAT since they think its a necessity. I still want to look through the lens of my parents or someone else and would like p.s this might be weirded weirdly since its 4 am and i wrote it in different segments submitted by /u/jamesfnmb [link] [comments]

  • Case study related to an AI company.
    by /u/BandCreative9505 on April 20, 2024 at 7:49 am

    Sentinel, an Artificial Intelligence (AI) system, is introduced by Cybernetix, a worldwide technological conglomerate, in the year 2024. Sentinel immediately becomes a well-known name in the world. Through the analysis of enormous volumes of data, Sentinel is a powerful artificial intelligence platform that is aimed to redefine tailored user experiences. It does this by predicting and fulfilling user wants in a seamless manner. It accomplishes its goals by utilizing a variety of machine learning algorithms, natural language processing methods, and deep learning strategies. Sentinel is able to perform its functions by collecting and analysing a broad variety of user data, including browser history, location data, interactions on social media platforms, and biometric information. Detailed user profiles are created with the use of this data, which is subsequently utilized to make tailored suggestions and services for each individual user. Sentinel, for instance, can provide product recommendations based on a user's previous purchases, advise movies based on the user's viewing history, or offer tailored health advice based on the user's fitness statistics. Customers that utilize Sentinel come from a wide variety of backgrounds, ranging from individual working class people to an entire organisation. Sentinel is utilized by individual users for a wide range of reasons, including internet shopping, entertainment, and personal productivity. It is utilized by industries for the purposes of doing market research, client segmentation, and sending targeted advertising. Sentinel's ability to create specially tailored user experiences is a major contributor to the rapid rise in the popularity of the platform, which is based on a sophisticated artificial intelligence algorithm. Through that, it can comprehend user preferences and behaviours more efficiently than ever before. As a result, it is proven to be an invaluable instrument for organisations that aims to establish a more profound connection with their consumers. Additionally, its user-friendly interface along with sentinels ability to seamlessly interact with pre-existing platforms makes it more attractive for the users. The broad adoption of Sentinel can be attributed to a number of factors. Firstly, it provides individualized suggestions and services to its users, thereby making it extremely appealing to the end user looking for specialised suggestions as opposed to a generic list of suggestions. Secondly, because of its sophisticated data analytics capabilities, it is an invaluable instrument for organisations looking into an insight of consumer behaviour based on gender, sex, geography, age, religion, food preference, standard of living etc. Thirdly, its user-friendly interface and seamless interaction with pre-existing web-portals makes the transitions to a new platform and its utility much easier. Following are the Terms of Service and Privacy Policy of Sentinel: Account Creation: In order to access Sentinel, users are required to create an account. Users have to demonstrate their willingness by agreeing to the rules and regulations of service usage policy along with the standard terms of contract. However, the responsibility to ensure that their account remains secure lies on the user itself. Data Collection: Sentinel is responsible for gathering a wide range of user data, which includes personal information, browser history, location data, biometric identifiers, and interactions with social media platforms. In order to improve the overall user experience and to deliver more tailored services, this data is processed and utilized. Users have the option to opt out of some data collection options, however, doing so may considerably impact the specially tailored user experience on the platform. Data Usage: The data acquired from users by Sentinel is put to use for a variety of objectives, including but not limited to the enhancement of the user experience, the availability of tailored suggestions, and the conduct of specially curated market research. For the purposes of research and analysis, Cybernetix may also make use of data that has been aggregated. Data Security: When it comes to protecting user data, Cybernetix takes data security very seriously and uses procedures that are typical in the industry. The use of encryption, access limits, and routine security audits are all included in their rules of procedure. However, Cybernetix cannot guarantee an absolute protection of the data collected from any unauthorised breaches or unauthorized access. Limitation of Liability: Cybernetix has limited liability for any losses that may be incurred as a result of the utilization of Sentinel. All types of losses, including direct, indirect, incidental, consequential, and punitive damages, are included here. Users recognize that Cybernetix is not responsible for any data loss or damage that may occur as a result of using the Sentinel platform and agree to utilize the platform at their own discretion and risk. Indemnification: The users of Sentinel undertake to indemnify Cybernetix and keep the company harmless from any claims, damages, or losses that may arise as a result of their use of Sentinel or their violation of the ‘Terms of Service’. The expenditures that Cybernetix expended in order to defend itself against any such future accusations are included in this expenditure. Termination: Users who breach the ‘Terms of Service’ or engage in activities that are forbidden by Cybernetix may have their accounts terminated or suspended at Cybernetix's discretion without prior notice. Additionally, the user also have the choice to deactivate their account by getting in touch with Cybernetix customer care. Governing Law: The Terms of Service are interpreted in accordance with the laws of the jurisdiction in which Cybernetix's headquarters are located, and they are governed by the local laws of the land. In line with the regulations of the respective country, any disagreements that may arise as a result of the Terms of Service shall be settled through litigation at the local courts. Cybernetix provides users with the assurance that their privacy is protected. However, concerns immediately develop among privacy advocates and certain users over the probability of their sensitive information being misused and accessed without authorization. Some users are concerned about the degree and scale of data collection and the repercussions it might have on their individual privacy. Although, Cybernetix has provided consistent assurance as far as data protection is concerned. Unfortunately, Cybernetix became a victim of malware attack. It lead to a significant data breach exposing the personal information of millions of users. The hack, was eventually traced back to a targeted and very sophisticatedly carried out cyberattack. Although, such an attack is beyond the control of any organisation. But the present attack highlighted the glaring procedural lacunae’s in the data protection rules of procedure followed by Cybernetix in protecting the information collected through Sentinel. There are now major ethical and legal concerns over the magnitude of the breach and the impact it has caused to the end user privacy. As the breach includes compromise on sensitive personal information including financial records, medical history, private chats etc. Users and regulatory organizations have taken immediate legal action against Cybernetix, alleging that the company has failed to install necessary security measures to protect user data and has been negligent in its administration of such measures. Cybernetix defends its conduct by stating that it had established security safeguards that are typical in the industry and that the breach was an attack that was both unexpected and very sophisticated. Critics, on the other hand, contend that Cybernetix did not fully notify customers about the hazards connected with using Sentinel, and that the company's ‘Terms of Service’ and ‘Privacy Policy’ were too complicated and deceptive. The news of the data breach spread like a wildfire, which led to an immediate public outcry and protests at large even leading to mass public protests and riot like situations in various parts of the city. The breach has sparked a flurry of conversations on social media sites too, with individuals venting their frustration and voicing their worries about the safety of their personal information. An assortment of news organizations reporting on the breach have driven the attention of everyone on the issues pertaining to data protection and its potential socio-legal ramifications for Cybernetix. This prompted the government to establish an immediate inquiry panel looking into the causes of breach and how such future events can be avoided. In an unfortunate turn of events, an individual, with a very public image, whose personal chats were made public has committed suicide out of the embarrassment of facing his family, since he had grossly defamed and talked about personal family secrets, meant for private consumption only. He ironically, was a notable campaigner for online privacy rights, and had been extremely vocal about the perils of unregulated data collection and voiced concerns about the potential for abuse of such data collected by Sentinel. This has led to a legal battle against sentinel too, regarding the extent to which Cybernetix can be held accountable for the impact of this mass data breach. In order to safeguard the privacy of users, government officials, including ministers and MPs, have voiced their opinions on the matter and advocated for more stringent restrictions and control of artificial intelligence technology. There are some officials who are proposing new legislation in order to address the rising concerns over data security and privacy in this age of artificial intelligence. Problems 1. Whether Cybernetix can be held responsible for the data breach and subsequent damage caused to an individual and the general public at large? 2. Decide whether an organisation should have the liberty to make lopsided standard form contracts in terms of privacy waiver and shifting of liability on the end user before subscribing to its usage. 3. To what extent is an organisation morally and legally bound to protect the privacy rights of its end users with special reference to automatic data collection by AI based algorithms? 4. Whether a balance can be maintained between fostering innovation and ensuring data security in the development and deployment of AI technologies, particularly in light of the risks posed by cyberattacks and data breaches? 5. Suggest future policy in terms of regulatory responses of the government to minimise potential data breaches and protect of end user right to Privacy, especially in the age of AI. submitted by /u/BandCreative9505 [link] [comments]

  • Help me find some stability in life.
    by /u/Competitive_Big_2899 on April 20, 2024 at 6:40 am

    Last night, I had verbal fight with my brother and had to leave his apartment and move to a hotel. I am staying in Bangalore and have no job. I do freelance and write content and marketing copies to meet my expenses. Due to such unforeseen circumstances, I am left with very little savings and have no idea how long it's gonna last. Due to less salary and toxic work environment, I left my job in March 2022 and since then, I relied on my freelancing gigs to make my ends meet. Now, I am desperately looking for some quick money or a job that guarantees me a considerable amount of money. I want to stay in Bangalore and work my ass off to have some sort of control over my life. I am not asking for free money or anything, I just to have some work and earn money through fair means. I can write various forms of content and marketing copies for your business without charging you an obnoxious amount of money. I know it's gonna be little hard for you guys to trust me but I am sure we can find a way or two through which both the party can trust each other. I am looking for any sort of gig or anything to sustain my life. If you want me to learn some skills for you while earning, I can do that as well. Kindly help me or give me suggestions on how to fix this issue. PS: DON'T HAVE A SHELTER OR A JOB. PLEASE HIRE ME OR SUGGEST ME SOME GIGS SO THAT I CAN MOVE FORWARD IN LIFE. submitted by /u/Competitive_Big_2899 [link] [comments]

  • Has anyone used any no code software to make a profitable app?
    by /u/LSP-86 on April 20, 2024 at 6:37 am

    I have an idea for an app which I’d like to develop an MVP for. I’m a professional designer so that part is sorted but I have very little experience in coding. I use no code solutions for building websites like webflow but have no experience in the app world. Does anyone have any experience using these no code app solutions and have you managed to make anything profitable? I know that apps are notoriously unprofitable but I’m still interested to try! submitted by /u/LSP-86 [link] [comments]

  • Giant supply websites; affiliate sites or what?
    by /u/sharktankbrewhaha on April 20, 2024 at 6:24 am

    I came across www.thepaintstore.com and www.paintsupply.com while looking for better prices for products for my actual business (1 guess what it is). These are just affiliate sites right? Or is there another term for them? They obviously don't stock thousands of products by all these different manufacturers. submitted by /u/sharktankbrewhaha [link] [comments]

  • How I plan to be a millionaire.
    by /u/Skronrad on April 20, 2024 at 6:11 am

    quick note: - Friends and family see me as a ‘dreamer’ with big ideas and plans, with no genuine support backing me. I’ve only recently decided to become a millionaire as I’ve never had a clear vision of where I ultimately wanted to direct my energy and time into (other than knowing that I wanted to start and grow my construction business 5years ago). - ***posting all this here to get any honest feedback in hopes to get a splash of validation that I’m not delusional, and that I have an actual chance of achieving this if I fully commit to the process. (I’m not glued to the exact steps listed, but I’m aware that you need a clear vision and goals so that progress can be made in the right direction and pivot as needed). Current: 32yrs old. I own and operate a home remodelling business doing higher-end type of work. —Doing well with; social media, backend/front-end operational processes & systems, knowing my numbers, branding/marketing, client satisfaction (solid 5-star google rating w/15 reviews), setting client expectations (before/during/after), subcontractor expectations, networking, seeing patterns and acting upon opportunities. — Operating at a 50% markup = 15-20% net profit — 2024 sales forecast: 750k revenue Vision: - Grow the current business where I’m only involved with guiding the high level company direction (opportunities & marketing). - Buy/partner/invest in small local service-based businesses, and at ke home 20% of net profit. - Use my current businesses detailed & thoroughly broken-down operational structure as a step-by-step process template to implement into the newly acquired businesses. (biz setup, financials, sales, marketing, operational flow, checklist management, etc) - Launch sister company for backyard tiny-home building - Open to new unknown opportunities Action steps: 1. Take current business to 1mil revenue. 2. Grow my friends landscaping business using my structured template. 3. Help my current subcontractors grow their businesses. 4. Start an interview podcast with the overall focus being on ‘how to run and operate the best local service based business’ - interviewing the 22 business owners I currently know, from all types of different industries. 5. Identify the golden nuggets from the podcasts, and implement them into the current business/template. 6. Stay consistent for 2-3 years interviewing successful business owners, and sharing the content on social for other small businesses to recognize me and learn to take me serious. 7. Finalize the thorough template/guide and all logistics leading up to a business take-over (full plan of: business acquisition screening and structured process to proceed with implementation) 8. Secure first official business/partnership into portfolio, using proof of my current businesses success, the success of growing my friends landscaping business, the success of my sister company, and then begin the implementation process while obtaining 20% of total net profit. 9. Rinse & repeat #8, while growing the business acquisition backend processes & teams. 10. Sell off ownership of selected businesses that have reached a point of growth plateau (or stability), as the businesses evaluation has viable data to support the previous-to-new financials, and once all systems and procedures have hit a 80% completion. *I have no formal business education, just highly creative and resourceful when diving deep into things I commit to. Any and all feedback/comments/advice/indights are much appreciated. submitted by /u/Skronrad [link] [comments]

  • SELLING ALCOHOL underage??
    by /u/michaeldeverz on April 20, 2024 at 5:09 am

    I am 20 years old and I want to host a large event through my registered business. At this event I want to have sales of alcohol. Ofc with all the licensing and insurance required. But can I do this owning the business underage as I am only 20?? Every time I try looking this up I cannot find the correct answer. Any help answering this is appreciated! submitted by /u/michaeldeverz [link] [comments]

  • I created an AI-powered job board using smart filters to help you land your dream job
    by /u/lolaks181203 on April 19, 2024 at 11:40 pm

    Hi everyone, I'm excited to share a project I've been working on for about a year. I've developed a job board designed to help job seekers land their dream jobs and assist recruiters in finding the perfect candidates. It uses AI-powered smart matching and filtering to improve the search process. Please take a moment to check it out and I would love to hear your feedback! https://skillexchange.xyz/ submitted by /u/lolaks181203 [link] [comments]

  • From Risking It All to AI Music Mastering with Text Prompts - My Journey with Diktatorial Suite
    by /u/saltsoul on April 19, 2024 at 10:19 pm

    Hey there, fellow Redditors! I wanted to share my incredible journey with you all, where I quit my job 16 months ago and took a huge risk to pursue my passion for music. Today, I'm proud to introduce you to Diktatorial Suite (https://diktatorial.com), the result of this amazing journey. It's a game-changing AI music mastering platform, which uses text prompts to set tone of audio mastering, which i hope to taking the industry by storm soon! When we first released Diktatorial Suite (yes, after 14 months of R&D, coding and testing, we've released it on mid Feb), we had no idea how it would be received. I lost my objectivity in the process and was feeling real panicky. I'm a musician, I love to play with sound from heart everyday, but living on %100 music was sounding still surreal and unreal. But I guess it was a good focusing period and in just the first month, we hit $1,500 in revenue and gained over 1,000 users! This milestone made me realize that I wanted to dedicate my life solely to music-related endeavors, and Diktatorial is the embodiment of that commitment. What we do? As a team of experienced musicians and software engineers (and friends!), we understand the needs of musicians better than anyone else. Our complex algorithms analyze your music, taking into account its genre, BPM, LUFS, and any potential sonic needs. We then apply various audio processing techniques to enhance the sound quality, resulting in a perfectly crafted master in just a minute! Perfect for musicians, producers, mastering engineers, audio professionals, podcasters (soon), and DJs! How we do it: World #1 "Prompt to Audio Mastering" Workflow Besides our unparalleled sound quality and rich revision tools, i am excited to introduce you to our revolutionary "Prompt to Mastering" feature. You can simply describe your dream sound, like "warm like modern hip hop hits, with punchy bass," and our AI technology will apply that magic to your music. It's all about making your track sound exactly how you envision it, using just a simple sentence or two. So, if you're a musician looking to take your tracks to the next level, I invite you to try the Diktatorial. Check the mastering engine at diktatorial.com and don't hesitate to explore different settings from Revision Suite/text prompts. You can explore prompts until you find your signature sound! (Diktatorial Suite was recently recognized as the #4 Product of the Day on Product Hunt! This incredible achievement is a testament to the hard work and dedication of our team, wanted to share it with you: https://www.producthunt.com/products/diktatorial-suite?utm_source=badge-top-post-badge&utm_medium=badge#diktatorial-suite ) Some numbers since launch: 1001 Total Users 1370 Uploaded Track 2639 Mastering Revision 251 Paid Mastering 49 Paid Users Bonus: 3240 Impression on Landing Website Genres of tracks uploaded to Diktatorial: %42 Electronic %20 Rock %13 Non-Music (Podcast, Audiobook etc.) %12 Hip-Hop %7 Pop %3 Classical %3 Latin Please feel free to tell us your feedbacks and possible product developments. 🙂 Best, Berkan Cesur, CEO / Diktatorial Suite submitted by /u/saltsoul [link] [comments]

  • AI for Sales?
    by /u/PhillisBrown1 on April 19, 2024 at 8:49 pm

    I came across a post in another subreddit about a tool called Playmaker, it’s basically an AI that runs outbound sales for you. (I am NOT affiliated with them in any way, shape, or form.) I wanted to hear from other entrepreneurs on whether or not you think a tool like this is worth it, or if it’s too risky to have AI reach out to people. Sales outreach has always been my least favorite part of being a business owner, and the thought of having an AI handle it for me sounds amazing. For context, I run a decent sized digital marketing agency (~$40k / mo). submitted by /u/PhillisBrown1 [link] [comments]

  • Hello i will work for you for free and I am ready to give 10 hours a day(online)
    by /u/Weary_Elk_4680 on April 19, 2024 at 8:43 pm

    Hi guys I'm a young boy who loves working and who is free for next few months, sitting at home.So, I would love to work for people from around the world. I am not hungry for money, my aim is to earn some working experience and to form some genuine connections.I have skills like using Excel powerpoint, research, designing, writing, editing, website creation etc. I can easily give 10 hours a day for your work and even if you don't pay a penny to me then also it's fine with me. Looking forward to work with some people here. And there is just one work that I am not looking forward to do that is marketing except that I will do any work for you. submitted by /u/Weary_Elk_4680 [link] [comments]

  • Sharing some good news
    by /u/MelekhOrHaGadol on April 19, 2024 at 8:36 pm

    I started my business in late 2022, and after a year and a half of making pennies, this month I finally made enough to pay off my uni tuition as well as rent 😄 With God's help my family won't have to support me financially anymore Now my next goal is paying off my girlfriend's tuition too Sorry for the self-centered post haha, just felt like sharing some positivity submitted by /u/MelekhOrHaGadol [link] [comments]

  • How I made 5 figures in 90 days
    by /u/HH84105 on April 19, 2024 at 7:44 pm

    Hi everyone, My name is Hugo. I’ve always had the drive to become a millionaire since I was a kid, and now, I'm hitting 40 later this year and still haven’t gotten there. I've created 8 businesses over the years while working 9-5. Well, possibly more, but not counting little investments or small things I did. Here is the list: - IT Shop (Brick and Mortar) - Held it for 1.5 years but eventually went bankrupt due to the economy in Portugal. While it lasted, it made me good money, and I had decent business contracts. - eBay drop-shipping - Made a bit over 10k. - Amazon FBA - Made a bit over 45K but eventually was suspended due to a stupid purchase from a wholesaler that didn’t have the rights to sell the product. - Udemy courses - created excel and tech courses that gave me around 3k. - Amazon Affiliate - Got something like 15 cents and couldn’t withdraw it lol. - Shopify Drop-shipping - Made around $250. - Clickbank affiliate marketing - Got around 80$. - FOREX Trading - lost 12K. But recently, I resigned from my 6-figure tech corporate job to become a full-time entrepreneur and start a digital marketing gig. I saw a bunch of creators doing thousands a week and said to myself, why not me? I created a faceless channel and got a bit over 10k in 3 months (+1.5 months prep work for content), which for most people would be great, but although I am grateful, my goal is 10K per month, which would match my Tech corporate job. So I started a face-forward channel promoting a high-ticket item at $500 p/sale (No, it's not MLM or pyramid scheme). It's not a 2hr job to get 6 figures either. I've posted one time a day for 2 weeks, got 1000 followers but didn’t focus on sales. Then I started to focus on leads and posted 2x a day for 1.5 weeks and got 53 leads. And recently, I started posting 3x a day. I made a $6 referral sale 5 a few days after putting it live on my store, which was small, but made me happy because the start of something great always starts with something small. I am selling products but I also offer live consultations for free/paid, and a bunch of freebies to catapult people to making some money. It’s not for everyone but I was burnt out, have an entrepreneurial heart, I am not risk-averse and the $500 investment was nothing compared to the possible outcome. That said, anyone in Digital Marketing making 10k+ a month, I would appreciate any advice! All I know is that I am gonna make it, guys. I have no conceivable way out. I'm burning the midnight oil! ——- EDIT: I appreciate all the constructive/positive comments out here guys, really do. Also good to hear from so many people asking questions on the different businesses, I’m always happy to help! For the rest of keyboard warriors out here that are asking me to stay in my 6 figure job instead because it’s “easier” or that I am diving into something very hard and likely will not succeed.. I just want you all to know that I’m the complete opposite of you and you’ll never get it. And Im so proud of that! submitted by /u/HH84105 [link] [comments]

  • I am a 21 year old entrepreneur and I’m gonna lay out my experience and all the advice I can give. Please read I wish I had this when I started.
    by /u/Flat-Cherry-6761 on April 19, 2024 at 6:22 pm

    Hey everyone, I’m 21 from Canada. So you are interested in embarking on this journey, I was also. But wow I wish I read this first. I’m currently on a vacation I decided to take after finishing my last exam and took last night to think about me when I was 18 and what I’d wanna know and I couldn’t think of anywhere better then here to write it cause I remember reading these helplessly looking for answers. To start I’ll explain me a bit. At 18 was lost to go to university or start my own thing. Ended up doing both. Studying Finance and running 2 businesses in the same industry now that help one another. Currently doing around 65k a month net profit from the 2 of them. Feels amazing and I’m lucky to have been able to do this in the period of time I did but these results only came after doing 1 at first and doing it for 9 months with little to 0 results took me 9 months to hit 10k per month net profit. Still studying in school funny enough, almost done and just do still see value in it. As much as people say it’s not needed, you go to someone and say you’re running a business and studying the older people respect it a lot and opens the floor to them most times questioning you. Anyway I want to get into the biggest lessons and things I’ve learnt by doing this. To start, it’s not easy this isn’t the way to get quick cash and if you think it is you are highly mistaken. If you feel lost now be ready to feel 10x more lost when you start. There is 0 certainty that’s why it’s so good to start when young. If you’re 26+ it’s probably time to start figuring out life getting a job and providing in some way shape or form. Not saying it’s impossible cause I know lots of people older than me who have but there is just more risk that comes with it. If you are young it’s the perfect time to fail. If your young you can still fail 20x and nothing will change, don’t get me wrong these 2 businesses I have now I failed 3 others before the first one working. Will get more into failure soon and the main conclusion I have of why it happens. This part will mainly be the starting of the business. Don’t start a business and the next day go ok I need for form a corporation, I need to hire 5 people I need to do this that and that. Work at it for a while alone first understand what you are even doing and the different parts of the business how are you gonna run a business if you yourself don’t even know the parts of the business. Make cash then worry about the setting it up fully and the hiring of people. Another really important thing you need to keep in mind as soon as u hire someone you are now providing for them, they are counting on you to pay there bills. You have to take this seriously. You are never really gonna feel 100% I’m making more money then I ever thought I would but every single day I wake up stressed and unknowing Of what the future hold. This feeling of uncertainty will never leave my favourite person in the world Alex hormozi talks about this saying you never really know if what you are doing is going to pay of. It’s the most true thing in the world. Only thing you can do is work as hard as you can to make sure it does. Failure was mainly due to this one reason, lack of effort and discipline. Nothing happens over night, you aren’t gonna see results the first month maybe even the 5-6-7-8 month for me it took me till month 9 to feel like I had something. By saying this I’m mainly saying if you don’t try long enough you will never really know if what u are doing works or not. Most people find an idea, think wow this is an amazing idea, try, realize how hard it is and quit. Onto the next, famous quote if you chase 2 rabbits your aren’t gonna catch 1. If you keep going after that point on being down when you realize it’s hard a little while down the line you will feel the same way about the idea just with a lot more knowledge. Grass is always greener (Ties into failure) This is like the 1 thing if you take anything from this to really drive into your head. The grass is always greener. You always are gonna think there is something better, always gonna hear of new ideas don’t stick to what you are doing and continue to grow or else you are gonna jump around and never find success. This is going back to the point on chasing 2 rabbits. You aren’t gonna catch any if you do this. If you have one thing stick to it, like me eventually a year into it working I’ve just started a second thing. Only reason why was it was the biggest issue I was facing I could not find a good person to do this service for my business so I solved the problem by making my own. These 2 work hand and hand. Sacrifice Be ready to have your life change, when I started I was the guy who went out every weekend, loved to party see friends ect… I’m not saying that disappears, but it’ll diminish and it’s something you really gotta consider if you are looking to do this. Will you be find missing that big time party cause you have a meeting the next day? Are you find waking up at 6am and working till 2 am some days? Cause that’s almost every day of my life. You are gonna have times you are so stressed out and lost but trust me we all do and eventually you will be able to understand why you did it.My friends get mad at me saying why won’t you come out and I’ve lost about 5 friends since doing this and now have 2 guys who both also do similar things and we all understand one another I’ll get more into this in the networking section tho, just be ready and know you are gonna be giving up more then you think you need to trade off the small things for the big things and be ready to know you might miss out on some different memories with friends. Spending money, this is really important when starting and u make for example 10k a month. This doesn’t mean go on a trip, buy some cool clothes. It means the thing you are doing is working and figure out how you can take that 10k know what you need to live and re invest the rest into growing yourself and the business. This does not mean try to scale too fast take it at the same speed you were before just adding in pieces to the puzzle that are gonna help you. Don’t over hire, like I said before you hire someone, they are now counting on you. couple guys I started the same time as started spending going on trips now they are restarting because they didn’t live the same way they were before. Yea it’s hard not to go do those things but if you compound what you are doing into more more more then eventually it won’t even matter. Funding your business when I started, I was doing the business for 6 months, working at a bar bartending. I did this to be able to hold the business afloat. unless you have money from family or other sources this is something also to note, work somewhere, fund the business until the business can keep itself afloat don’t just dive in not knowing. Get results then try doing it alone and scaling. This is also why it’s important to know what you need and don’t need; at the start it was just me for 6-7 months doing it all until I physically couldn’t do it alone. Till then go on fiver Upwork hire cheap people for small tedious jobs. Don’t hire a full-time employee. Find a mentor I was lucky enough to meet my mentor while I was starting, working at the bar bartending, Sure enough one day a guy sat at the bar top, I just lost my best client I had at the time that day and we started talking. I explained to him what happened, and he just gave me his business card said email me and come into my office tomorrow let’s sit down. Sure, enough he owned one of the biggest VC companies in my city. He gave me his advice and I owe a lot to him till today. Any time I need help I reach out and he’s there. Relationships Treat clients, employees and mentors and even competitors as good as you would treat your mom. I can’t stress this enough, if you have a meeting be there 5 minutes early. If you have a service due for someone finish it before you were supposed to and do things they didn’t even pay for. Give a service so good that they go to there friend and say how good you did. This is how you build a name in the industry. When I say competitors I mean don’t look at them like this. No matter what the industry is there is room for the both of you, get in contact, talk share things of value and they will as well. Who you are Don’t become the guy who thinks he’s better then others just because your doing well. You will fail. Be honest don’t lie to people your working with, if you can’t do something don’t do it. If your behind try your absolute best to catch up. Don’t change who you are as a person just because now your making money or you will loose it I’ve seen countless people I know do this and eventually loose it all. Networking, networking is what I owe it all to, if it’s being in a discord, reaching out to people on Instagram or twitter. Likeminded people find one another and the random meetings you have, and calls and chats will lead to more then you can imagine. This comes with you friends a lot of the time your old buddies might not be there 6 months down the line because you might be on a different path some will understand some will be jealous some will be happy just all depends on the type of person they are. Take risks. , by taking risks I don’t mean buy 5000 more items then your last sale but go to that event you don’t know you will get anything from. Reach out to that person you think you have no chance of signing. Post in that blog u don’t think anyone will read it. Little things like this for me always led to something of value most times it’s not noticed the day of but 3 months down the line one guys number you got at this event you catch up sure enough you guys can help one another. Overall all I want you to know if your reading this feeling lost or confused. Stick to it, that feeling for me hasn’t gone away. Don’t think 10-20-30k a month is gonna make you feel different, if you aren’t already happy money isn’t gonna change anything. Build something that makes you happier then the money it brings. If you read this and still want to do it then do it, but don’t do it for 3 weeks and quit. Commit for the next 6 months to one thing network. Provide value and work hard and undoubtedly you will see some form of success from it. Realize your gonna have to give up a lot when doing this and it’s in no way shape or form easy and shit I don’t even know if it’s still worth, I see people I know having fun together but right now I’m in a villa laying in the sun drinking a pina collada at 1pm. So it feels kinda worth it. Other then that please dont try to get in touch with me I unfortunately won’t do it. I need to still learn a lot before mentoring anyone just thought this might help someone. I’ll respond to a couple questions just want to have this so a couple people can hopefully shed some light on what they are getting into and how to make the most out of it. I let it all out here, if you want to have more stuff like this go on YouTube listen to business YouTubers and podcasts you will learn tons. Read books and just stick to the plan. You got this and best of luck to all of you! I’m routing for you! submitted by /u/Flat-Cherry-6761 [link] [comments]

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