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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: r/Entrepreneur

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

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

Examining the Fragmented Data on Black Entrepreneurship in North America

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• Starting my personal brand
  by /u/Robertopablo8 on May 9, 2024 at 7:40 pm

  Hi, a few weeks ago i started to create content on instagram about marketing tips for beginers and small business, i'm from argentina and i'm creating english content because i'm also using that Instagram at the sale time like a portfolio to get a better job abroad but thinking at Long term become Hard to me record my self in a language that is not mine, should i continúe uploading english content or change to spanish content? By the way my instagram is @RobertoMarketing8 submitted by /u/Robertopablo8 [link] [comments]

• Is buying this Pest Control Business too risky?
  by /u/bendtheknee33 on May 9, 2024 at 7:40 pm

  A member of our family has had some serious health problems and he now cannot manage his pest control business of over 30 years. He is the owner/operator and has many clients that have been with him for years. His family is looking to sell and quickly. They are on a time crunch since it's the busy season for bugs and his family in the meantime are taking turns servicing existing clients. Is this worth looking into? What questions should I ask? This is a sensitive time for them, how should I go about approaching them? submitted by /u/bendtheknee33 [link] [comments]

• When dealing with a new service provider or supplier always go with the least expensive option/package first
  by /u/rbalbontin on May 9, 2024 at 6:58 pm

  Then you’ll see how they actually work and if it’s worth to increase the investment or start looking elsewhere. submitted by /u/rbalbontin [link] [comments]

• US Import Business Discussion
  by /u/lentilhunting on May 9, 2024 at 6:56 pm

  Hi everyone, I'm a U.S. citizen living in Maryland, USA and have built a lot of international relationships over the years. My friends/family in a country in Africa and I have been entertaining the idea of doing imports/exports from the country for lots of produce and raw materials. Our conversations would end by us having to focus on our immediate work responsibilities, but it's always been in the back of our minds to start. But now, just recently, an opportunity arose where we have a decent number of precious metals ready to be shipped and sold. I want to try to see if it's possible to ship a sample to me so I can connect with potential buyers and see if it's viable to start a business in this direction. I have no experience in the field, and I was wondering if anyone here has attempted anything like this and what sort of success they had and/or what sort of issues they ran into. I imagine there are some contracts and proper communication needing to be established with customs, I'd really like hearing some first-hand experience. Let me know your thoughts! I'm interested in hearing the downsides and risks. And any advice for where it's best for me to start is greatly appreciated!! submitted by /u/lentilhunting [link] [comments]

• How do I brand my local business.
  by /u/MirzaSefat on May 9, 2024 at 6:42 pm

  I have a small Business in my area. I buy things from our urban side of the country and sell them online. Those things are comnected to most of our childhood and culture. How do I brand the business. Currently I am on Facebook Only. Is there any course or anything that will help me build my company a brand. submitted by /u/MirzaSefat [link] [comments]

• Apparel Design Web App need help!
  by /u/sfister on May 9, 2024 at 6:38 pm

  Hello all, It’s been very difficult to research web apps which can do exactly what I want. Signing up for demos and finding out after 20 minutes of playing around has been fruitless and tiring. What I’m trying to accomplish is to allow my customers to select character designs to be printed on apparel and other accessories. The idea is to have them first select a character type, then the body position, then the facial expression, and finally any accessories (eg hats, shirts, sports items). What I don’t want to do is create all of these variations beforehand as static images they can select from. Ideally, if they could keep adding these things to the character design (maybe even having the ability to adjust the size and rotation of say a predetermined facial expression), and continue on with the character build until they are satisfied. Does anyone here have any experiences with end user apparel design web applications which can be integrated into a website like Shopify? Suggestions are appreciated! ✌🏻 submitted by /u/sfister [link] [comments]

• I'm lost on which path to take
  by /u/Puzzled_Egg_5850 on May 9, 2024 at 5:16 pm

  Hello all! For the past 6 months, I have been exploring different areas and side hustles. The issue is that I can't stick with one of them. I am so caught up in trying to pick the best one that I end up not doing any. I have a niche hobby that I would love to monetize, but its so niche that I don't even think anyone will be interested in it. I also have this feeling I can do anything, so I keep looking for something that will make me the most money, which I know is a bad habit. My brain is just all over the place and I can't settle on what thing to pursue. I always feel like I will regret not taking a better path. Thanks in advance! submitted by /u/Puzzled_Egg_5850 [link] [comments]

• For every 1 entrepreneurial dream that comes true, how many are put to death by cheaters, bad decisions, lack of commitment, etc.?
  by /u/TheMonetizationMan on May 9, 2024 at 5:04 pm

  We all know how hard it is to be an entrepreneur. We also know how hard it is to maneuver the business world as a new entrepreneur without coming across someone who wants to cheat you out of money, time or progress. My question to you all is this... For every one entrepreneur that breaks through and makes their dreams a reality... How many entrepreneurs fail or are cheated by someone so bad that they give up on their dreams altogether? How many people are standing up and legitimately fighting for their dreams only to give up for one reason or another? (It's not 99% and 1%, the vast majority of people don't ever know what their dream is, let alone go after it.) And a follow-up question to that... How much better could / would the world be if 50% more entrepreneurial dreams became a reality? Would we progress 50% faster as a society, would that effect compound to be a higher percentage, or am I thinking about this the wrong way? Anyway... I'll leave it at that. Looking forward to a thoughtful discussion on this! submitted by /u/TheMonetizationMan [link] [comments]

• Cheapest Shipping price from china time of the year ?
  by /u/mahdb727 on May 9, 2024 at 4:54 pm

  My question is there an overall time of the year where shipping cost are the lowest from china using sea/air freight ? Based on previous years trend … submitted by /u/mahdb727 [link] [comments]

• Business owner payroll
  by /u/EnchantedAurum on May 9, 2024 at 4:17 pm

  I have Google and used Square support but I am still not grasping the answer to my question. I have an llc texas business that costs me pretty much nothing to operate, I just need my phone. I use go daddy for my website and squareup for booking. I am the only person who works and earns money for this business. How do I pay myself??? Square says it does not support owners draw at this time and only supports w2 employees. Does this mean I have to set up at a payroll through Square and put myself on a w2? Doesn't that mean that come tax time, my business will be taxed on the revenue/profit and then me personally will be taxed on the money I earned? Example: Let's say my business accrues $5,000 for the year. I won't be operating at a loss, and like I said, I have no real business expenses. So I understand my llc would be taxed on that $5,000 but I want the leftover to go into my personal checking account. Idk I'm so lost as a new business owner submitted by /u/EnchantedAurum [link] [comments]

• Year Two Complete
  by /u/sonnynomnom on May 9, 2024 at 3:53 pm

  First time solo founder here! Exactly two years ago today, I quit my cushy job and put 100% of my net worth and every penny I saved into building a startup full-time (codedex.io). It’s been the wildest psychological roller coaster, but also by far the most rewarding two years of my career. We now have 154,000+ registered users and are growing organically. 🥹 On to year three, y'all. Let's freaking go. P.S. Happy to answer any questions! submitted by /u/sonnynomnom [link] [comments]

• How To Crush Contact Form Conversion Goals
  by /u/jeffathuemor on May 9, 2024 at 3:40 pm

  In 15 years, I've worked on 400+ websites for brands like 23andMe, Boston Dynamics, and Live Nation. Today, I'm breaking down this exact strategy so you can use it for yourself or your clients. Let's get into it 👇 1] Form Labels ❌ Hidden ✅ Visible Do not hide these for a “slick” look – it will only hurt your user experience and in return, your conversions. 2] Field Width ❌ Multi-Column ✅ Single-Column Avoid placing form fields left and right of each other whenever possible. By maintaining single, full-column form fields, the visitor can easily glide down the form and complete it quickly. 3] Placeholders Use placeholder text to inform what goes where and how it should be formatted. For example: ❌ Email ✅ yourname[@]yourwebsite[.]com ❌ Phone Number ✅ 1 (888) 888-8888 ❌ Website Address ✅ yourwebsite[.]com 4] Input States ❌ One default style ✅ Clear Inactive State ✅ Clear Active State ✅ Clear Error State Make it obvious how users are engaging with form fields at every step. They should never have to guess what went wrong if something does. 5] Total Fields Keeping forms short improves the rate at which they’re completed. Each contact form should have at most 7 fields. Fields to always include: ✅ First Name ✅ Last Name ✅ Email Address Fields to include most of the time: ✅ Phone Number ✅ Company Name ✅ Message Field ✅ How’d You Hear About Us? Fields to avoid: ❌ What’s Your Budget? ❌ What’s Your Timeline? Fields to never include: ❌ Address If you’ve used budget or timeline qualifiers in your forms, you probably know this information is often incorrect. Instead of asking questions about the budget or timeline in your contact form, use an automation or sales follow-up to qualify based on that information. Asking people for address information creeps them out. Avoid it at all costs. Again, use automation or sales to explain why you may need that information to further qualify or route them appropriately. If you'd like a PDF version of this with visuals for reinforcement, let me know in the comments below or shoot me a DM. Hope this helps at least 1 person out there today. 🙂 submitted by /u/jeffathuemor [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]

• 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]

• 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]

• 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]

• 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]

• 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]