Trying to succeed as an entrepreneur for 10 years. Should I quit? Anyone else?
49 comments
I'm 50 and have experienced many failures, yet I still work for myself and have managed to secure funding for my latest project and even got invited to submit a grant proposal to the National Science Foundation.
Edison said, famously, "I can't tell you what works but I can tell you 1,000 things that don't work." Thirty is still quite young; you have lots of life and ideas in you left. If you were born with the entrepreneurial spirit, I say keep at it. You might need to pivot to a different project or even a different industry, but I wouldn't recommend giving in or giving up!
For me, it's always helped to identify real-life heros, people who have achieved what you want. Read their bios. Learn everything you can about their struggles, their failures, and their successes. Mark Cuban said that overnight success takes a lifetime. May that inspire you!
Edison said, famously, "I can't tell you what works but I can tell you 1,000 things that don't work." Thirty is still quite young; you have lots of life and ideas in you left. If you were born with the entrepreneurial spirit, I say keep at it. You might need to pivot to a different project or even a different industry, but I wouldn't recommend giving in or giving up!
For me, it's always helped to identify real-life heros, people who have achieved what you want. Read their bios. Learn everything you can about their struggles, their failures, and their successes. Mark Cuban said that overnight success takes a lifetime. May that inspire you!
Don’t quit. It seems you have an entrepreneurial spirit.
To me you sound quite successful. There is a difference between succeeding and winning. Coach John Wooden
said it best. You might enjoy his talk. [1]
You were speaking about your friends making 6 figures. Examine how success would look like for you? Is it money? Running your own company and being an entrepreneur is way more than making money. Along the way you will acquire a lot of unique stories and experiences. They will be very different to your friends stories since they are most likely on a low risk, capped opportunity environment.
30 is still very young. You have many choices and paths still ahead of you. Very exciting. I guess this it what makes life beautiful. I wish you all the best.
[1] https://www.ted.com/talks/john_wooden_on_the_difference_betw...
You were speaking about your friends making 6 figures. Examine how success would look like for you? Is it money? Running your own company and being an entrepreneur is way more than making money. Along the way you will acquire a lot of unique stories and experiences. They will be very different to your friends stories since they are most likely on a low risk, capped opportunity environment.
30 is still very young. You have many choices and paths still ahead of you. Very exciting. I guess this it what makes life beautiful. I wish you all the best.
[1] https://www.ted.com/talks/john_wooden_on_the_difference_betw...
The notion that you can't be an entrepreneur in a "9-5 day job" is one of the most pernicious myths in the tech industry. My current team in a company of nearly 100,000 is very much operating like a couple of the startups I've been involved with in years past. True, there's a lot of politics in the greater organization, but our manager is brilliantly insulating the team against that and is effectively implementing lean thinking, customer-first design and decision making, rapid failures and pivots, product autonomy, and a strong sense of team identity and camaraderie.
If we succeed, we may not get bought out with the first 4 or 5 people who started the company walking away with millions while the rest of us are largely left out. Instead, we all make a steady income with medical benefits and are filling up our 401(k)s. And if things don't work out, we'll all still have jobs.
If we succeed, we may not get bought out with the first 4 or 5 people who started the company walking away with millions while the rest of us are largely left out. Instead, we all make a steady income with medical benefits and are filling up our 401(k)s. And if things don't work out, we'll all still have jobs.
It's really not the same. I'm a consultant and also run a successful business on the side. With my side business, I get to control everything and the feeling I get when I'm actually successful cannot compare to anything from a 9-5. The risk is also part of it.
What you describe is an illusion of control. I've tried to fool myself into thinking this would work for me, but in the end, I always felt like something was missing.
What you describe is an illusion of control. I've tried to fool myself into thinking this would work for me, but in the end, I always felt like something was missing.
You're emotionally attached to a perception.
Teams like the one the other poster described definitely exist. They are also rare but and take work to find. Are you sure the times where you felt like "something was missing" was more of a factor of being on a team that advertised themselves as fast paced while not actually being one?
Teams like the one the other poster described definitely exist. They are also rare but and take work to find. Are you sure the times where you felt like "something was missing" was more of a factor of being on a team that advertised themselves as fast paced while not actually being one?
No. "Something was missing" because a boss above my boss could come in at any time and make changes to the team, project, or anything beyond my control.
I can't tell you the number of times this has happened, where someone in a high position wants a ridiculous feature added to project I am working on..and I need to grit my teeth and add it.
The company can also be taken down a path I disagree with..with little or no option but to follow.
It's fine for many people to enjoy the comfort of a regular salary and benefits that simulates being part of a startup or owning their own company with little risk. But I want the real thing. Even if it means the potential that my decision will cause me to fail.
I pay for my own healthcare for my family (which isn't really that expensive) and opened my own retirement account. I have no set schedule for work and can work from anywhere with an Internet connection. I spent years working for other people and many more building the life I have now.
It has nothing to do with an emotional attachment when all of the things that I mentioned above actually happen. It's really about power. I want to remove as many people that have power over me as possible. This is true freedom.
It's like an animal being in a zoo that looks like their natural habitat and calling them 'free'.
I can't tell you the number of times this has happened, where someone in a high position wants a ridiculous feature added to project I am working on..and I need to grit my teeth and add it.
The company can also be taken down a path I disagree with..with little or no option but to follow.
It's fine for many people to enjoy the comfort of a regular salary and benefits that simulates being part of a startup or owning their own company with little risk. But I want the real thing. Even if it means the potential that my decision will cause me to fail.
I pay for my own healthcare for my family (which isn't really that expensive) and opened my own retirement account. I have no set schedule for work and can work from anywhere with an Internet connection. I spent years working for other people and many more building the life I have now.
It has nothing to do with an emotional attachment when all of the things that I mentioned above actually happen. It's really about power. I want to remove as many people that have power over me as possible. This is true freedom.
It's like an animal being in a zoo that looks like their natural habitat and calling them 'free'.
> No. "Something was missing" because a boss above my boss could come in at any time and make changes to the team, project, or anything beyond my control.
Not to be callous, but sounds like you ended up on a team with a crappy management chain and bad insulation from your manager?
I know it's a behavior that definitely happens, but - and admittedly, this is pretty rare - there are teams that exist out there where you do have those freedoms. Out of the 3 teams I've been in so far in industry, I'd say 2.5 of them have had that -- where the higher ups don't really interfere with what you're doing as long as you're intelligent about not going completely off kilter.
The emotional attachment here is your perception of power. :)
Not to be callous, but sounds like you ended up on a team with a crappy management chain and bad insulation from your manager?
I know it's a behavior that definitely happens, but - and admittedly, this is pretty rare - there are teams that exist out there where you do have those freedoms. Out of the 3 teams I've been in so far in industry, I'd say 2.5 of them have had that -- where the higher ups don't really interfere with what you're doing as long as you're intelligent about not going completely off kilter.
The emotional attachment here is your perception of power. :)
[deleted]
Having walked a similar path, I like to refer to this quote when things are down.
The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
- Theodore Roosevelt
The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.
- Theodore Roosevelt
I don't mean to put you off. I give you kudos and credit for sticking it out. However I personally feel you do need to decide the right path as you put it. Like chrisked was saying you need to ask yourself what success means. Let's face it for most people it's all about the MONEY as much as some people would like to deny it and say it's all about the passion. How much would passion count when all you're making is £15,000 with a £150,000 mortgage over your head including living expenses or you're just trying to buy yourself a decent house in a decent area? I think for all humans it's not about the MONEY per say, it's what you can do with that money; financial security, holidays, buying stuff etc
Now you can carry on doing what you're doing for the "passion" but when you die what "experiences" will you really have? Dealing with really difficult clients, going to business meetings working all day and night, is that really an adventure? Mean while the ones that played it safe got married, had kids, lived fulfilling lives, travelled the world. So in reality who had more life experiences? The individual who played it safe or the entrepreneur who barely slept and worked himself to death?
Don't mean to be a party poop but I do feel it's an important decision for you to make. I think all too often we all get carried away with this idea of "don't quit" but sometimes you have to just draw the line when you're making a loss.
I'm just going to end quoting Einstein: "The definition of insanity is doing the same thing over and over again, but expecting different results"
All the best pal.
Now you can carry on doing what you're doing for the "passion" but when you die what "experiences" will you really have? Dealing with really difficult clients, going to business meetings working all day and night, is that really an adventure? Mean while the ones that played it safe got married, had kids, lived fulfilling lives, travelled the world. So in reality who had more life experiences? The individual who played it safe or the entrepreneur who barely slept and worked himself to death?
Don't mean to be a party poop but I do feel it's an important decision for you to make. I think all too often we all get carried away with this idea of "don't quit" but sometimes you have to just draw the line when you're making a loss.
I'm just going to end quoting Einstein: "The definition of insanity is doing the same thing over and over again, but expecting different results"
All the best pal.
> The definition of insanity is doing the same thing over and over again, but expecting different results
That quote is suspicious for a physicists, who do the same thing a gazillion times in an accelerator and expect different results (and when they get them , they get a nobel)
That quote is suspicious for a physicists, who do the same thing a gazillion times in an accelerator and expect different results (and when they get them , they get a nobel)
Would you rather end up a middle class retiree that played it safe, or die an entrepreneur who worked on this they were passionate about regardless of the financial outcome? Personally, I’d rather die broke with a life full of adventures that sometimes payed out and sometimes didn’t, rather than comfortably numb in a retirement home on social security.
To be fair to the rich retirees, making a few webforms over and over again and calling yourself an entrepreneur isn't exactly a life lived of adventure.
I recently did the same thing. Hit 30; reflected on last decade. I had moderate success consulting but didn’t get a single product off the ground. Considering the lost potential earnings, the need to reset savings and the lack of a pension I thought it prudent to get a full-time job. I’ve now been employed for 8 months or so and it’s a huge relief. Formerly every waking hour was working on the product. Now it’s 9-5 working for the man and then have the rest of the time to relax. It’s been truely impactful. I’ve started reading again and am much happier! Being an employee isn’t for me but I will stay with new status quo for a couple of years, get a healthy financial buffer and start something else again. I’m working for a medium sized company and am an engineer with limited responsibilities.
I think that this is fair advise and undoubtedly appropriate for some. Especially those that have cast their net badly and now believe that their time spent as an entrepreneur wasn't worth it. For others however, going back to work in that sort of capacity and being happy about it will read like celebrating a lobotomy.
I think that it's a bad world out there in many ways. When your back is up against the wall, it's a good time to think whether you want to use that opportunity to learn to emotionally deal with risk, anxiety and maybe even crisis. Because how you deal with a situation in which the shit properly hits the fan will decide a lot about what comes after it for you.
I think that it's a bad world out there in many ways. When your back is up against the wall, it's a good time to think whether you want to use that opportunity to learn to emotionally deal with risk, anxiety and maybe even crisis. Because how you deal with a situation in which the shit properly hits the fan will decide a lot about what comes after it for you.
I am in the same boat. Running out of money and depressed. I have another idea that I am trying to get seed money. I am looking for a job, but really, I have been dragging this for as long as possible. You aren't the only one. I know a few friends that are going through this as well.
My 2 cents. +1¢ - Posting here for help is a clear sign you are far from being done in. Failed ppl typically wanna keep it for themselves. You probably are just angry and feel (justifiably) unlucky. Luck is a great part in making it. +1¢ - you define successful by a made up device of your own. Some crazy image of a 20 smthg millionaire. Redefine what success means and you will be instantly successful. From outside this sounds a lot like you are externally motivated. Not good. Comparing yourself to 9-5ers is a guilt trip you should avoid. Be self centered. My 2¢ come down to: reset you unreasonable expectations, rinse and repeat. GOOD LUCK
30 is young dude. Wow. Middle-aged? I'm 35 and I would never let myself think that way.
Maybe it's time to take a break and work a normal job for a year or two just to let your mind relax and build up the energy to go at it again.
Maybe it's time to take a break and work a normal job for a year or two just to let your mind relax and build up the energy to go at it again.
You’ve given up a lot of future income - a lot. Do a FV calculation on 150-200k a year in your 20s (working 10 years and compounding 30) over 40 years. Work the next 10 years and then go back to being an entrepreneur.
Being in a similar boat to OP at almost the same age, I have to admit that thinking about such facts from time to time can be sobering.
"Didn't want that million dollars of potential income anyways.", as you struggle to get by, your personal life in tatters.
The worst part is that even when you throw in the towel and either give up or defer your startup plans, even the prospect of getting a 9-5 feels like failure, a waste; the death of your own personal identity.
I think part of the reason it sucks so hard is, when you're on your own working towards some insurmountable task, you develop a broad skillset that's also very specialized in some ways, and it feels like a waste to just get a 9-5 that doesn't leverage your full skillset. You also know you'll probably be creating far more value than you're being paid, but that's the tradeoff with most tech jobs.
It's also compounded by aging, and all the usual mid-life crisis stuff that entails, just amplified since often one's 20s are perceived to be wasted if there's a failed startup involved during that time period.
The sunk cost fallacy and the perception of time lost both conspire to really mess with you.
"Didn't want that million dollars of potential income anyways.", as you struggle to get by, your personal life in tatters.
The worst part is that even when you throw in the towel and either give up or defer your startup plans, even the prospect of getting a 9-5 feels like failure, a waste; the death of your own personal identity.
I think part of the reason it sucks so hard is, when you're on your own working towards some insurmountable task, you develop a broad skillset that's also very specialized in some ways, and it feels like a waste to just get a 9-5 that doesn't leverage your full skillset. You also know you'll probably be creating far more value than you're being paid, but that's the tradeoff with most tech jobs.
It's also compounded by aging, and all the usual mid-life crisis stuff that entails, just amplified since often one's 20s are perceived to be wasted if there's a failed startup involved during that time period.
The sunk cost fallacy and the perception of time lost both conspire to really mess with you.
[deleted]
I went through the same thing. Took me ~20 years to find success. Biggest factor (hindsight is 20/20) was deciding to only consider businesses that had both competition and a business model.
Peter Thiel's view of going Zero to One (which is commensurate with Paul Graham's view to do things that don't scale) is highly influential. Implicit in this view is that you're doing something without a lot of competition.
Could you speak to the notion of how your view might be different from theirs, including where their view might be inappropriate and when your view to look for existing competition would be more satisfying?
Could you speak to the notion of how your view might be different from theirs, including where their view might be inappropriate and when your view to look for existing competition would be more satisfying?
Telling someone to quit or not to would be definitely irresponsible, as I could be doing a lot of damage to your future either way if you ever consider my advice, so I'll refrain from doing so.
Still, in one hand, if you are now having a change of heart, it probably means you are burnt and don't trust your own chance of ever making those '6 figure' look up to you (instead of down on you). On the other hand, you are 30, and for an entrepreneur, 30 is young. No one would expect you to be a millionaire by now.
If you say "but I'm doing this ever since I was 18yo," to that I answer: that was an 18yo trying to do stuff, not an experienced professional. That builds up experience, but given one is starting at such a young age, expecting it to build up results from the get go is optimistic (read really silly here).
So here's what I'd tell you if you were a personal friend: give not being an entrepreneur a try. Find a job, get a reasonable position, and a year from now you will know what you were missing on and what you lost on the transition.
No decision is final when you are 30yo.
Still, in one hand, if you are now having a change of heart, it probably means you are burnt and don't trust your own chance of ever making those '6 figure' look up to you (instead of down on you). On the other hand, you are 30, and for an entrepreneur, 30 is young. No one would expect you to be a millionaire by now.
If you say "but I'm doing this ever since I was 18yo," to that I answer: that was an 18yo trying to do stuff, not an experienced professional. That builds up experience, but given one is starting at such a young age, expecting it to build up results from the get go is optimistic (read really silly here).
So here's what I'd tell you if you were a personal friend: give not being an entrepreneur a try. Find a job, get a reasonable position, and a year from now you will know what you were missing on and what you lost on the transition.
No decision is final when you are 30yo.
My 2 cents. I'm 35, and I've been coding since I was 7. Straight out of college I got a nice job as a team lead, in a year a VP, in another 2 years a CTO in 300+ fast growing SME. I quit, moved to another country, and founded my own e-commerce company, in 3 years we hit $10mm in revenue. It felt great, the world was my oyster.
Then a financial crisis hit, my partners duped me and sold the business, I was left out with barely enough money to survive (and learned to value a properly drafted shareholders' agreement). I got divorced, my life was in shambles. No savings, no friends. But... it gave me some perspective on what do I want to do next. I decided that my next business will bring a real tangible difference to peoples' lives.
I founded another company, burned through what was left of my savings, but it was a failure - some new regulations came out and made the business practically impossible.
We pivoted, another failure (late to market). We pivoted again, basically running on fumes, and another failure (no market fit, was so obvious looking back).
We pivoted again, and this time we've just launched and people love it. I'm very optimistic and hope to raise a bit of capital soon to move forward.
All in all, I don't have any money, but I wouldn't change anything in my life. It was a great ride, and I enjoyed it. Every failure was a precious learning opportunity.
A company called Rovio made 50 games. You know any of them? They were all failures. They decided to go all-in and made a 51st game, named Angry Birds.
Grit and perseverance — the most important qualities of a founder.
Then a financial crisis hit, my partners duped me and sold the business, I was left out with barely enough money to survive (and learned to value a properly drafted shareholders' agreement). I got divorced, my life was in shambles. No savings, no friends. But... it gave me some perspective on what do I want to do next. I decided that my next business will bring a real tangible difference to peoples' lives.
I founded another company, burned through what was left of my savings, but it was a failure - some new regulations came out and made the business practically impossible.
We pivoted, another failure (late to market). We pivoted again, basically running on fumes, and another failure (no market fit, was so obvious looking back).
We pivoted again, and this time we've just launched and people love it. I'm very optimistic and hope to raise a bit of capital soon to move forward.
All in all, I don't have any money, but I wouldn't change anything in my life. It was a great ride, and I enjoyed it. Every failure was a precious learning opportunity.
A company called Rovio made 50 games. You know any of them? They were all failures. They decided to go all-in and made a 51st game, named Angry Birds.
Grit and perseverance — the most important qualities of a founder.
Right,, Even Jack ma was blacklisted in 30+ interviews.. but even fate cant stop who never gives up..
What lessons have you learned from each failure? How can you take your experience forward into your next opportunity?
Failure is the default state of new businesses. The key question is if you’ve learned enough each step of the way to reduce the scope of your next effort — in other words, it’s fine to fail, just don’t fail the same way again.
You’re only 30 — you’re incredibly young, and you’ve got decades of career path ahead. One thing that I’ll note is that the myth of the twentysomething startup genius is mostly just a myth, high-profile examples notwithstanding. Most successful businesses are the result of a lot of experience in a specific area, which opens the door to finding problems that need to be solved. In other words, there’s nothing wrong with spending time in the corporate world with the intent of finding new business opportunities; it’s not like your entrepreneur card is going to get revoked if you go back to industry.
Failure is the default state of new businesses. The key question is if you’ve learned enough each step of the way to reduce the scope of your next effort — in other words, it’s fine to fail, just don’t fail the same way again.
You’re only 30 — you’re incredibly young, and you’ve got decades of career path ahead. One thing that I’ll note is that the myth of the twentysomething startup genius is mostly just a myth, high-profile examples notwithstanding. Most successful businesses are the result of a lot of experience in a specific area, which opens the door to finding problems that need to be solved. In other words, there’s nothing wrong with spending time in the corporate world with the intent of finding new business opportunities; it’s not like your entrepreneur card is going to get revoked if you go back to industry.
Nearly every post so far is rah-rah pep, and while I agree with most of the sentiment I’m going to offer some different advice.
Before 30 I hustled a lot to make enough to have roomates and live a fairly frugal life. I had family obligations that kept me from some personal goals. But largely I was saving money and even though I worked 2 jobs I enjoyed life.
30 was when I started working as a dev, making substantially more money. And while I was hoping to sock away 50% of my gross income for a couple years, so I could pursue some entrepreneurial ideas, it logistically got harder at 30.
Friends were starting to have kids or just move in with their significant others. Just finding a cheap room with people I wanted to live with got significantly harder. At the same time it was harder to be that guy socially who would show up to a potluck without a significant contribution and have a real reputation for being a mooch from people who know your earning potential based on general skill sets.
On top of that life happened. I moved in with my girlfriend. I had got married. I got a herniated disk. I had a kid. I bought a house. I had another kid (surprise! twins!). And now, at 41, I can almost breath again. I am very grateful for having stable income during the rollercoaster that was my 30s, I’m not sure how I would have survived. I certainly didn’t have the energy or time to focus on building much of anything during that time (though I did try some projects, one of which might be worth something if I hadn’t burned out on it).
So I will tell you this. You can put off certain things until early 30s. But if you think you want kids, or even just a good relationship with someone else, 30 is starting to be a time to think about earning solid money instead of trying to build something that will still consume your attention after 5pm. The pick up the torch again in your 40s or even 50s if you want to build something. With any luck you’ll have more capital to work with which will make things easier.
Keep in mind, I’m not telling you to give up. Or that you need to catch up with anyone. Only that there is no shame in putting off some things, to build some reserves and focus on other things that can’t wait.
And if you have no desire for kids (and kids are a pain in the ass, and I’m not sure when they’re finally worth it), then really there’s really no reason to stop trying until other obligations (say a girl/boyfriend) force you to.
edit: I didn’t mean to imply significant others would ever force you to stop (ones who did would probably not be healthy to stay in a relationship with). Only that some obligations are worth putting some things on hold for a year, or a decade...
Before 30 I hustled a lot to make enough to have roomates and live a fairly frugal life. I had family obligations that kept me from some personal goals. But largely I was saving money and even though I worked 2 jobs I enjoyed life.
30 was when I started working as a dev, making substantially more money. And while I was hoping to sock away 50% of my gross income for a couple years, so I could pursue some entrepreneurial ideas, it logistically got harder at 30.
Friends were starting to have kids or just move in with their significant others. Just finding a cheap room with people I wanted to live with got significantly harder. At the same time it was harder to be that guy socially who would show up to a potluck without a significant contribution and have a real reputation for being a mooch from people who know your earning potential based on general skill sets.
On top of that life happened. I moved in with my girlfriend. I had got married. I got a herniated disk. I had a kid. I bought a house. I had another kid (surprise! twins!). And now, at 41, I can almost breath again. I am very grateful for having stable income during the rollercoaster that was my 30s, I’m not sure how I would have survived. I certainly didn’t have the energy or time to focus on building much of anything during that time (though I did try some projects, one of which might be worth something if I hadn’t burned out on it).
So I will tell you this. You can put off certain things until early 30s. But if you think you want kids, or even just a good relationship with someone else, 30 is starting to be a time to think about earning solid money instead of trying to build something that will still consume your attention after 5pm. The pick up the torch again in your 40s or even 50s if you want to build something. With any luck you’ll have more capital to work with which will make things easier.
Keep in mind, I’m not telling you to give up. Or that you need to catch up with anyone. Only that there is no shame in putting off some things, to build some reserves and focus on other things that can’t wait.
And if you have no desire for kids (and kids are a pain in the ass, and I’m not sure when they’re finally worth it), then really there’s really no reason to stop trying until other obligations (say a girl/boyfriend) force you to.
edit: I didn’t mean to imply significant others would ever force you to stop (ones who did would probably not be healthy to stay in a relationship with). Only that some obligations are worth putting some things on hold for a year, or a decade...
First of all, you only need to be successful once. Statistically, most successful entrepreneurs start in their late 30s and 40s.
Secondly, I don't know you but your 2nd line of text tells me almost certainly what you're doing wrong - Spend less time building and more time launching and trying to get initial users. If they never saw the launch, you made a mistake from day 1.
Think less about startups and more about the sort of stuff you see on IndieHackers.com - Bootstrap, launch quickly.
Since you've been doing this for 10 years, be careful not to fall into the trap of assuming you know the fundamentals and that other factors are causing your failures. Instead, Challenge your fundamental assumptions, go back to Lean/MVP thinking and consider what you need to relearn.
I hope it helps. If not, another strategy I'm personally using is to buy a cheap product which has some minimal proof of value (For example, a productised service or SaaS business with 10 customers) and growing it from there. I discovered I wasn't very good at getting through the launch stage (and it wastes months of time), but Im much better at growing an existing, proven business.
Avoid hustle porn, startup culture (moonshot shit) and lose the anxiety over time - People like you and I are not retiring at 65 to spend our time golfing and in the sun like the previous generation - We live longer, our career prospects are a new paradigm and most importantly, the internet means you can work as long or as little as you like to...
Consider: If you get a 6 figure job age 60, you're fucked for retirement anyway.
If you stumble upon a low-maintenance 10K/month business opportunity at 60, then you're laughing all the way to 100. Invest the profits? Grow the business? Just live off the dividends for decades to come?
My point is, remove the anxiety that your time is running out and that you need to hit X age/financial milestones to be successful.
You have at least another lifetime (I.E another 30 years) to get it right, and you only need to do it once.
Secondly, I don't know you but your 2nd line of text tells me almost certainly what you're doing wrong - Spend less time building and more time launching and trying to get initial users. If they never saw the launch, you made a mistake from day 1.
Think less about startups and more about the sort of stuff you see on IndieHackers.com - Bootstrap, launch quickly.
Since you've been doing this for 10 years, be careful not to fall into the trap of assuming you know the fundamentals and that other factors are causing your failures. Instead, Challenge your fundamental assumptions, go back to Lean/MVP thinking and consider what you need to relearn.
I hope it helps. If not, another strategy I'm personally using is to buy a cheap product which has some minimal proof of value (For example, a productised service or SaaS business with 10 customers) and growing it from there. I discovered I wasn't very good at getting through the launch stage (and it wastes months of time), but Im much better at growing an existing, proven business.
Avoid hustle porn, startup culture (moonshot shit) and lose the anxiety over time - People like you and I are not retiring at 65 to spend our time golfing and in the sun like the previous generation - We live longer, our career prospects are a new paradigm and most importantly, the internet means you can work as long or as little as you like to...
Consider: If you get a 6 figure job age 60, you're fucked for retirement anyway.
If you stumble upon a low-maintenance 10K/month business opportunity at 60, then you're laughing all the way to 100. Invest the profits? Grow the business? Just live off the dividends for decades to come?
My point is, remove the anxiety that your time is running out and that you need to hit X age/financial milestones to be successful.
You have at least another lifetime (I.E another 30 years) to get it right, and you only need to do it once.
I have been going at it on and off since 2002. I work a day job, but I still enjoy trying to make something people want.
On my most recent project, teaching kids how to program, I am taking a different approach.
I am trying to do market research first. Figure out if there is an audience and what their needs are. Make something people want to buy.
All my previous attempts were just ideas I had or contracts that had no long term potential.
As an engineer, I got carried away with using new technology and adding tons of features. There was no audience. After reading a few books on different approaches, I have changed how I see it.
So..
I would say keep going, but if you can manage a job do that. Keep working on a side project, but only one idea at a time. Give it enough time to see it through.
On my most recent project, teaching kids how to program, I am taking a different approach.
I am trying to do market research first. Figure out if there is an audience and what their needs are. Make something people want to buy.
All my previous attempts were just ideas I had or contracts that had no long term potential.
As an engineer, I got carried away with using new technology and adding tons of features. There was no audience. After reading a few books on different approaches, I have changed how I see it.
So..
I would say keep going, but if you can manage a job do that. Keep working on a side project, but only one idea at a time. Give it enough time to see it through.
I wouldn't think about it as an either/or. In fact, from my limited circle of friends in Silicon Valley, I would actually say the most common route to entrepreneurship is something that starts as a side project.
There is a great deal of research showing the 20-year-old Mark Zuckerberg model of entrepreneurship to be a myth. Find a job that interests you, provides you with room for learning and pays the bills, and keep an eye on your entrepreneurial dreams.
[https://hbr.org/2018/07/research-the-average-age-of-a-succes...]
There is a great deal of research showing the 20-year-old Mark Zuckerberg model of entrepreneurship to be a myth. Find a job that interests you, provides you with room for learning and pays the bills, and keep an eye on your entrepreneurial dreams.
[https://hbr.org/2018/07/research-the-average-age-of-a-succes...]
Try to find out what you really want. I'm thinking about the same. I came across this mental strategy that helps: https://woopmylife.org/woop-1
i am 45 ( soon to be 46 ).
Since my late 20's i tried to succeed as an entrepreneur ( dropped college, went freelancing and then ran my small software consultant company in Brazil for 14 years ). Made a little money, but never got really successful, until the day i got bankrupted for the second time. Got back to the college to pick a degree ( HR people are a bit too conscious about hiring an early 40 without "formal education" ) since then, i got 3 different employments ( changed jobs for better positions/compensation/quality-of-life ) all 9-5, making more money than my average days as an entrepreneur, without the risks, sleeping better and without half of the stress.
Currently things changed a little, and i have been working 10-14 hours/day as a Solution Architect/Tech Leader ( weekends also ) in a great project for my current employer ( at 10 minutes walking away from my home ) but being very well paid for all the extra-time...
I failed miserably as an entrepreneur, but now i am doing a (very) decent living as an employee.
My 2cents to the OP is: at the very least, cover your bases. Make sure you have an exit plan, in case things goes down the drain ( in my case, it was getting my degree, getting my CV out in the world ).
My 2cents to the OP is: at the very least, cover your bases. Make sure you have an exit plan, in case things goes down the drain ( in my case, it was getting my degree, getting my CV out in the world ).
This is an old article but still very applicable today http://www.paulgraham.com/startuplessons.html For the products that failed, did you follow those steps? What is the main cause of the failures (any commonalities between them)? I would say don't give up, but also look critically and have mentors look at the failures so you don't repeat your mistakes.
I was around a lot of entrepreneurs growing up, mostly small business owners. Sometimes they made money, sometimes a lot of money. There were also times in between when they made no money and had to borrow from each other to keep from losing everything. They kept doing it because they loved it and didn't want to work for anyone else.
It's a rollercoaster, but I don't think any of them regret it.
It's a rollercoaster, but I don't think any of them regret it.
Your friends are enjoying an exceptional decade of high valuations and paper growth for the tech sector. Think about their personal growth when they retire. I don't think anything can compare to building something on your own from nothing. If that's what you want you can't really catch up with the rest of the world because you utterly hate it.
Similar to @msyea - i quit my first job out of college to follow my dreams, to only fail 8 months later with not a lot to show. i never gave up my hopes and dreams, and went back to working for ~4 more years. I've now got a much more solid pay then when i failed ~4 years ago, and have rebooted my efforts (on the side) to fulfill my dream! Never.give.up.
Look for a job in a company similar to what you want to do. Make sure the company is small but on going and is growing. Your job is to learn useful skills from your experience. There are many parts to a successful company and it helps if you learn from one that is successful. Do this for a few years but plan for your exit and how you will use your experience to run your own company.
I think you should try 9-5 job for some years. If you like, good for else. Else, you will have clarity on why you want to be an entrepreneur
I think provide some links to your products as an example of what sort of thing you cut. It’ll give folks a sense of how you think and what you’re capable of. You’ll find the advise on here will probably be a lot less variable thereafter.
This is somewhat relevant if you already have a business: https://twitter.com/jasonlk/status/1131951740943839232
Look at the history of the makers of Candy Crusher game. You could just be on the verge of success.
Most frequent mistake of entrepreneur wanabees is "building solution and then looking for a problem to solve".
Try either build something for a problem you facing yourself (likely many others do too) or build something for which you know existing customers-to-be ready to pay you today to solve.
Try either build something for a problem you facing yourself (likely many others do too) or build something for which you know existing customers-to-be ready to pay you today to solve.
There's a middle path:
- Find a corporate role that pays a good income and teaches you skills are easily be transferred to your own business. You're getting paid to train, basically. Better yet, you're likely going to be coached in these skills to a fairly high level of proficiency if you seek out good mentors at your current company (its in their best interests to help you). - Look for side projects that can easily grow into a small business and work on them nights / weekends. - Spent a little time trying to understand the financial potential per hour spent on these different side ventures. Get specific - when does revenue happen, how much, what do you need to invest to get there... is there a way to gate these investments so you're not spending money until you've got a fairly sure thing... Start thinking of yourself as a steward of time & capital... (warren buffet on startups).
So for example, I have been paid director level wages to learn (in a coached and skilled setting, with projects): - Software development (Python / Javascript / SQL / R) - Data Science & Advanced Analytics (leave it at that) - Manufacturing Process Improvement / Six Sigma - Strategic Market Analysis / Business Development - Post Merger Integration / Operations Strategy - CPG and B2B Product Management / Sourcing - Consulting / Change Leadership - Direct Marketing - Sales / Client Development - Contract Negotiation
All of the above under the guidance of people who knew what they were doing, so plenty of free coaching on technique.
And when the sun goes down and I have some free time, I work on other ventures.... and learning these skills has yielded benefits in both better solutions / execution and lower cost to launch / test.... And since the day job pays for our key needs, anything we do here is more-or-less upside...
I mentioned the $$/hour analysis because there is a very big difference between product businesses and small consulting operations; the curse of consulting is uneven income and constant interruptions between bizdev and delivery...which persists until you grow into a good sized firm (20+ people, with at least 2 - 3 full time business development managers) at which point... you're forced to deal with the drama of managing 20+ people... (I am a well-socialized introvert; I find such affairs exhausting. In any event, if I wanted to be the boss of 20 people, there are ample jobs in industry). You don't have much slack as a solo act, so you need to put all of your time behind projects / growth vectors that will meet your needs vs. filling a schedule. Dig deep enough on many "independent" service businesses and you will discover a deal where the owner is likely better off as an employee. (particularly when it comes to health care, oy vey....)
- Find a corporate role that pays a good income and teaches you skills are easily be transferred to your own business. You're getting paid to train, basically. Better yet, you're likely going to be coached in these skills to a fairly high level of proficiency if you seek out good mentors at your current company (its in their best interests to help you). - Look for side projects that can easily grow into a small business and work on them nights / weekends. - Spent a little time trying to understand the financial potential per hour spent on these different side ventures. Get specific - when does revenue happen, how much, what do you need to invest to get there... is there a way to gate these investments so you're not spending money until you've got a fairly sure thing... Start thinking of yourself as a steward of time & capital... (warren buffet on startups).
So for example, I have been paid director level wages to learn (in a coached and skilled setting, with projects): - Software development (Python / Javascript / SQL / R) - Data Science & Advanced Analytics (leave it at that) - Manufacturing Process Improvement / Six Sigma - Strategic Market Analysis / Business Development - Post Merger Integration / Operations Strategy - CPG and B2B Product Management / Sourcing - Consulting / Change Leadership - Direct Marketing - Sales / Client Development - Contract Negotiation
All of the above under the guidance of people who knew what they were doing, so plenty of free coaching on technique.
And when the sun goes down and I have some free time, I work on other ventures.... and learning these skills has yielded benefits in both better solutions / execution and lower cost to launch / test.... And since the day job pays for our key needs, anything we do here is more-or-less upside...
I mentioned the $$/hour analysis because there is a very big difference between product businesses and small consulting operations; the curse of consulting is uneven income and constant interruptions between bizdev and delivery...which persists until you grow into a good sized firm (20+ people, with at least 2 - 3 full time business development managers) at which point... you're forced to deal with the drama of managing 20+ people... (I am a well-socialized introvert; I find such affairs exhausting. In any event, if I wanted to be the boss of 20 people, there are ample jobs in industry). You don't have much slack as a solo act, so you need to put all of your time behind projects / growth vectors that will meet your needs vs. filling a schedule. Dig deep enough on many "independent" service businesses and you will discover a deal where the owner is likely better off as an employee. (particularly when it comes to health care, oy vey....)
I am still on it
You bought into the hype. You thought people become successful mostly because of the merits of their ideas and their ability to execute on those ideas.
What you need to be truly successful is politically connected investors that will pump and dump your company. During this pump and dump scheme, you might actually start taking a profit, and you can skip the 'dump' step.
Otherwise, if you want to get rich writing software, get in line with the rest of us.
What you need to be truly successful is politically connected investors that will pump and dump your company. During this pump and dump scheme, you might actually start taking a profit, and you can skip the 'dump' step.
Otherwise, if you want to get rich writing software, get in line with the rest of us.
I built a product next only to become a failure. Later I tried launching one more company & 4-7 other software products which also failed or never saw the launch.
My friends who were leading a normal 9-5 day jobs are getting promoted to 6 figure salaries and Managements positions.
I am in my 30's. I do have a contract job as a designer now. But also trying to succeed as an entrepreneur on the side.
Feeling like I should just give up and try to catch up with the rest of the world.
When I try to see the future, I no longer see a successful entrepreneur. Instead a middle aged man with failures.
I am 30 now. I should choose the right path.
Anyone who went through the same and then either succeeded or gave up. I would like to know your views. Thanks a ton in advance.