Wednesday
Opinion, Tips/Advice10 Lessons From A Failed Startup
A person once said that the only positive thing about goofing up is how much others are amused by it. That is a bit cruel, obviously. If we reword the sentence and make it become “The one positive thing about making a mistake is that others will be able to learn from it” it becomes more palatable. Less Ambrose Bierce-like, granted, but true nonetheless.
If you want to learn from someone’s mistakes (or laugh at someone’s miscues, that depends on your vantage point) you will be able to do so by reading this post named “10 lessons from a failed startup”. Here you have its main points:
1. Find quick money first.
2. Content businesses suck (or: do it for love and expect to lose money).
3. Know when to value speed vs. stability.
4. Set a dollar value on your time.
5. Marketing requires constant expertise.
6. Control and calculate your user acquisition costs.
7. Form partner relationships early, even if informal.
8. Plan costs conservatively and err on the side of raising too much.
9. The key to negotiating is having options.
10. Knowing isn’t enough.
One thing that shines through time and again when reading the full article is that ideals are fine but reality calls the shots. That is, you must adapt your ideals to the real world. It will never work the other way around. And yes, I know it worked for Jerry Maguire. And as much as I love that movie, that is all it is – a piece of fiction. Get real, or pick a different trade.
Post Tags: Business, Business plan, Company, Failure, Start Up, startup
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