[Boards: 3 / a / aco / adv / an / asp / b / bant / biz / c / can / cgl / ck / cm / co / cock / d / diy / e / fa / fap / fit / fitlit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mlpol / mo / mtv / mu / n / news / o / out / outsoc / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / spa / t / tg / toy / trash / trv / tv / u / v / vg / vint / vip / vp / vr / w / wg / wsg / wsr / x / y ] [Search | | Home]

Entrepreneurs: when to quit?

This is a blue board which means that it's for everybody (Safe For Work content only). If you see any adult content, please report it.

Thread replies: 21
Thread images: 3

File: 1400253586099.jpg (1013KB, 2327x2980px) Image search: [iqdb] [SauceNao] [Google]
1400253586099.jpg
1013KB, 2327x2980px
Hey guys,

I'm in a rut there.
I've been working on my business for 4+ years. That's a long time. We've had a rough patch, despite a great start, we're not modestly profitable (still a small team).

We created this right after college, so we were complete NOOBS and made shit tons of mistakes.

Here is the thing: I'm CONVINCED our startup hasn't reached 10% of it's potential. All of our metrics are good, except we don't have enough users (around 100k only, we're targeting 1M).

I'm just a bit burned out by this whole thing, but at the same time I refuse to give up. I'm quite stuck and not sure what to do. I'm considering raising an addition round so we can finally move faster (and make the moral better).

Any entrepreneur here who's gone through the same thing? If you quit, when did you quit? Do you regret it?
>>
>>989717
bitcoin BAUWHUA FUCK BITCOIN BUY RIPPLE BEFORE THE BITCOIN CRASH http://www.coindesk.com/microsoft-hints-future-ripple-blockchain-toolkit/

came out 4-5 horus ago
>>
If you quit what will you do? Get a full time job and become filled with regret at your comfortable yet unfulfilling life? Or Will it pave the way for you to become financially stable enough to support a family?
>>
>>989720
That's both a blessing and a curse, but I'm convinced I could easily get a high paying job (like product manager in high tech startups).

I do want to have a family, I'm 29 so I'm not in a rush though.

Yeah I'm worried about having regrets, that's a feeling I've never had so far since I started my business right after college. It must suck to work in an office and think about starting your business all the time.
>>
>>989717
It took me 10 year to make any kind of good money anon. I started with 3 guys for 3 years, then 10 employees by 5 years. I'm in year eleven right now with 40 employees. I'm able to pay myself $400k a year and the only debt the company has is the loans of the vehicles.

Keep pushing.
>>
>>989737
That's inspiring.
Honestly, I feel so ashamed every time I say "I've been working on this for 4 years". Because whenever I check other startups, they have tons of employees by year 2 and we're still 4 people...

I have the feeling I HAVE to keep pushing anyway, although it's fucking hard sometimes.
>>
>I'm just a bit burned out by this whole thing, but at the same time I refuse to give up.

This is how I was with trading. I started when I was 19. I was a high school drop out and had nothing else to look forward too. I was living in a trailer outside town trading for different arcade shops I found online for futures. Never lost money trading, but got burned by scammers and other things. Never had enough money to open up a retail account. I just kept going really. I was either going to make it or kill myself by 25 I told myself every day. I finally caught a break when I was 22 (about a year and half ago). I got a job driving for Uber in the city to make money and met a guy who managed a CTA and I was telling him how I've been trading for 2 years. No big money, but I've managed to breakeven. At least I'm not losing money. He gave me his business card but I never thought much of it. One day decided to email him and he remembered me. Invited me to his offices and I kind of just shadowed/unpaid internship guys around for a few months. Eventually got a job there as help desk/janitor and they taught me a lot and sponsored me for my Series 3. After that, they hired me. I just run orders, nothing special, the pay is still shit, but I love my job.

Perhaps you should get a job or something outside of your start up to inspire you and motivate you to keep going. You may meet new people that become a big part in your success. Makes me think of the Big Bang Theory Episode where Sheldon gets a job at the cheesecake factory to crack that theory he was working on.
>>
100K is nothing to sneeze at, you honestly sound like you need a little bit more marketing exposure.

How do you promote the business?
>>
>>989746
Believe it or not, most of our users (we have an app) come organically. We got 98% of our downloads without paying (2M+ downloads total).
>>
>>989717

The most important thing about being a newbie is making mistakes. I'm 25 and I've been running a web hosting company now for 3 years. At first it was a nightmare but after trial and error things got ironed out and it's become enjoyable.
>>
>>989717

I've created 3 businesses:

The first failed within two weeks
The second did pretty good, but not great
The third (I'm on it now) is making thousands a week, and I am excited about it

I think if a business has not made you money in the first year, it's time to let it go.

It took me a little while to realize that there is what you want to to and there is what the world wants, and these two rarely overlap.
>>
>>989947
What you dealin' with, bruh?
>>
File: Snow-Kick-Japan.jpg (177KB, 560x373px) Image search: [iqdb] [SauceNao] [Google]
Snow-Kick-Japan.jpg
177KB, 560x373px
Your product is not good enough.

Rule number one, more important than all your funding, office culture, "growth hacks", guerrilla marketing, and especially regular marketing is making a product that your user LOVE and cant stop recommending to their friends.

Think about it. This is the only thing that all the great companies have in common.

You need to build a "product improvement engine" in your company, or vastly reform your existing one. figure out what parts are sub-par, and then make your product better. Then do it again. This cycle should be the number one focus of the company, and it should drive everything else. If you improve your product 5% every week, it will really compound.

Get Feedback from your users. Find some in real life and watch them use the product. Think of ways you can improve it for how THEY use it.
Sit down and measure some new metrics.
making improvements to your product.
split test those improvements on A/B user groups.
If the product is improved, keep it, improve some more and test again.

Understand your users better than they do themselves. listen to what they say as well as what they do. Read between the lines.
>>
>>989947

How did your first business fail in two weeks.
>>
>>990010
Most likely reason was capital shortage. Its the most common reason for business failure. First go around most people really underestimate their expenses, and initial costs. Or missed some critical piece of the puzzle that was super expensive.
>>
>>989752
>Believe it or not, most of our users (we have an app) come organically
then >>989746 is right...
>>
>>989947
the first year was used to build our product..
>>
>>989717
There are a lot of people who are going to tell you that what you're doing isn't worth it. You'll also get a lot of people encouraging you to keep pushing through this business and that it will pay off in the end, but the truth is none of us know what your business really is like and either set of advice is likely to be bad advice. I honestly think you already know in your heart what decision you really want to make, but you're staying this thread to get some back-up because you're second guessing yourself. Only you know what's really the right decision in this and it's going to take some soul searching. Once you make that choice take the time to really get your mind right. That having been said, take a fresh look at your business and even have someone who isn't familiar with it assess it's value to the end user. Instead of starting something new from scratch, take the framework and user base you already have and salvage all that hard work you've put in over the last four years.
>>
>>989947
Depends on your model.

For a lot of new products and tech, it can take a year or two to get the product developed. That's why it's really important to have appropriate capitalization and don't end up going broke before you've released your thing.
>>
OP
Quit, but learn from your mistakes and start another business. Rinse and repeat until your swimming in shekels
>>
>>989969

tile + grout

>>990010

After college a buddy and I started a moving company. We didn't really think anything through, we just started putting flyers all over town and advertising. We put right in the ads that the person would only get the help of me and my buddy, and that they still had to rent the truck. Every hour with me and my buddy costed them $30. So each of us would get $15/hr.

Well every call we got was, "so when you guys gonna bring the truck". And I was like, "well sir you still have to rent the truck yourself". I lost like every single call. After looking around I realized that there were companies charging like $50/hr that included 2 guys and a truck. I had no money for a truck, I was ininsured, and could not compete.

So basically it was a quick little idea, and within just days I realized it was stupid and shut it down.

>>991300
yeah, tech may be different, I really could not say about the profit potential with you. Sticking in there may be worth it. But I prefer businesses that can start making income right away.

>>991566
See I like to give the public appetizers before I go full tilt on anything. Even in tech, I would try to give some small samples/demos to a few hundred people and guage responses before pouring thousands into some "world changing app"
Thread posts: 21
Thread images: 3


[Boards: 3 / a / aco / adv / an / asp / b / bant / biz / c / can / cgl / ck / cm / co / cock / d / diy / e / fa / fap / fit / fitlit / g / gd / gif / h / hc / his / hm / hr / i / ic / int / jp / k / lgbt / lit / m / mlp / mlpol / mo / mtv / mu / n / news / o / out / outsoc / p / po / pol / qa / qst / r / r9k / s / s4s / sci / soc / sp / spa / t / tg / toy / trash / trv / tv / u / v / vg / vint / vip / vp / vr / w / wg / wsg / wsr / x / y] [Search | Top | Home]
Please support this website by donating Bitcoins to 16mKtbZiwW52BLkibtCr8jUg2KVUMTxVQ5
If a post contains copyrighted or illegal content, please click on that post's [Report] button and fill out a post removal request
All trademarks and copyrights on this page are owned by their respective parties. Images uploaded are the responsibility of the Poster. Comments are owned by the Poster.
This is a 4chan archive - all of the content originated from that site. This means that 4Archive shows an archive of their content. If you need information for a Poster - contact them.