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    Saturday, August 11, 2018

    Startups I have a hobby that makes a profit. The problem is that it only makes around .50 cents per sale. Should I pursue this?

    Startups I have a hobby that makes a profit. The problem is that it only makes around .50 cents per sale. Should I pursue this?


    I have a hobby that makes a profit. The problem is that it only makes around .50 cents per sale. Should I pursue this?

    Posted: 11 Aug 2018 12:43 AM PDT

    Hey guys, I make "kits" that I buy the individual parts for from wholesalers, and portion them out into smaller sized "kits", than sell them for around a $1 profit.

    Depending on the kit, they can cost me just under $1.00 (~.90) to around $2.30. I usually sell them for around a dollar more.

    At that price, I am happy with my profit. But I do not sell much. I want to move to a bigger platform like Amazon, and retail markets. Doing this, I would have to drop my price to stay competitive, and the profits would be as low as .30-.50 per unit.

    In total, a bulk purchase will cost me around $175, and my returns will be around $50 in pure profit.

    Seems like a small gain, so I am hoping to hear from others who sell items at low profit, and get some advice from them. I have no idea how well the product will sell on Amazon, or in retail stores. But they seem to sell well when I am selling them in person.

    submitted by /u/qwertyqyle
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    If you don't have an idea, you only *think* you want be a founder

    Posted: 10 Aug 2018 10:01 AM PDT

    So many people these days seem to be using a startup as means of finding purpose--or in lieu of finding purpose. Which is why so many people think or say, "I want to launch a startup but I don't have any ideas!" I think they're wrong.

    If there isn't a specific purpose you're trying to fulfill with a specific idea, don't start a startup. You don't even WANT to start a startup... you just think you do.

    Think of choosing to launch a startup (as the catalyst for your purpose) as selecting a platform for distribution or marketing. At some point, you may need to make that call, but you should probably have a product or a message that you need to disseminate and some goals before deciding on the platform you're gonna use.

    If you don't know what your purpose is, using a startup as a means of finding it is a really bad move.

    Finding purpose is an iterative exercise. It requires experimentation and adaptation. A startup is a pretty huge commitment that prevents you from iterating on your purpose. Yes, you can pivot or change strategy, but only in a pretty limited way if you're committed to staying a startup. If you're focused on the platform instead of the purpose, you'll probably fail at both.

    So why do you think you want to start a startup?

    It's not just because of all the glamorous stories. It's also because startups are a pretty general concept, and we constantly hear stories about all these people from nowhere who built an amazing company. So it's easy to envision ourselves as the head of a huge startup, even if we don't know exactly what it does. And it feels like it's almost a single gateway towards our dreams. A silver bullet of sorts. It lets us be lazy in our thinking, because all we'll need to do to succeed is be that amazing founder. It's a one-step method towards success, and we know it's not easy, but it's conceptually simple.

    Simpler than thinking through the actual steps we'll need to take to get to where we really want to go. When there are several steps involved, realistic thinking may feel further out-of-reach than startup dreams--even when it's much more likely.

    Maybe you just want to be your own boss. Maybe you're just dreaming of greener pastures. Maybe you actually are an entrepreneur in the making. But if you're hunting for purpose, starting a startup is a stupid way of finding it. Be more strategic, and put yourself in a better position to be flexible when you discover you were wrong about your purpose. Otherwise, you're simply introducing more bias into your life by creating another commitment that your ego won't want to give up on.

    submitted by /u/amosschorr
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    How can I determine whether a VC firm is genuinely interested in my startup for investment purposes? I have a story.

    Posted: 11 Aug 2018 12:12 AM PDT

    A while ago, I had scheduled an initial conference call with a VC firm. It was not one of the partners who writes the actual check, but I assume it was an 'associate' who takes the first call and determines whether the startup passes the firm's checklist. The conference call lasted well over 1 hour and was very thorough. It included dozens of questions, one right after the another. No room was left at the end for us to ask questions. During the entire duration of the call it was difficult to read whether the 'associate' was even genuinely interested.

    My experience with other firms is that their first call was never that thorough or specific in their questioning.

    I did learn that the firm has a portfolio company that operates in the same industry as we do. Somewhat close enough to be a distant 'indirect competitor' (maybe even possible partner), but not enough to make a difference today. Still worth noting though.

    Before they schedule the next call, they asked us to send quite a few more specific company documents regarding of our work (beyond the typical pitch deck and business plan - because that was already sent). I know it's impossible to prevent the discussions we have and the documents we share with VC's from ending up in the hands of their own portfolio companies or competitors; However, the primary question here is:

    How can I determine whether a VC firm is genuinely interested in us for the purpose of an investment, and not just for 'brain draining' us?

    submitted by /u/pokemon_yo
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    I’ve gotten tired of my startup companion and it’s ruining my motivation for the company.

    Posted: 10 Aug 2018 01:26 PM PDT

    About a year ago I and another person I knew made a startup together, it went awesome! A year later however, I struggle to find motivation for working on the company.

    I've realized it probably is because I've lost the chemistry I once had with my partner. My partner seems to think about it more as a formal business rather than a fun exciting project most of the time nowadays, which I don't.

    I am still very confident and engaged in the idea and how the company could go further. But my partners approach makes it more of a burden for me rather than a fun adventure. How do you recommend me solving this? Having a talk with my partner? Showing my own excitement in the project? Adding another more engaged partner to the team? Would absolutely love to head your thoughts and ideas!

    submitted by /u/yobro2
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    Confused between startup & job. Need Suggestions.

    Posted: 10 Aug 2018 01:36 PM PDT

    Hello everyone I am (23 year old) looking for advice & suggestions. I m not good at English so please compromise with it & forgive me.

    I am dropped out from college in 3rd year (2016) due to bad at study that time I meat with a senior who have startup idea.

    That time I wasn't know anything startup and I was just looking for job and decide not to continue study anymore.

    We were 5 guys , me and others 4 are my seniors (4 year seniors) they are passed out from same college. So I decide to work with those guys just for learning new things , I was not expecting anything else ...Just learning.

    That time I was getting pocket money from my parents. I belong to a middle class joint family so there always money problem in my family.

    Startup team (5 guys) work & live together. Everyone was managing their self expenses.

    Team was not good & "not hardworking". Everyone is just doing some work & chill most of the time. After 7 or 8 months 2 guys was out of cash and they stop paying the expense.

    2 guys was left startup & start doing the job. So now we are team of 3.

    I was learning things with time - like digital marketing, graphics designing, web development ... I was just learning things for kill the daily tasks.

    Now we decide to work as travel company no more work on idea. We start getting good money . But due to less effort and hard work .. we come back on same condition again "no money".

    Now Our lead want to start work again on same idea. I know idea was good and still good and I believe it have to happen by us or by someone else. But the problem is these guys are not hard working.

    I feel emotionally attachment with two others guys , we are good friends.

    The condition is now ...We are going to work again on idea with new planning or I have to left these guys and start a job. From last 2 week I totally depressed... It's really hard to decide ...Work again on idea or got a job.

    You can ask question if I miss something here. And sorry again for my bad English.

    Thank in advance guys. Hope you guys help me.

    submitted by /u/sktipwr
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