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    Accomplishments and Lesson Learned Friday! - (August 09, 2019) Entrepreneur

    August 09, 2019

    Accomplishments and Lesson Learned Friday! - (August 09, 2019) Entrepreneur

    Accomplishments and Lesson Learned Friday! - (August 09, 2019)

    Posted: 09 Aug 2019 06:17 AM PDT

    Please use this thread to share any accomplishment you care to gloat about, and some lessons learned.

    This is a weekly thread to encourage new members to participate, and post their accomplishments, as well as give the veterans an opportunity to inspire the up-and-comers.

    Since this thread can fill up quickly, consider sorting the comments by "new" (instead of "best" or "top") to see the newest posts.

    submitted by /u/AutoModerator
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    The Wind Down

    Posted: 09 Aug 2019 07:34 AM PDT

    I'm in a significantly different place than most of you. Already built my businesses and am now preparing for a complete wind down and retirement in 6 months.

    I currently have two businesses: a very successful SaaS business and a lifestyle business I started 10 years ago. I found a buyer for the lifestyle company and should have the offer this month. My SaaS is poised to sell soon, our biggest competitor was just acquired and we were just written up in an industry report has been one of a handful of companies that will experience massive growth over the next few years, making it a very attractive acquisition.

    Currently selling the house, and by Feb, I'll be gone for good, my career over and my retired life in full swing.

    And I'll tell you, I can't wait. After 20 years I'm tired of the day to day, tired of the entrepreneurial game. Tired of working. and ready to take my profits and my reward after a life time of hustle and innovating.

    Being an entrepreneur I've had some of the most exciting days of my life and the most excruciating. Did everything you can do as an entrepreneur, created 4 successful companies, and had no boss for the last 20 years. And I changed the world, at least in my field.

    I wish you all luck in your journey. May you all have as fun a time as I have had.

    submitted by /u/foolkillercoming4
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    Entrepreneur who are shy, what it's like being a shy entrepreneur?

    Posted: 09 Aug 2019 12:10 PM PDT

    For Those Wanting To Use Kickstarter to Fund Your Project, Here is an Analysis with More Than 677,541 projects.

    Posted: 09 Aug 2019 07:09 AM PDT

    Kickstarter is a very popular platform to get financial funding to start some projects, so I think it is important to analyze the results people have obtained to be able to better profit from it.

    The data can be found here there were 677,541 projects analyzed starting in 2015 up to 2018, here is the analysis.

    Lets see what countries are the ones with the biggest number of projects:

    https://i.imgur.com/yryTpZ9.png

    Another Graph to better see all the countries involved:

    https://i.imgur.com/r1lJCMH.png

    ​

    We can see that 78% are from the USA, 8.81 from Great Britain and the rest of the countries have a really small participation on this platform.

    Each project is categorized by categories and subcategories so let's see what are the categories that contain the biggest number of projects:

    https://i.imgur.com/uPYRFdM.png

    Films, Music and Publishing are by far the biggest categories, let's take a look at the sub categories to better understand the projects that are posted here and are the most successful.

    https://i.imgur.com/yMv9d2C.png

    Now there is a clearer view of what exactly are the projects posted the most on the platform, Product design, documentaries, music, Tabletop games, shorts and video games are the one that cover this requirement.

    Now the fact that those categories are the ones with the biggest number of projects may not result in the categories with the most success, defining success as the projects with the most money collected, this point take us to the next graph, that explains what were the categories that collected the biggest amount of money.

    https://i.imgur.com/WWFhtGX.png

    ​

    The above diagram shows us that the top 5 categories that raised the most money in the analyzed period are:

    1. Product Design.

    2. Tabletop Games (board games)

    3. Video Games

    4. Documentaries

    5. Hardware.

    Some other interesting questions once we have the previous information are which were the projects that raised the most money by category?, how much did they raise?, here are the answers.

    https://i.imgur.com/zebUKK8.png

    As we can see there are some projects that raise huge amounts of money in specific categories but this does not mean that all the projects in such categories will raise those amounts, that is why we thought important to present what is the average amount a project could raise per category.

    https://i.imgur.com/r9lpeoX.png

    The above graph shows us that once we sort the categories by the average amount that was raised by category the ranking changes, the top 5 categories per average amount raised are:

    1. 3D Printing.

    2. Camera Equipment.

    3. Sound

    4. Gaming Hardware

    5. Hardware.

    Something else that it is important to know are the states of the projects meaning how many of them raised the amount they requested, how many were canceled, failed etc….

    https://i.imgur.com/qxuhle9.png

    According to the above image more than 52% of the projects fail to raise the amount of money requested and just 35% are successful.

    Are there categories where the failure rate is bigger? Or the success rate?, the following graph will answer those questions:

    https://i.imgur.com/OOraARM.png

    ​

    The category with the most failed projects is the Film and video category but paradoxically enough it is as well the category with the biggest number of successful projects.

    Which categories have the backers willing to pay the most money? Here is the answer:

    https://i.imgur.com/icrBVjK.png

    The backers with the highest average are the technology category followed by the Fim and Video.

    Something that it is important to know is how much money was asked in the successful projects and how much money was given by the packers of the successful projects?, here are the answers:

    https://i.imgur.com/jwAA9l2.png

    The successful projects on average where the ones who requested the least amount of money and in those projects the backers gave the biggest average donation/investments per backer.

    I made this analysis to find new opportunities to monetize the platform and something that I found quite interesting is that most of the IM "classic" opportunities are the ones that have the highest failure rate:

    https://i.imgur.com/oHAqIhD.png

    Happy selling

    submitted by /u/patadeperro
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    Meditation as a way to improve your entrepreneurial life

    Posted: 09 Aug 2019 06:46 AM PDT

    Dear fellow entrepreneurs,

    With the increase of mindfulness and meditation in our society I think most of us are starting to see the benefits of meditation. Scientifically there's a huge amount of benefits that are ascribed to meditation and I remember hearing Gary Vee say that meditation will be the next big health revolution. Now over the last few years I've become an avid meditator and although it sounds cliché, it's has really made a huge impact on my life. Now I'm trying to introduce meditation to others and especially entrepreneurs who, as we all know, have a lot on their plate. This post is not meant as self-promotion as I don't have anything yet to promote but I'd first like to do some research and see how other entrepreneurs feel about meditation.

    So a few questions:

    • Do you already meditate? If you don't, what's holding you back from starting?
    • What type of meditation works best for you and what does it help you with?
    • What are the biggest obstacles that you encounter when it comes to meditation? Or what are you most struggling with in your meditation practice?

    I greatly appreciate you answering and many thanks in advance.

    submitted by /u/we_had_a_sick_night
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    Going to a physical business venture after being in tech for 4 years?

    Posted: 09 Aug 2019 01:12 PM PDT

    TLDR; I'd like to further myself by going from digital e-sport sales and design, to owning an e-sports bar with 3 key components that have not been utilized in the failed attempts at making an e-sports bar successful.

    It might work, it might not. Yet I've been in the tech/gaming world for 5 years now selling ads on my social channels, designing ads, designing "revamps" for gaming channels (twitch overlays, headers, avi's, the works), and designing websites (static css) for streamers and others alike in the gaming community. Maybe not the tech industry 100% but the point being is that I've been doing it ever since I was 16 and I love it even through all the old scams that were played, and the fact that a small group of people can ruin it for the majority.

    I want to expand into the physical world of sales and services as GameStop is slowly failing and VR bars are starting to come up (meagerly) since most of the gaming community is centered around the internet, occasional tournaments with only pro players, and the cliché, "gamers are lonely". There is no place to go for these kids and adult kids alike besides maybe their local comic book shop on weekends or VR bars that only tailor to a small amount of people. (Drunk VR is not as much fun as it sounds I've heard)

    Now what if, big if, it were possible to buy a medium-large mall space (should be a buyer's market since Amazon/Shopify/etc have been taking more market share every year) and set up a competitive gaming or "e-sports" bar where people can go and sit down, have a meal and a few beers, meet up with their friends, look at the newest trends in their oddly specific community AND HAVE clean hands and bodies for the love of god.

    The three key components that will make this potentially successful are:

    1. Players can participate in a tournament of a game that is hosted on devices owned by the business. Buy ins can be $1, $5, $10, or $100 which will correlate to the cost of the business and its operating costs for running the systems. (PC/XBOX/PS4/Switch/Wii) The entry fee taken from each player before the match begins (Form of payment will be impartial), and the top 3 players, or top player, will receive a cash prize for winning (margin first applied). There would strictly be NO betting on players and ONLY monetary gain from the tournaments and the winning participants. Such as to avoid gambling restrictions and regulations. Common competitive games such as; CSGO, League, Melee, Smash Ultimate, Fortnite, Overwatch, Dota, COD, etc etc. will be utilized. 
    2. It would also act as a competitive gaming outlet for the best products that give players an edge. (Kontrol Freek/Razer/Gfuel/etc.) Where players could go and learn about sponsorship opportunities through having a social following of a medium-large amount. Discount code programs and affiliate referral programs could be signed up for through the business. (I can shamelessly plug my own design and advertising agency to help newer streamers/gamers gain a following). 
    3. Which leads to the last key feature of having already prominent streamers and YouTubers do meet and greets. (An expense to the business at first) To grab the attention of potential customers and solo gamers that want a shot at the new(*ish*) multi-billion dollar industry. Through this, "hype" is made and the early adopters will support the business up until the mid-stage where thinking too far down the road, it could be possible to sell digital codes to games as well (I know there are contracts needed from some publishers to do so)

    ...am I being ridiculous and should I just stick to the digital world? Or if this was pitched and I targeted a densely populated area, make a P/L spreadsheet, break even analysis, inventory management structure, layout and floor design, digital presence, and other 202 business attributes that are needed before an investor can be reached out to, this could become a real physical business.

    So tear it apart because I have been working on the economics of this potential business and the profit margin is slim with no optimization done and a not entirely clear market reach. I'd like to pursue this further but before I go deeper I'd advice from previous business owners since I've heard bad stories about e-sport bars failing due to the razor thin margins and lack of people visiting/lack of hygiene keeping the on edge customers away from the business.

    Thank you for your time.

    submitted by /u/mogulmagnate
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    School wants to license my tutorials. How much should I charge?

    Posted: 08 Aug 2019 08:07 PM PDT

    I have created an 65 hour graphic design course (videos) that is very professional and is gaining potential interest. It will normally sell for $190usd (once off payment).

    I have someone wanting to launch a proper college course and has approached me to create resources OR license my content (like a school subscription or similar). I don't want to make tailored resources so prefer licensing options.

    Q - I'm wondering what price range anyone could recommend suggesting?

    I'm not sure how many students they would have, and it doesn't have to be monthly suggestion - it could be price per student or any other arrangement you think works. Thoughts?

    submitted by /u/freelance3d
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    I have a goofy idea for a side business, but I'm not sure how to pursue it...

    Posted: 08 Aug 2019 07:28 PM PDT

    You know how the dates of a particular year perfectly align with the dates of a prior year? Like how 2020 will have the same dates as 1992 and 1964. I would like to produce a limited number of "retro" wall calendars and agenda books that have the dates of those previous years, but would work for the current year.

    How can I find a design for the product and how can I find someone who can print them? Is it possible to have them as a print on demand and only print what people order? Also, is this a stupid idea?

    submitted by /u/SwoleBuddha
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    Pressure Washing Business Company Charter.

    Posted: 09 Aug 2019 02:02 PM PDT

    I'm 28 and have a full time job. I've recently learned that you can make decent supplemental income by pressure washing/soft washing houses. I wanted to start an LLC and Get insurance so I can do this legally. How ever during the online registration with my states direct website, in the provisions section, it's asking me to "Enter any other provisions to be included as the articles of organizations and are not inconsistent with the law.". I've done a bit of googling for my particular area of business and am having a hard time figuring out what to put here. Can I get some guidance from any one experienced with these types of things. I literally just want a legit company so I can do a few jobs here and there without getting in trouble. I don't incision growing this into a mega company by any means.

    submitted by /u/JpSmith753
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    How did you find a developer for your app? What did you do to make the whole process smooth

    Posted: 09 Aug 2019 02:41 AM PDT

    I need to find a Mac app developer to build a small tool! I want the process to be smooth. How did you go about finding this person? What are some "gotchas" to look out for?

    submitted by /u/essexlfc5
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    Novice entrepreneur looking to go all-in

    Posted: 09 Aug 2019 12:58 PM PDT

    Hello entrepreneurs! So, long story short, a year ago I started being interested in finances, businesses etc. Completed an entrepreneurship course, went for a EU Funded Startup, abandoned it after I got accepted(because of some hidden terms in the contract). Now, a year has passed and I am stuck on this dead-end job, thinking continuously how to move forward. I would like to open a business, no-doubts at all, but... no idea what to do with little to no money. For the past 3-4 months I've been studying investments(stocks, bonds etc.), but again, need more resources. Any recommendations? Thank you!

    submitted by /u/nescu_alex
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    How good at math should I be to be an entrepreneur?

    Posted: 09 Aug 2019 12:25 PM PDT

    Basically I am terrible at math and can add, subtract, multiply, and divide. I was debating taking khan academy math from the beginning but was also wondering if that's a valid use of my time.

    submitted by /u/cinnabun814
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    I built a functional Cryptocurrency App, Now seeking to deploy .

    Posted: 09 Aug 2019 11:54 AM PDT

    Hi everyone.

    I am an AI and blockchain developer, I have built a cryptocurrency app (Soon going to package it into a mobile app), and I am holding off marketing the app for now until I become more established. It's a great idea, and I am personally proud to create it, I'm just scared that someone could "Steal" the IP or name, and market under their own name then leave me without any weight to fight it in court. I don't have the legal aspects set up (i.e an entity, or intellectual property protection) I'm now trying to figure out the best course of action to take because I don't have much money currently to pay for the set up. I'm reaching out to some investors to show the application to in order to get the ball rolling.

    ​

    What is your advice?

    submitted by /u/tycooperaow
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    Finding a Manufacturer, not a trading comapany

    Posted: 09 Aug 2019 10:25 AM PDT

    Heres a quick lesson I learned on my first outsourcing of a product.

    First thing I did to find my manufacturer was go on Alibaba and email the first 3 listings similar to my product. One got back to me immediately, gave me a reasonable quote so I took it. It wasn't until a year later that I realized I was working with a trading company. They made thousands off me and started selling the product to competitors. This almost drove me out of the game. I say almost because once I realized they were a trading company I learned a new way to find actual manufacturers.

    I immediately emailed 30 listings. Testing each regularly with questions and pictures that only a manufacture could give. If they were taking a while(more than a day) to respond I figured they were a trading company. I then submitted Request For Quotation on both Alibaba and MadeInChina.

    This lead me to find the actual manufacturer and save 20% on the cost. Hope this can help someone learn from my mistake.

    submitted by /u/Roderick_Jaynes_Jr
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    A list of Unique Business ideas that cost $0 to launch

    Posted: 09 Aug 2019 10:15 AM PDT

    Hey Entrepreneur fam! I just posted a list of unique business ideas that costs practically nothing to launch. I tried tog et out of the box with this list as I know the same ideas are circulated all the time. Figured this community could find it helpful. :)

    8 Unique Business Ideas you can launch for FREE

    submitted by /u/namaskay
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    New to social media marketing, have no idea what to do next

    Posted: 09 Aug 2019 09:59 AM PDT

    I'd like to start selling a series of self published books for adults as a side project.
    I wrote book one and am actually providing a digital version for free.
    People who read the book liked it, but I have no idea how to get it in front of people.
    So hoping to get some ideas.
    The project is http://www.boblifebooks.com
    I've watched videos on social media marketing on youtube, seems to me that I should start by using instagram, so I created https://www.instagram.com/boblifebooks
    I published the book there for free, got a few likes
    But I can't republish the same content with hashtags constantly,
    On youtube people told me to start commenting on relevant hashtag posts
    I don't mind engaging with people, but felt like it would be very gimmicky.

    Would love to hear ideas on how to promote this,
    WARNING - book contains graphic language.

    submitted by /u/IAmRules
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    Podcast Episode on How a Venture Capitalist Achieved Traction and Growth to Sell His Company

    Posted: 09 Aug 2019 09:24 AM PDT

    Hey all,

    Here's a new episode of the Traction Growth & Income podcast (https://podcasts.apple.com/us/podcast/tgi-4-the-road-to-acquisition-with-ian-folau/id1475289526?i=1000446450636) about how a current Venture Capitalist took his previous company from an idea as an MBA student to shopping it around to strategic buyers before eventually being acquired. Ian is an Army veteran, West Point graduate and instructor, and current Venture Capitalist at LMI Ventures.

    Cheers!

    submitted by /u/Hartless14
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    Website idea: Coach directory. Like job listings website, but for finding mentors.

    Posted: 09 Aug 2019 09:20 AM PDT

    Example: You are learning how to code and are stuck with a difficult problem. You need an experienced coach who can help you progress. You visit our coach directory website and find it.

    As a user:

    - Find coaches. It lists the coach offers, sorted by categories and is searchable.

    As a coach/mentor:

    - post your coaching offers

    - get clients via the coach directory website

    ​

    What do you guys think?

    submitted by /u/jamzislo
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    Currently open for investment offers

    Posted: 09 Aug 2019 01:05 PM PDT

    If you are interested in being part of a startup and/or investing in/funding one. Send me a message and we can talk details.

    Best.

    submitted by /u/horses_and_hunting
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    What do you think of this concept?

    Posted: 09 Aug 2019 08:55 AM PDT

    Sorry for the vague title, I really don't know how to put this idea in a few words.

    I would like to hear your opinions about this 'business' concept. I was browsing Facebook marketplace, looking for things to flip, and I saw multiple 'fix my slow wifi upstairs' posts. I helped out quite a few of them by advising what they should do in their situation; i.e. power line adapter, second router, get rid of extender.

    I am handy with computers and IT, I have the skills required to start up and possibly expand this business.

    I would advertise locally with flyers, posters, mouth-to-mouth advertisement, freebies to get the word around. I am pretty sure Facebook and Google have the possibility to advertise through geo location? I'm not 100% sure on that, but I'll check that out when I move on this concept.

    ​

    What do you think? Do I need to keep things in mind? I am not scared of this idea saturating. Is it profitable? Have you done something in similar?

    submitted by /u/answer4yourquestion
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    Experience in the subscription box industry?

    Posted: 09 Aug 2019 07:39 AM PDT

    I have an idea for a subscription box that I would like to pursue. I've seen that cratejoy is a common platform used to start off. Is this the best way to go? Or should I go about it on my own? I don't want to take the east way out and lose profit using another website but if cratejoy is really that advantageous then I would lean towards that approach. Any tips/recommendations for a subscription box would be greatly appreciated!

    submitted by /u/BlasX1020
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    Does your personal credit score matter when creating a business savings account? I am in NYS

    Posted: 09 Aug 2019 07:38 AM PDT

    I have a decen amount of personal debt from starting my company. Not sure if theres a min credit score. But does my score effect ability to get account. I have another account but want a chase account.

    submitted by /u/thanksfortheride
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    Why Haven't You Started Your Side Hustle Yet?

    Posted: 08 Aug 2019 03:12 PM PDT

    I'm doing market research (as part of the copywriting process) for a client who helps people create their first working side-hustle.

    Thought I'd tap into this amazing community to get some feedback direct from the horse's mouth.

    So, what's held you back from fully committing to a side hustle?

    submitted by /u/Chris_Laub
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    Are most of the IG and YT Entrepreneurs scam?

    Posted: 09 Aug 2019 04:47 AM PDT

    So , I've been wondering lately if the guys like Tai Lopez , Dan Lok & other entrepreneurs are just ordinary scammers and not the serious businessmen. They sound more like motivational speakers and are constantly bragging about stupid mindset things , self confidence etc. And they're earning money of their fairy tales by selling tons of bogus online courses for high prices. I want to know what's your opinion on this topic so be free to write it down. Also , I don't believe all entrepreneurs are hoax. In fact , I've came across some good mentors who're posting really useful content that helped me a lot and they're mostly doing it for free or for a small price.

    submitted by /u/lorddargis
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    Any ideas for a weekend business?

    Posted: 08 Aug 2019 06:18 PM PDT

    I am tied down M-F because of college and work. But I wanna do something on the weekends preferably manual labor. I just can't think of anything, it seems like every idea I have theres 20 businesses that have already though and implemented it.

    submitted by /u/Enes_24
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