Startups Don't Quit Your Job to Start a Business |
- Don't Quit Your Job to Start a Business
- What do I do with my Startup if we can't raise money?
- How to validate your startup idea
- What steps to start a startup with a US Co-founder as an H1B visa worker in the US?
- Any standard practice on circulating money back in the business
- Where can I read about emerging startups?
- Is a third founder an option to overcome my weak areas?
- 3rd Party Provider Recommendations for an In-app messaging center?
- Prototype help to manufacturing
- How to voice tender bid if sole ownership of consultancy?
- Swapping incorporation
| Don't Quit Your Job to Start a Business Posted: 05 Aug 2021 08:02 PM PDT Update: I feel this post has triggered a lot of people due to the random DMs and some negative comments I'm getting. I just wanted to share my experience for other young/aspiring entrepreneurs, I know it's an obvious lesson but sometimes obvious things become taken for granted. If you have anything negative to say, at least leave some advice on how you succeeded in your business. Hi everyone, I've been feeling down about things lately, so I wanted to get it off my chest in a way that aspiring entrepreneurs could take value from, in support of their own journeys. I'm 22 yo. Since I was 12 I've dreamed of building my own business (I was exposed to many biographies as a child which influenced me). On my 18th birthday, I set-up an ambitious master plan to become a CEO before I reached the age of 30. I wanted my life to be full of adventure and exciting new challenges, I wanted to be the 21st century equivalent to Napoleon and other great figures who achieved greatness at a young age. I was naive and didn't understand the term 'outlier'.... I decided to get a degree in Physics, not necessarily because I was good at it, but because I thought it could help me build the company I dreamed of building. I somehow graduated top of my class (and even skipped a year). I then realized that I had to be good at selling & marketing too, so I went to work for a company who were hiring for Graduate Marketing reps. Within 2-3 years, through pure luck, grit and a bit of hard work, I got a position as a top Director at an incredible company. Then I decided to suddenly quit my job shortly after, because I was a bit arrogant and I thought I had what it takes to go off on my own. I considered doing the 9-5 and then focusing on biz after 5, but when you're director, you get drowned in work and lose work-life-balance. So it seemed like a logical decision to just quit and start something. Fast forward 1 year later, despite learning a lot, my startup is nothing but a selfish dream in my head with no product-market-fit or market to serve. I can't even go back to a good career because employers/recruiters say that my startup experience has tainted my CV and believe that I'll suddenly quit. Now I have to find a job as a junior rep, grinding it out again to get promoted so I can make a decent living before restrategizing my startup plans (recruiters are right, I'm not giving up). Lesson? Don't quit your job unless your startup/product/business is making enough money for you to afford quitting. Or just plan things out smarter than I did. It's an obvious, common-sense lesson, but common-sense can be uncommon practice. [link] [comments]  |
| What do I do with my Startup if we can't raise money? Posted: 05 Aug 2021 06:18 AM PDT I have been working on my Startup for 4 years and we've proved the concept with trial customers. The company has been bootstrapped, using money from the Founders full-time contracting. To make any kind of wave on the scene, the company needs an injection of cash to do some marketing. We've a pitch deck complete but can't seem to raise angel investment. The product is hardware and is certainly innovative in it's industry. I don't want to close the company having put so much hard work in to it. What can I do? (UK based) [link] [comments]  |
| How to validate your startup idea Posted: 05 Aug 2021 09:40 AM PDT You've been sitting on that idea for a while. That idea that can change the world. You keep wondering what if. What if I don't try this. It drives you a little nuts. You have to give it a try. You have to build this thing. But you don't want to spend a bunch of resources building something no one wants. Here are some simple steps to lower the chances of doing that and instead making sure you give this thing your best swing.
If you feel like it's doing good, congrats! You know this is something people want/need. Now you can slowly add features that your enthusiastic users want, and that will actually make the product more awesome. Good days are ahead 🙂 If you feel like it's not doing good, give yourself a pat on the back. You had the guts to give this thing a try. Now you aren't wondering what if. You learned a great deal of things. The next swing you'll take will be more accurate. Good days are still ahead 🙃 Remember, it's all a game of trial and error. You have to pace yourself through the good and bad. You have to remain optimistic and persistent. You have to keep trusting that good days are ahead. May you find greatness in your endeavors 🙏🏞 [link] [comments]  |
| What steps to start a startup with a US Co-founder as an H1B visa worker in the US? Posted: 05 Aug 2021 09:24 PM PDT I did a lot of research and came to the conclusion that the only way to start a company and work for it in the US is through having an American Co-founder (is that wrong ?) Currently, I have a very high-paying job in the tech industry that I really love, but I soon want to take the proverbial "leap" and start my own venture. I have a US Co-founder to do this with. What steps would you advise me to take next, to make a successful transition from my current job to the startup, minimizing the risk of getting deported in the process? Obviously, a lot of it depends on the idea and the kind of funding that it can attract, etc, but this question is more from the legal logistics perspective. So assume that the idea is solid. [link] [comments]  |
| Any standard practice on circulating money back in the business Posted: 05 Aug 2021 10:17 PM PDT This might depend on entrepreneur or the situation. But want to hear out from the group, if there is a magic formula they are using in their startups. For e.g. You have 100 Rs left after paying tax 50 Rs goes for operating expenses. 10 Rs - For R&D or spent on adding future growth sales/marketing channels 20 Rs - Buffer for risks (cash in hand) etc. Thank You! [link] [comments]  |
| Where can I read about emerging startups? Posted: 05 Aug 2021 07:51 AM PDT I'm joining a startup soon and want to learn more about the startup world, but I haven't yet found a place where I can read about current emerging startups. Is there a subreddit or another forum or Discord server where I can see discussion about startups at different stages (e.g. "X just raised a huge series A/B/C... what are your thoughts?")? [link] [comments]  |
| Is a third founder an option to overcome my weak areas? Posted: 05 Aug 2021 08:11 PM PDT I really appreciate this sub and the number of people willing to share their experience, joys, and fears with others. I have conceptualized an app that will benefit people as they age. I am a social worker with a diverse array of experience, including implementation of Electronic Health Records to improve health and chronic disease management. My strengths are research, validation, and program development/management (non-tech). These things will come in handy with program design, ux, and marketing. I have considerable management experience in the charitable sector. I am in an accelerator in my state and I am participating in Y Combinator's online startup school. My lack of experience in the for-profit world and world of equity funding is becoming very evident. I've been working on getting potential customer feedback and the results are very positive. I've been looking for a tech co-founder and have some prospects. However, the more I learn, the more I realize I have a role in developing this project, but I am likely not the very best fit to run the show. What are your thoughts on bringing on a third founder who understands the funding and has for-profit business acumen? I have passion and tenacity but I know I am over my head. (PS: I would be looking for someone with an honest interest in serving the elderly, including those with cognitive decline.) [link] [comments]  |
| 3rd Party Provider Recommendations for an In-app messaging center? Posted: 05 Aug 2021 04:11 PM PDT Hello, I'm working with a SaaS company that allows vendors to interact with their guests through an in-app messaging center. Each vendor should only get routed messages from their guests. Imagine Zendesk, but, less sophisticated. Instead of building the technology internally they'd like to find an embedded in-app messaging center. Those I've seen charge 7cents per MAU which is pretty expensive per guest ticket or email. Anyone have any recommendations?! [link] [comments]  |
| Prototype help to manufacturing Posted: 05 Aug 2021 05:56 AM PDT What's the best way to make some prototypes or have some made? I have the idea in my head and I could crudely draw it out. I can explain it in full detail pretty good. How do I do this and not just give out the product to just anybody? Last, where do you find manufacturers? This product would deal with carbon fiber and perhaps magnets. Any help is greatly appreciated. Located in the US if that helps any. [link] [comments]  |
| How to voice tender bid if sole ownership of consultancy? Posted: 05 Aug 2021 04:52 AM PDT I'm applying for a tender that requires CV, cover letter and executive summary. They need a consultant. I have my own one-man-show business and, being the first bid, I'm a bit stuck in details: do I write the letter and summary as 'I' the consultant or as 'we' (I, the company, and maybe collaborators if they are needed)? So far I wrote the letter from 1st person sg, since it's mostly about my skills and experience, and the summary from a 'we' perspective. Thoughts? [link] [comments]  |
| Posted: 05 Aug 2021 09:23 AM PDT Say we incorporated an LTD in one of EU countries with vesting contracts for all employees. How difficult from perspective of law would it be to now re-incorporate in the US? Literally moving the company and all its quity distribution 1:1? Anyone has experiences here? [link] [comments]  |
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