I sold my start-up for 7 figures to a public company and got screwed Entrepreneur |
- I sold my start-up for 7 figures to a public company and got screwed
- Are We Entering the Age of Remote Work?
- Profitable Skills to Learn Online in 2021?
- Starting a business. What books to read?
- 9 Bootstrapping Lessons from my Interview with Arvid Kahl
- Feelings on the IRS and Paying Taxes
- Where to find developers for a start up?
- Health Insurance?
- I want to start a Japanese candy business
- Those who used to have a full time job, you remember what made you start thinking about entrepreneurship?
- I am confident in my idea but now what?
- How do you keep your MINDSET right as an entrepreneur?
- Mushroom Farming?
- What tools/software are you using for cash flow management?
- Computer Science or Engineering?
- ♾ InfinityDOT just got audited by Techrate, listed on Cmc and Coingeko and touched 7MM Marketcap in just 5 days from launch! Exchanges already sending in their offers!!!
- (Serious) Business owner, how did you start?
- Retention benchmarks: Is 40% retention for a subscription service (like Blinkist/Audible/Netflix) good?
- Auto Detailing Business - What can be done different?
- Interview with a successful entrepreneur?
| I sold my start-up for 7 figures to a public company and got screwed Posted: 24 Nov 2021 05:22 PM PST I stated a company on a shoe string budget and within 8 months we licensed are main product to a public company. Part of the package was our software, product and logistics. In addition, they had first right of refusal on other business we signed up. Long story short, they strung us out for over a year with numerous excuses as for the delay in launching the product. We put all our eggs in one basket and helped them set everything up on their end and train employees. As time dragged on communication became non existent. Neither party ever canceled the 5 year contract. Around year 4 I noticed they started advertising our product. When I contacted them for an update they acted like they never heard of me. I sued them, but could not continue they lawsuit as they drug the case out and I could no longer afford the cost to compete with a large public company. I learned a lot. I guess I have the most expenses MBA in history. Our [link] [comments] |
| Are We Entering the Age of Remote Work? Posted: 24 Nov 2021 10:19 AM PST Something the COVID pandemic has made apparent to me (as I'm sure is apparent to anyone else paying attention to cultural trends) is that, long after this pandemic is over, remote work and the demand for remote work conditions will remain. Not just remain, but continue to expand and potentially redefine the idea of working as we know it. The traditional picture of work as going to an office or a working space might one day become obsolete, for all we know. Some of the far-reaching benefits I see, thinking from the point of view from an entrepreneur, are more efficient operations at a much smaller cost. The expenses that come with renting and maintaining office space with amenities are virtually unnecessary, and the money saved can go towards more beneficial initiatives such as higher pay scale, increased funding for employee benefits, investing back into the business and its growth, etc. The challenges inherent to using online team-hosting platforms like ClickUp, Slack or Monday.com are (hopefully) being ironed out so greater efficiency and greater accountability can be sustained in a virtual workplace. Finding employees/team members/contractors is a pretty limitless task, as the talent pool to look from is, quite literally, worldwide. I think it's a ripe time for entrepreneurs and people dreaming of having their own business to establish it as a fully-remote enterprise at a cost-effective angle, and removing a considerable number of barriers that once may have prevented people with little capital to start their own business. How does everyone else feel about the opportunities on the horizon? Do you think remote work will one day eclipse and replace what we know as traditional working environments/practices/etc.? For any entrepreneurs/business owners in the subreddit, what are your experiences migrating to part- or fully-remote work? Is it more advantageous over having a brick-and-mortar location or an in-person staff? Does anyone have a different perspective? Are there still hurdles that might make a fully-remote company less than ideal? I'd love to have some discussion on the topic! [link] [comments] |
| Profitable Skills to Learn Online in 2021? Posted: 24 Nov 2021 06:39 PM PST I have a lot of free time at my day job where I end up spending a lot of my time at my desk with nothing to do. What are some profitable skills I can learn on my own online during my downtime? [link] [comments] |
| Starting a business. What books to read? Posted: 24 Nov 2021 11:03 AM PST As the title says. Books that would give wisdom and knowledge when trying to find a business model and/or starting one! [link] [comments] |
| 9 Bootstrapping Lessons from my Interview with Arvid Kahl Posted: 24 Nov 2021 03:35 PM PST The cool thing about having an entrepreneurial-related podcast is that I get to speak with very knowledgeable people inside the startup and bootstrapping world. Arvid Kahl is a multi-talented business professional working as an expert software engineer, a successful entrepreneur, and an energetic writer. And here are the 9 lessons I got from our interview: 1- Go for an Audience First ApproachThe audience-first approach is a much more effective way of gaining success in your venture. It involves finding a niche or a problem prevalent in an existing target market and creating a product for it. It is imperative that you understand whom you are creating products for, what their critical problems are, and how your product can solve those problems. 2- Listen To People Rather than AssumingEvery bootstrap founder needs to research the market before starting the project. You should carefully listen to what the people say rather than making assumptions about their needs and preferences on your own. 3- Look Around your Circle for IdeasIn our chat, Arvid shared a great exercise to find potential products you want to build: Start by looking at your own expertise and skills: What is your background? Do you have any hobbies? What is unique about you? Then look around in your family and social circle: Is there any problem in their lives that you could fix with a product/service? Write down everything you discover and rate them based on your interest for the topic and the potential of the idea. This practice can also help you to identify an audience and a potential market opportunity. 4- Serve People You can Relate ToChoose a target market or a community of potential clients that you understand and can relate to. A new, unexplored set of people are hard to cater to as a company. 5- Become an Adaptive GeneralistBecoming a generalist means having knowledge of multiple disciplines rather than sticking to one specific expertise. Use the diversity of skills to intersect and face the challenges that come your way. 6- Understand the Downsides and UpsidesIn a bootstrap venture, you must understand that there are no guarantees of success. You may lose everything you have. There are several risks and stresses that you will be exposed to. On the upside, you will have all the control of the company. You can hire whomever you want, do whatever you want, and sell the company as per your own decisions. There will be no massive debts and no one to share your profits with. 7- Be PatientAn entrepreneurial venture does not become successful in a day. It can take months and even years. You can only hope to get sustenance and keep working hard till the profits start soring. 8- Personalize Your BrandPeople relate better with people rather than brands. Give your brand a human identity, like your own self, to make it more attractive for potential clients. 9- Consider Your Failures as AssetsFailures are part and parcel of entrepreneurship. Instead of burying them in deep sand, make them a learning source for your future endeavors. This was just a short overview of what Arvid said in the interview. If you found these tips interesting I really advise you to listen to the full interview. [link] [comments] |
| Feelings on the IRS and Paying Taxes Posted: 24 Nov 2021 05:46 PM PST I am in South America and there is a mix of fear and loathing of the national tax authority where I live. I have always wondered if this is a local thing or an almost universal feeling no matter what country you are in. [link] [comments] |
| Where to find developers for a start up? Posted: 24 Nov 2021 01:58 PM PST A friend and are looking for additional founders for a startup we are working on in the financial tech industry. My background is sales / marketing with an undergrad in information systems. My business partner is in finance & communications. We both have worked in the fintech industry as our side hustles and have had huge success but we are interested in branching off. What is the best route to take to find quality developers for a startup? How would you go about compensating them? We currently are running a lean startup method and my partner and I have funded this venture from our personal capital. As we are an established corporation would it be okay to pay them in stock grants if they were open to it? The Application development team would be working on integrating the following: App development requirements iOS touch and Face ID Facebook,Apple. Google sign in Integration Core animations and graphics App submission App Icon Development Slash Screen Ad Network Integration Include Source Code Push Notifications Google Firebase integration Backend development & integration Backend API integration Testing and deployment Features related to app Backend API development Android App Development iOS app Development Website Development Any useful insight or if you could help point us in the right direction would be helpful. I'm aware I can go out and hire someone off of upwork or fivver but we're looking for someone who understands the tech side on a more technical level and would like to be apart of this long term. [link] [comments] |
| Posted: 24 Nov 2021 06:56 PM PST I'm ready to go fulltime with what has been my side huddle for years and years. The only thing keeping me from quitting my fulltime job is the benefits. Can anyone help point me in the right direction for health insurance options? How do I go about buying it on my own and what are the best options? [link] [comments] |
| I want to start a Japanese candy business Posted: 24 Nov 2021 12:42 PM PST First of all, hey, my name is Wesaam from The Netherlands (excuse my English) I've always wanted to start my own business selling candy internationally. Japanese candy to be exact. The reason why is because i really love Japan and some snacks are very interesting. Not a lot of people sell Japanese snacks in my country and I decided to be one of the first to sell these types of snacks. The thing is i really have no idea where to start, i also barely know anyone from Japan. Is it going to be profitable? How much money should i start with and how do I promote my business? I'm also planning to document my journey. Any help will be deeply appreciated. And I'm down to hop on a discord call for more explanation. [link] [comments] |
| Posted: 24 Nov 2021 06:39 PM PST I know most of us here were raised to believe that we had to get good grades and work for someone else until retirement so we can get that gold watch at 65 or 70. I'm just curious how people started thinking about cutting the umbilical cord of employment and went off on their own. I'll start. Like most people out there, I was raised to get good grades in high school so I could go to a good university and get good grades there so I could find a good, safe job and work there until I retire. And I did just that. Graduated as one of the top of my class. Went to engineering school. Got my engineering degree. Got a job at an engineering firm. Got recruited to an even bigger engineering firm. Everything was going great. At this really great engineering firm, I went in with another guy that had almost identical resume as I did. Same age. Same everything pretty much. Just different race. He's white, I'm asian. After a few years, there was an opening for promotion. I got the promotion and became his boss. Here's the kicker. With the promotion, came with certain knowledge that I didn't have before. And one of them was people's pay. Turned out when that other guy came in with me they offered him a much higher pay than me. So much higher that my pay bump from the promotion I was still making slightly less than him. When I found out about that, I started trying to come up with an exit strategy to get out of this corporate game. Statistics say that asian americans on average make a lot less than their counterparts. Who knew I would fall right into this stat? It took about 6 years, but now I own my own business and no longer have to rely on begging other people to get paid fairly. Nowadays, I get paid on my own terms. And my business is currently paying me about 4 times more than I ever made as an engineer. So, I guess the not being paid fairly was a blessing in disguise. Edit. I'm kinda a younger version of Andrew Yang. I might run for political office in the future. [link] [comments] |
| I am confident in my idea but now what? Posted: 24 Nov 2021 05:46 PM PST I don't have alot of seed money. But I worked in my target industry for most of my life. I KNOW this can be a profitable idea. I don't need or expect to be a millionaire but I have kept this idea close to my chest. Aside from going back to college at 36 (for a business or marketing degree) don't know what my next step is...do I try to generate funds? A prototype? A sales base? I know there is a need and willing market but I am paralyzed by what to do next. Is there literature? A resource? A funding process? I have the idea...what next?! [link] [comments] |
| How do you keep your MINDSET right as an entrepreneur? Posted: 24 Nov 2021 01:44 PM PST Daily as an Entrepreneur we face lots of challenges and failures. While somedays when I am motivated or my MINDSET is good, I can face any challenge, criticism and failure. But sometime(often) my MINDSET is not right and I might feel demotivated/low because of some roadblock or something happen in a day. How do you keep your MINDSET right and keep yourself motivated and make sure you don't derail by roadblocks and failures daily? Is it BOOKS? (I read books daily. It helps me to see how other people deal with it.) Is it some Quote? Is it movies? What trick or think do you do or use to keep yourself in right MINDSET while dealing with problems? What helps you? [link] [comments] |
| Posted: 24 Nov 2021 01:24 PM PST I don't know if I'm allowed to post business ideas on here or what not, but I really want to start a business and was looking for an idea that could be easy to achieve, have low startup and a decent chance of success. I finally feel like I've hit a point where I have enough capital to start something small. Of the ideas I found, mushroom farming seemed like one of the more promising ideas. I'm not super passionate about them but I do really appreciate how easy they are to grow and how healthy they are. I don't find them gross or anything. I also really like the idea of sustainability and they seem like a very solid low carbon footprint crop and growing them seems to be very eco friendly, minus shipping of course. On the business side of things, I have about 28k$ worth of costs to startup. I plan on growing a small operation at first, and wouldn't need to hire staff or anyone for a full time position. I know a few people who say they'd be willing to help out here or there. Also, for starting a small operation it seems like a lot of the research I have found says that it's pretty cheap (sub 5k) to get things going, and once it's going the business is relatively light on costs and the payoff can be very substantial. I haven't done any market research yet, admittedly. I live in Oklahoma and plan on selling to local restaurants and farmers markets. I plan on visiting farmers markets soon and getting a grasp of what the local demand is like before I go out buying things. Another plus is that besides the management and selling part, the actual act of growing isn't super labor intensive. Once the growing areas are set up, it's just waiting and then harvesting. It seems like that this would seem like a good first business idea to start out and get a handle of how to start a business, how to expand, how to manage funds and income, etc. What are people's thoughts on this/experience? [link] [comments] |
| What tools/software are you using for cash flow management? Posted: 24 Nov 2021 01:22 PM PST Looking for a tool to assist with monthly budget meetings and cash flow planning. Specifically need help with timing big POs with needing more inventory. Medium-sized DTC eCommerce brand. [link] [comments] |
| Computer Science or Engineering? Posted: 24 Nov 2021 04:29 PM PST Going to college next year, and I know I want to continue being an entrepreneur. I want to start a variety of businesses for which tech will play a central part. What should I major in?---I want to be able to make websites, apps, algorithms for apps, etc. [link] [comments] |
| Posted: 24 Nov 2021 04:06 PM PST InfinityDOT is a new token that pays out reflections in Polkadot, so far investors not only did a 10x, but remade their initial investment just from Polkadot payments, that means no matter the direction of the token, constant flow of Buy/Sell transactions pay thousands in Polkadot constantly. In other words, you get to invest in a small MarketCap gem with huge potential and even get paid passively while your investment grows exponentially! Join our rapidly expanding token and help us create the greatest reflection based token on BSC! TL;DR ⚙️ Liquidity Locked Presale on DxSale Audit coming soon! Detailed roadmap 🏦 Tokenomics - 15% TAX ON ALL TRANSACTIONS 8% Reflections 2% 5% buyback 💬 Join our Telegram: https://t.me/infinitydotcommunity/24 🌐 Visit our website: https://www.infinitydot.net/ 🐦Follow ous on Twitter: https://twitter.com/_InfinityDOT 💩Poocoin: 0x73b96ac0814eaff828779de589840d1172aaaa70 Not convinced yet? Read on! At 4.5M marketcap, a strong contract and an audit on the way, we can expect huge growth in the near future, many have already recouped initial investment in Polkadot reflections! If you're the kind of guy that buys real tokens and not just meme coins, this is the project for you! The standard for pay-back tokens so far is flawed, with pay-back in the same token, taxes for all affect the price the same, redistributed taxes re-enter the market and cause drops. Which is why reflective tokens have become so popular in the past months. Taxes are applied in every transaction, which in turn purchase and drop a separate high value token to all holders with affecting the value of the original, giving passive income in stable high-marketap projects. For this reason and many other, InfinityDOT is a promising token, at the height of the bullrun, in a moment in which all chains are filled by meme-coins with no porpose that die within days, we have new token that provides actual value, and like it's precedesor reflective tokens, it's here to stay. As opposed to coins such as EverETH, or InfinityADA, InfinityDOT provides it's reflection in Polkadot, a self-named etherum killer that has grown into a top 10 Marketcap coin with extremely dedicated development, community and an indisputable bright future ahead. Here comes InfinityDOT, while new tokens on Polkadot are still few in comparasion to the giants that are the Binance Smart Chain and Etherum, work for it's future can start off-chain, with reflective tokens. InfinityDOT not only proposes as an investment opportunity it's possible growth, but also the certain growth of a stable future token with a long history on the market. A future of the InfinityDOT token on it's father chain that is BSC and a promising future on the parachain of Polkadot! The token has much work to do, the concept is promising, yet simple for anyone to understand, and compared to the majority of BSC Tokens, has a high survival chance. The team has just started going public, with a possible pre-sale to raise liquidity this week, a sale on DxSale to raise trust trough locked liquidity, a public open source contract to prove it's security, and a perfect moment for a real project to start, in a sea of short-lived meme tokens, a real project is a real needle in a haystack. Of course DYOR, the project has barely started and has a long life ahead, the website is up and the contract will be published shortly, all we can do now is wait and verify it's validity when the contract is published. Now that I've spoonfeed you, start DYOR, whitepaper, roadmap and community channels available at www.InfinityDOT.net. [link] [comments] |
| (Serious) Business owner, how did you start? Posted: 24 Nov 2021 09:44 AM PST I never liked working for someone else and have always done seasonal/term jobs because of this. I went into IT right after high school and finished it but didn't like when it comes to work and now I'm currently finishing last year of Architectural Engineering Technology and have the same feeling towards work as I did my internships. I recently turned 25 years old, and I've been into investing since Q2 of year 2020. I surrounded myself with people who have the right mindset towards life, business, money, etc… and has also changed my mindset. I've always wanted to start my own business but never really took action towards my ideas because I still have to learn the business/market I'm going into as I'll have no experience, and I feel like I wasted 7 years of my life when I could've started earlier and took more risks towards starting a business. But now I'm 25 and feel that I have to make sure the business I'm starting will work out because I'll be 30 in 5 years, and so I don't have time to waste, and my risk taking would be lower then. I only have 3 courses left in school and no work so I have lots of time. All I'm doing is researching and researching making sure this is the "one" before I actually start (I wrote down a "business plan", planned out how I'll scale, venture out into other businesses, the steps I need etc…) which is turning into procrastination and time wasting. I'm somewhat stressed because of this and feel lost. Yes, I have student debt / other debt but an excellent credit score. I don't pay my debt off all out-write and instead I invest my money. I have so many questions but I think these are the ones I need for now: How do I start, any advice, guidance, what I need to do, and any business ideas/ventures are welcome. I'm open to criticism and ideas. I'll greatly appreciate it. [link] [comments] |
| Posted: 24 Nov 2021 09:31 AM PST Finding real comparable metrics for startups at early stages is hard/impossible, but super important. Looking for feedback and people to share real numbers so that we can better understand where we stand on our products... I'll start: we're at 40% 30, 60, 90 & 180 day retention (180 days is on a very small base) for an audio course platform. As in - 40% of subscribers are still logging in and using the product 30, 60, 90 or 180 days out from their first day subscribing. Are these numbers good? bad? Please share your experience and comps! [link] [comments] |
| Auto Detailing Business - What can be done different? Posted: 24 Nov 2021 03:20 PM PST I have this idea of starting detailing cars but what can be done to atract high end cars cause I want to have a premium service... but on the other hand maybe there isnt that market in my area ( for now I want to work localy only, to save up in a "potentially" rent) any tips? how is your AD business going here? thanks [link] [comments] |
| Interview with a successful entrepreneur? Posted: 24 Nov 2021 02:24 PM PST I have a Practicum assignment due next week in my business major and a small bit of it involves interviewing or talking with a successful entrepreneur about how I can start up my own business (in theory). Topics such as writing a business plan, best practices, pitfalls to avoid, good/bad habits, and anything else in mind. I need help with this as I am struggling a bit. If anyone wants to DM and talk one on one, that'd be great. Thank you! [link] [comments] |
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