Startups: What have you failed at big time in your life and what did you learn from it?
I remember my first true attempt at a Startup:
Studiobookers: I had only recently in September 2011 understood what ‘Startup’ really was.
Since then I’d:
- Raised $10k USD investment from a family member which I pitched for and was structured in staggered payments and had equity attached to it
- Launched an internship programme and had 5 people working 10am-6pm from Starbucks with me
- A business partner who took equity and a stipend to help pay with some costs
- I was voraciously reading business books as we moved along to try and understand all I could about this world - the ‘internet’ being very different from a brick and mortar business (Deep Impakt Recordings) I’d built previously
I spent a year building an Internship programme, building content up online and then getting quotes for the website being built and outsourced as well as turning to a friend and then developer I knew. I also had masses of research done for this business
I also did this:
- I spent $1000 custom building a PC so I could ‘edit’ videos because I considered it important to the business
- I’d also ‘train interns’ to do appropriate research, project management when it didn’t lend enough towards actually building the business
- I tried to build a blog and lots of creative stuff and wasted time money and resources here instead of building an email list
- We didn’t start cold calling studios until 3-6 months from the day I had the idea
- I agreed to a 100% investment return rate if the business didn’t generate revenue (meaning I’d owe $20kUSD - so it effectively was a really CRAP deal I took)
- My business partner ran out of money, turned down an excellent job offer (Accenture) and the business bought the demise of our friendship
- The website in it’s finished form was ready 4 developers later and 2 years after I had the idea
- The day it launched I lost interest and decided to move on
I learnt so much from my failures. And went onto ‘FAIL’ my next startup. Meet My Tutor but I failed better. I made (nominal <$100 USD haha) revenue, signed up 5,000 people and raised $100k USD in the end.
I wonder when my third startup will come. It WILL COME. One day.
For more of my advice on business check my FREEBIE on my profile out
transcribed from big failure in life and what did you learn from it?