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Wow so many negative comments. It is easy to start a startup in your 30s. In fact that is the only time you should start one. You finally have some life experi
by ilrwbwrkhv 4y ago
Wow so many negative comments.
It is easy to start a startup in your 30s. In fact that is the only time you should start one. You finally have some life experiences to build a startup around.
By 30 you should have enough money saved to run for a year or two.
Your startup idea total addressable market should be clear. If it is close to a billion, go VC funded.
If it is in the 10s of millions to a few hundred, bootstrap.
Next, you have kids. You cannot faff around with company name, logo and such nonsense.
You need to focus on getting money in the door. So then where is your first customer? Hopefully with your 30 year of experience you have spotted someone already. Go to them and tell them that whatever they are looking for, your startup provides. Doesn't matter what they ask for, tell them yes it does that, the best in the industry. Take their money to book a spot as you are doing "revolving entries."
Do at least 5 of these. Tell them some nonsense about the price being a lot more but you are charging much less etc for them to be part of the existing cohort. This is important. Nobody wants to enter the train first. They want to be part of a journey where there are existing passengers.
Once you have money in your business account that is when you can start hiring someone to build a really scrappy version of your product. While all of this is happening make sure to always keep on getting new customers and getting money into the account. Business is about getting money into the business account. Never lose sight of that.
Now, you should have a huge dream about what your business can be. The larger the dream the better. If you can promise the moon and the stars and you have a total addressable market of about a $1 billion reach out to VCs, and ask for millions of dollars.
The larger amount you ask the more it'll seem to them that you have some special sauce. Once again make sure that you lie through your teeth because VCs don't understand anything and they're really easy to fool. Talk about changing the world and network meshes and AI and all those things. Get a good pitch deck designer.
Your only loyalty is to your customers and your problems space. Everybody else is a goose that needs to be squeezed. Once you reach your series B and Cs, losing is no longer an option. Make sure you sell secondaries and get at least $5 million in your personal bank account to derisk any future problems. From then on the world is your oyster.
- eastbound 4y agoLove your comment. However, remember that those ideas and practices for success were born in a demand market, and we’ve tipped into a market that is short on the supply chain side. The role of an entrepreneur is to gauge probabilities and be where it’s most needed in 3 years.
- ilrwbwrkhv 4y agoUniversal needs will always be a demand market.
- fdgsdfogijq 4y agoThis is a great comment, thanks for posting