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Ok, so this isn't the situation that you wanted to be in but, equally well, it hasn't all been for nothing. You have had a huge life experience that most peopl
by hopeless 18y ago
Ok, so this isn't the situation that you wanted to be in but, equally well, it hasn't all been for nothing. You have had a huge life experience that most people will never have. The trick here is to capitalise on that experience and to learn from it. You're also young enough that isn't the end of the road for you. Indeed, I'd say most successful entrepreneurs have at least one failed startup behind them so you're in good company.
My advice? Don't waste this time. Work out a plan to repay the personal debt (I would consider this the top priority) probably by finding at least a part-time job. Tackle the personal debt first, in an upfront and mature manner, as it has the biggest long-term consequences.
Business debt? I'm not so sure what to advise but those servers shouldn't be sitting idle. Try renegotiating the server contracts for just one server over 6 months instead of the 4 servers over 2 months. Then get the consumer products out there, visible and some (really cheap) promotion. If the consumer products are up and running, even without a large volume of users, you can show that the company has assets and potential, which may allow the business to raise money or be bought out. I'm not sure about the advertising product as it doesn't seem like the best market right now.
And thanks for telling your story. There's far too many happy, smiling, this-will-make-me-rich, everything-is-fine, what-could-possibly-go-wrong startup founders telling their stories and it's good to hear the other side of the coin.