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I hope you are sitting down. In fact, I will allow you to go and grab a cold one from the fridge before starting. ... My first foray into business ( I was 14)
by rmATinnovafy 14y ago
I hope you are sitting down. In fact, I will allow you to go and grab a cold one from the fridge before starting.
...
My first foray into business ( I was 14): being an Amway distributor. It taught me the value of salesmanship. I lacked it, and made me focus on it for years.
Then it was the idea of selling bottled water at a local political event. It failed because me and my partner arrived there too late!
It also taught me about funding, because we borrowed some money for that. Money that we had to pay afterwards. I did, however, drink lots of refreshing water that week.
My first auto repair business. I took out a loan to buy equipment before even having one customer. Taught me the importance of getting customers before buying anything. Lost 5K in that one (at age 21).
My second auto repair business. I focused on doing on-site auto repair (like yourmechanic.com (the Y-combinator funded startup)). It failed because I lacked the marketing resources. Also, that business model has razor thin profit margins.
The shrink wrap business that almost was. It failed when I ordered $2K worth of product for my first client ( a family member, no less), and had to eat the cost (still have the prodcut!). He (his company) backed off, and left me broke.
Taught me to put everything in writing and to get deposits.
My first tech startup, which was about selling websites to doctors. I did not believe in the idea and it led me to waste time cold-calling doctors (well, their staff). Taught me to not do anything unless I really believe in the idea.
A mobile carwash service that I had for a couple of months (still have the equipment...). This one was an eye opener. First, it taught me the importance of pricing. I was asking for $5 per car wash and it drove customers away. Second, it was a business I wanted to operate but I did not want to do. I hate washing cars.
I'm missing a few, but all of my failures have led me to really sit back and negatively judge every idea I get. Innovafy was only born after I thought about it for months. Even though it has not launched, most of the focus has been on getting the marketing and customers, and the other on getting the software done. For me, getting the customers are first, then comes the software. Forget the MVP, get me the a bunch of people who will pay to have the MVP developed before even a line of code is written. This is what I cal MOP (Money Oriented Programming). Innovafy is at that stage right now, getting people to pay before they even see the service. How so? Turns out that being an avid student of marketing for more than 20 years has proven itself very worthy.
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I could publish an ebook if the interest is there.
- franciscoapinto 14y agoI wouldn't read an ebook but I'd certainly read a series of blogposts. > Taught me to not do anything unless I really believe in the idea. This can be dangerous. Sometimes you're unsure if your latest and greatest idea will work out, and that's when you should put your critical thinking at play, i.e., weigh the effort vs. the likelihood of success. The "don't launch a startup, launch an experiment" mantra is valuable.
- chris_dcosta 14y agoIt's a shame you don't have anything to show publicly for your latest idea, even a landing page, because that's also a valid way of determining how your idea will be received. You are pre- minimum viable product by all accounts, and even with experience that's a hard sell. Good luck this time round though.
- rmATinnovafy 14y agoThank you. I wish you all the very best.
- breathesalt 14y agoI agree on: have charisma, don't take out loans, work on what truly motivates you, and long idea incubation.