Running out of money... failure?
3 comments
I am "kind of" in the same situation. I also have some savings and I dont want to use them, however, it seems it will be necessary.
You should consider it a bet. If you are convinced that your startup will fly, maybe you should bet everything?
Just ask yourself if you were willing to bet say 20k$ if you'd win 500k$ with a 50% chance and lose everything with a 50% chance.
Unless you already have family or other people to sustain you CAN take that risk. With 25 you still have decades to worry about your retirement...
Try to at least find one client paying something (which is the "market test" seeing whether they just find your product nice or whether they really want (as in $$$)it).
Also, check out http://www.cbinsights.com/blog/trends/startup-failure-post-m... and make sure you're doing none of the mistakes over there...
You should consider it a bet. If you are convinced that your startup will fly, maybe you should bet everything?
Just ask yourself if you were willing to bet say 20k$ if you'd win 500k$ with a 50% chance and lose everything with a 50% chance.
Unless you already have family or other people to sustain you CAN take that risk. With 25 you still have decades to worry about your retirement...
Try to at least find one client paying something (which is the "market test" seeing whether they just find your product nice or whether they really want (as in $$$)it).
Also, check out http://www.cbinsights.com/blog/trends/startup-failure-post-m... and make sure you're doing none of the mistakes over there...
Hi,
Your post is lacking a lot of details. For example, you're thinking of stopping your startup, but you don't mention what it is. You're worried about taking on other work, but that's fine. Lots of people do other work to pay the bills while making a startup. (Or you could sell your VW bus like Jobs...)
Did you release an MVP? Did you have traction at all? People sign up?
Have you pitched to any investors? Incubators? Accelerators? What about pitching to whatever-the-hip-new-buzzword-I-don't-know is?
Please don't be depressed, but please also fill us in on more details,
—e^1
Your post is lacking a lot of details. For example, you're thinking of stopping your startup, but you don't mention what it is. You're worried about taking on other work, but that's fine. Lots of people do other work to pay the bills while making a startup. (Or you could sell your VW bus like Jobs...)
Did you release an MVP? Did you have traction at all? People sign up?
Have you pitched to any investors? Incubators? Accelerators? What about pitching to whatever-the-hip-new-buzzword-I-don't-know is?
Please don't be depressed, but please also fill us in on more details,
—e^1
I'm trying to do some freelance web dev. or do security consulting to pay the bills. I just cannot find part-time, consultant like positions for these. I tried to look a bit on craigslist too. Both of these could be potentially viable, the money is just running super low now.
Haven't released MVP yet (by Apr/May I would)
I pitched to an angel who's invested in my space - he's interested, but only when Im a bit farther along (e.g. when I get an MVP out)
I've pitched to decision makers in my space who could be potential clientele - only (2) so far via phone - very positive feedback so far. (and no I didnt know they prior)
I've had (1) large potential client sign up and a few smaller clients (still waiting to talk to them)
I've applied to numerous accelerators/incubators - a guy I knew invited me to be apart of his accelerator/incubator (just launching new month with 10-20 startups).
I'm a solo founder (and by no means using this as an excuse (because it shouldn't be at all).
I think my fear is I don't want to deep-dive into the little savings I have left - because then I would be completely broke (as in $0.00 in the bank).
I'm literally just dazed and confused. I've never worked f/t on my own startup before either (always had the cushy corporate job) - they say crack (the drug) is addictive - I'd venture to say a corporate salary is.
That said, I would want nothing more than to work f/t on this and not go back to a corp. gig (paying 25% more than I used to make). I'm just running low on cash right now.
Haven't released MVP yet (by Apr/May I would)
I pitched to an angel who's invested in my space - he's interested, but only when Im a bit farther along (e.g. when I get an MVP out)
I've pitched to decision makers in my space who could be potential clientele - only (2) so far via phone - very positive feedback so far. (and no I didnt know they prior)
I've had (1) large potential client sign up and a few smaller clients (still waiting to talk to them)
I've applied to numerous accelerators/incubators - a guy I knew invited me to be apart of his accelerator/incubator (just launching new month with 10-20 startups).
I'm a solo founder (and by no means using this as an excuse (because it shouldn't be at all).
I think my fear is I don't want to deep-dive into the little savings I have left - because then I would be completely broke (as in $0.00 in the bank).
I'm literally just dazed and confused. I've never worked f/t on my own startup before either (always had the cushy corporate job) - they say crack (the drug) is addictive - I'd venture to say a corporate salary is.
That said, I would want nothing more than to work f/t on this and not go back to a corp. gig (paying 25% more than I used to make). I'm just running low on cash right now.
Is there any way the large client would prepay to get the product built? If this is something they want and they're willing to wait until Apr/May to see anything, they're probably not wanting to build it themselves so maybe they'd be open to something like that?
Great idea here, one I think I should consider more. Thanks for the support - I see no way but to push forward through this.
Much appreciated mcintyre!
Much appreciated mcintyre!
You learned a valuable lesson about making sure that you invest time in building something that other people are willing to pay for.
Go get a job, make some cash, and try again later with the knowledge of how important the business side of things is.
Go get a job, make some cash, and try again later with the knowledge of how important the business side of things is.
Plain and simple: I ran out of money .
I see a new potential career in a separate set of IT (IT Sec), but have always been a developer at heart - now 25, have been developing since age 15.
I wish it didn't have to end this way.