My Tech Startup Failed…

Here's the link to a FREE resource on "How To Land a Developer Role in the World of AI" from myself and HubSpot! https://clickhubspot.com/ic2f

Good to see transparency instead of just people showing off their sucess

Most important thing for a business : customers.

Such a great video! I had a similar experience too.

The bane of any idea is thinking it’s great and will never fail because its yours.

No Ragrets !!!

Hello ,

" just want ur opinion not advertising myself" would you like to hire a skilled thumbnail maker along with skills in marketing ,channel growth and who will bring brand promotions

boy oh boy…love the video

What happened to you it’s a copy and paste of what happened to us. Same same thing. Make an MVP that barely work and give it to client and iterate. That’s the key.

great motivational speech .thank you

Other aren’t magically right about your code cause they have an option. Opinions are like asses, everyone got one.

So basically you want to say that use scrum.

can we see what you soft you create look?

genius

Preciate it G💪🏽

Winning from Failure: Lessons Learned and Wisdom to Apply

Great video! The five lessons learned by the tech startup serve as a powerful reminder that even failures can serve as valuable learning experiences. It's essential to acknowledge the importance of each lesson and extend encouragement to embark on a new journey.

(1) Validate the idea you're trying to implement

This initial step is crucial in determining the viability of an idea. By validating the hypothesis, the startup can avoid investing time and resources in a concept that might not resonate with the market. This lesson emphasizes the importance of thorough research, market analysis, and customer feedback in shaping the direction of a startup. As the entrepreneur embarks on a new venture, it's essential to heed this lesson, giving attention to the following:

1. Conduct rigorous market research to identify user needs and preferences.

2. Gather feedback from potential customers to refine the idea.

3. Continuously validate assumptions as the project progresses.

(2) Build the fewest things you possibly can

By focusing on core functionalities and stripping away unnecessary features, the startup can efficiently allocate resources and prioritized essential components. This method helps organizations to concentrate on delivering high-quality results, rather than spreading themselves too thin. As the entrepreneur embarks on a new journey, keep this in mind, focusing on:

1. Streamlining the product or service to ensure clarity of purpose.

2. Eliminating redundant features that do not contribute to the main goal.

3. Focusing on delivering a unique value proposition.

(3) Release the product early and iterate quickly

This approach allows for rapid adaptation to user feedback, ensuring the product or service remains relevant and competitive. By releasing early and iterating quickly, startups can identify and address potential issues, fostering a culture of continuous improvement. As the entrepreneur embarks on a new project, consider the following:

1. Set a release date to encourage a sense of urgency and drive iteration.

2. Establish a feedback loop to collect user input and improve the product.

3. Continuously monitor and adjust the project accordingly.

(4) Detach your ego from what you’re building

It's easy to become emotionally invested in one's work, but detachment is essential for growth and adaptation. By separating personal opinions from the project, the startup can remain objective and make data-driven decisions. It takes self-refection to acknowledge one's ego, and even more courage to admit it! This lesson encourages entrepreneurs to:

1. Acknowledge and set aside personal biases and opinions.

2. Stay focused on the company's mission and goals.

3. Seek diverse perspectives and input to inform decision-making.

(5) Fail fast

By embracing failure as an opportunity to learn and grow, startups can accelerate their progress and optimize their efforts. This lesson emphasizes the importance of a growth mindset, encouraging entrepreneurs to:

1. View failures as stepping stones to success.

2. Collect insights and lessons from failures to inform future decisions.

3. Cultivate a culture of experimentation and calculated risk-taking.

In conclusion, the five lessons learned underscore the resilience and adaptability required to succeed in the ever-evolving business landscape. By applying these principles, I am sure that you are well-equipped to overcome future common pitfalls and achieve success, and you are ever vigilant and prepared to soak up the invaluable lessons that come with experience.

How does building software have a direction? “Build out”, “built out”—why not just build or built? Think about what you are saying.

This is a major component of business. Very few individuals who have large, profitable businesses got there without failing in one way or another many times.

Im a partial owner in a retail business for regulated goods. Margins are decent and we are profitable. One major issue we didnt anticipate being so severe is that even your employees that fill simpler roles like cashiering have to be nearly as competent as a finacial auditor because of severity of reprecussions if paper work is not filled perfectly. You nearly have to hire someone who could run your business just to be a cashier.

Were we to start over we would go into B2B sales instesd of B2C.

I struggled with Lesson 4 for a very long time; I still do from time to time. This is a very important lesson to learn in order to grow.

Awesome video! I am in a similar point of situation with my company. We develop a tax software and 3 weeks ago we needed to make a hatd cut on a very important process part. But we now made it much simpler and now the developing process starts accelerating. Starting with the MVP (minimum valiable product) is the absolute best lesson learned on this project. Thanks Tim and all the best for you. Failure is very important as soon as you learned your lessons from. Impressed by your self reglection in that young age. Best greetings from Germany!

I agree with lesson 5 because without experience you wont be better.

Thanks for sharing

Putting out a buggy minimal app is a great way to lose all your most enthusiastic users and develop a bad reputation. You should have partnered with a handful of athletes and given them the app for free and shown that small group of beta testers your prototype.

Moral of the story: Don't be a perfectionist.