Is the solo part non-negotiable or would you consider working as a duo? I started multiple businesses alone for the past 10 years with a few successes and even more failures. While I wouldn't want to grow too large as a team, it can be quite depressing at times and that one time I worked with someone else has been immensely rewarding (and the business was a success!). If you were both aligned on your goals, your partner could hold you accountable right now and propose ideas to work on.
> How do I get an idea to start?
I usually check marketplaces where businesses are sold. Not to acquire one, but to get an idea of what makes money. Then start assessing each business from your point of view: Is it easy to build a similar product? Do you have ideas for a improvement? Do you have a strategic advantage through your network or knowledge?
Doing it alone is a big disadvantage. You need people with diverse backgrounds to get a business running for the most part. You are the tech brain now focus on finding someone that can sell and manage a business structure. All countries have businesses so it's possible where you live. Start small so you can figure out what it takes to have a continuing business then build upon that.
* Don't necessarily trust, without thorough vetting, those who made money extremely quickly and claim to truly understand business. Being successful at business and understanding business can and often are very different achievements.
* You can entirely do it on your own, you don't need anyone else. [1]
* You cannot entirely do it on your own, you need a partner. [1]
* Maybe my greatest business insight: the longer it takes to find revenue to less likely you will be to find revenue or profitability.
[1] These are not mutually exclusive. For me, I needed to realize that I did not have to be trapped by a partner. And I also needed to realize I should not be trapped by doing things by myself. Picking the right partner is essential whether in business or just in life. I have been lucky to find them in both cases.
Ok so out of all businesses you can do alone, that example is harder, yet not impossible, but that doesn't mean there aren't a million other opportunities to successfully make a living as a solopreneur. You probably don't see many doing this because it makes no sense and it sounds like you made the right choice when things made sense, but that doesn't discount the entire premise of being a solopreneur.
"where you find a good business person who wants to partner up"
My first question would be to ask you where you are located? Not sure if you want to reveal a specific city or not. Where you are matters.
"The business people I am in contact with are already busy with their own things."
True. Which is why you need to be somewhere where there is a chance of meeting people who are in between, recently graduated etc. There is also the possibility of someone who is employed full time starting to help and give advice on the side. When/if the venture takes off they would feel more secure in leaving their permanent job.
"it seems like a good business person will always be busy doing their own businesses, as that is what business people do."
You only need to find one person (it's like getting married). There are of course compatibility issues as well to consider.
"have much interest in building it if I'm also going to be responsible for selling it."
If you build it and it makes sense from a business perspective and have a prototype you can attract that one or two people you need. With just an idea of course you can't. Care to elaborate on the idea at all?
He's not wrong, but a lot of what he says is very dependent on self-discipline. Having a partner, in addition to all of the other perks, also gives you a point of accountability the forces prioritization and a real plan.
It is entirely possible to start a business by yourself. People do it successfully every single day but there are a whole lot of complicated factors from financial, legal, technical and psychological at play just to get started.
Having a support system around you can insulate you from a lot of the complications that come from going it on your own, but that support system is usually based on goodwill not vested interest.
Even people who "go it on their own" but happen to be married when they do so very clearly have a partner in the business.
1. It's definitely not a red flag. Solopreneurs can be successful and grow businesses to non-trivial levels of revenue and income. I myself went that path, there is absolutely nothing wrong with it. I'd even argue, being solo should be the default option rather than an alternative.
2. There are 3 phases for your business:
- Verifying product-market fit (this includes getting at least 1 paying customer)
- Finding a way to get a more or less stable stream of new customers
- Building up an organization
3. Running online business from a small town is a dream many chase :) At some point you will need lawyers and accountants, you will have to figure out how to deal with them remotely (that shouldn't be hard).
4. Marketing will become one of the hardest parts of your business once you verify product-market fit. Have at least a newsletter and a referral program - they cost little but work.
I agree with you to an extent. It's my experience in engineering that you can start a company alone based on your specialized skills. I'm not sure you can do that on business skills alone. I suppose it depends on what path you want to take.
IMO, if you're a lone wolf, don't pretend otherwise. That trend from years back of pretending you're the CEO of a one-person operation is looking very tired. I have a hunch that people will be more supportive of and receptive to someone giving it a crack on their own.
If you're after businesses, then you will need to offset the "what if you get hit by a bus?" question, however.
That doesn't reply my question (and I already knew most related discussions, I've been here for a long time). I'm asking not how you get over being solo and construct a bigger company, or how you maintain motivation, etc. I'm asking: if there is any of you that is a solopreneur or almost solopreneur by choice (ie, because they are more interested in building than in managing or selling), what can you tell about your specific case? How is your business, how do you avoid business growth separating you from the building process itself?
You definitely need a biz partner you can count on. Unless you have a family situation that encourages & helps this sort of endeavor.
When someone burns you, don't go back to him / her for the second go around! Even if that person is a good friend. That's what I've learned. Alternative version of this is don't start a company with someone who is a newly minted millionaire & is single, not sure of what to do next in life, and not all that interested in money.
Starting any business is very very very hard work. Creating a new product from nothing, is very very hard work. Combining the 2 means you have an insane amount of work to do.
That leaves you to be CEO and R&D and manufacturing.
How do you think marketing and sales fits into that? And finance and strategy?
Those are the pitfalls and a reason to better not do startup alone.
There are freelance sales people that will sell your product for a fee, with the advantages of using their network and their feedback in an early stage of development (if they say they can’t sell it, stop your work).
For now: you have a ton of experience and are invaluable for any employer. See this as an investment and see you get a return.
I've struggled with this for the last 15 years ;) the "romantic" me wants to start my own company but it seems a lot less risky to get a well paying job working for "the man" than starting your own company. I can write code but I'm not sure I can do what needs to be done to run a business. Did you get investors? Any tips? Did you have a specific idea you wanted to pursue?
I've also been pretty fortunate to always have interesting stuff to work on while getting paid very well and always have options. People I've worked with would generally work with me again and/or want to hire me.
> How do I get an idea to start?
I usually check marketplaces where businesses are sold. Not to acquire one, but to get an idea of what makes money. Then start assessing each business from your point of view: Is it easy to build a similar product? Do you have ideas for a improvement? Do you have a strategic advantage through your network or knowledge?
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