7 + 3 Lessons From Failed Startups
Great Inc post on lessons from a failed startup include:
1. Consider the entire experience
2. Raise money when you can not when you need too
3. Don't give away equity too soon or too fast
Read the other 4 from the Inc post: https://www.inc.com/yoram-solomon/7-lessons-you-should-learn-from-my-failed-startup.html
I'd add three of my own lessons from my "failed startup":
1. Don't think in terms of success and failure, win and lose. Think about impact, learning, and potential. Startups require a more nuanced sense of win/lose.
2. Don't hire your friends even if they are the right people because you are probably blind to faults, issues, or other "round peg in square hole" problems with friends.
3. Create any startup in collaboration with customers. Don't do the "mad inventor" thing and go off and think you've created a better mousetrap. You won't. Instead, collaborate and build on what you learn from real customers facing immediate problems.
5 Days vs. 6 Months
As I used MagentoGo to create the Story of Cancer Store (http://storyofcancer.gostorego.com/ ) three things struck me:
* I have a lot of STUFF.
* How easy e-commerce is becoming.
* Fun to recover my life's stories.
I'm selling everything from my home to every recrod (LPs), book and CD. The idea is to be able to move with my car. I explained WHY I'm "Selling Out For Cancer Research) in detail on ScentTrail Marketing (http://scenttrail.blogspot.com/2013/06/selling-out-to-help-cure-cancer.html ).
There is a new e-commerce, an ecom everyone should learn and do. Want to disrupt your B2B business vertical? Add a store. Want to create a new revenue stream from your content? Add a store.
Stores are magical content. They generate copius amounts of User Generated Content (UGC) and provide social shares. Store content POPS and walks around AND online stores are natural extensions of any business no matter how old or young.
Startups should take particular note. Creae SWAG with your logo on it EARLY and use MagentoGo (or Volusion or Shopify) to create a store. Stores teach you things your Internet marketing CAN'T learn any other way. With stores becoming so easy and inexpensive everyone should have one (period, full stop).
The fun part of not sleeping for the last few days as my brother Drew and I created the Stor of Cancer Store was / is recovering the stories associated with a lifetime of collecting. I wouldn't have traded the last few days for anything. Remembering helping my friend and talented artist to get painting again, Martin's Ride To Cure Cancer and why I purchased so many swatches to feed my inner-rebel was fun and insightful.
This sharing thing is interesting. The more we share the easier it gets and the more benefit (for us) sharing generates. I had fun remember where the music, art and books of my life fit. Hope you do too.
We cure cancer when we BELIEVE we can. I believe. I'm all in. You?
Thanks, Marty :).