# Wisdom from 5 Failures as an Entrepreneur



## boblikesoup (Nov 26, 2011)

Would like to be helpful in case any of you guys are starting companies. Day after making this video got a kickass cofounder w/ a successful exit and founder of Whatsapp may be investing $100k. AMA


----------



## Evolvenda (Aug 10, 2015)

This is lovely. Thank you.


----------



## Razare (Apr 21, 2009)

Great post. It got me thinking about the lessons I've learned. I learned some of this stuff before I was a Christian by reading investment books, but then also, I am learning some from the Bible now that I am a Christian.

About what he was saying, a lot of it can be learned from scripture:

*Website* (no backup plan) - Diversification, while not a 1 for 1 from scripture, understanding diversification, causes us to think about points of failure with any business, whether one we own, or one we invest in. In this way it's a more broad principle than a specific instance such as "back up your website". An example I have, we are thinking of hiring a 2nd employee for a key position because if our main person could no longer work for us, we would have limited ability to continue operations for that department.

Ecc 11 - *Invest in seven ventures, yes, in eight; you do not know what disaster may come upon the land.*

*Salesman* - Different Gifts, Romans 12:6, while in context, this scripture is referring to supernatural gifts, we can also apply it to the natural realm where people have different practical gifts for living and working.

*Don't do too many things at once *- "Brothers and sisters, I do not consider myself yet to have taken hold of it. *But one thing I do: Forgetting what is behind and straining toward what is ahead,*" - Phil 3:13

*Funding requires X in place, in other words, money isn't easy* - Proverbs 13:11 - *Money that comes easily disappears quickly, but money that is gathered little by little will grow.*

While the verse goes a bit beyond what he's suggesting, in short, the Bible warns against easy money. There's a reason for it spiritually, but in the natural we would ask "What is the difference?"

Yet if we think about it more, if those angel investors gave out money that easily, wouldn't they just be fools? Therefore, they wouldn't have money... because they would give it away easily for foolish reasons, and what they had invested poorly would vanish very quickly.

And so because the start-up had not earned the money diligently, but asked for it before they were ready or able, they would have wasted it because they are inexperienced. Experienced people can do the task efficiently and waste less, so they are profitable.


----------



## Old Intern (Nov 20, 2012)

@boblikesoup awesome image management or identity thing you did, just a few months ago!? Wow, great choices for your background and hair. I'm still agonizing over this myself. Your map idea is perfect for you while being quite simple.


BTW I want to know what you used on your hair to get the result in the video you posted here. Peroxide? Something in a box? Did a girlfriend do it for you? Professional stylist advice? It works.


----------



## boblikesoup (Nov 26, 2011)

Old Intern said:


> @boblikesoup awesome image management or identity thing you did, just a few months ago!? Wow, great choices for your background and hair. I'm still agonizing over this myself. Your map idea is perfect for you while being quite simple.
> 
> 
> BTW I want to know what you used on your hair to get the result in the video you posted here. Peroxide? Something in a box? Did a girlfriend do it for you? Professional stylist advice? It works.


The hair was done by a girl I met on OkCupid. She's an ESFP who's fun to hang out w/ + a lot cheaper than a salon. This is a bleach, dying with gray/silver watered down in a ton of conditioner, and a cut. The styling is all just natural + water. I don't like wasting paper towels so whenever I wash my hands I just dry them by running them through my hair.

The map is just a giant 6'x10' I stuck on my wall.


----------



## Old Intern (Nov 20, 2012)

boblikesoup said:


> The hair was done by a girl I met on OkCupid. She's an ESFP who's fun to hang out w/ + a lot cheaper than a salon. This is a bleach, dying with gray/silver watered down in a ton of conditioner, and a cut. The styling is all just natural + water. I don't like wasting paper towels so whenever I wash my hands I just dry them by running them through my hair.
> 
> The map is just a giant 6'x10' I stuck on my wall.


It definitely works. Makes you look the part.


----------



## PowerShell (Feb 3, 2013)

Definitely some good advice here. So have you ever worked a full time job and tried to start a company? If so, how do you manage your energy? After a day of working, I am so exhausted and drained that it's hard to get going with things. Just wondering if you were in the same situation and how did you work past it?


----------



## Reluctanine (May 11, 2014)

Good video. I like that you went into details about your experiences instead of just a general motivational statement like most videos do.

My question is how do you differentiate between a failure and something that needs tweaking to become a success? Basically, how do you determine what is salvageable? Whether it's a product or company.


----------



## boblikesoup (Nov 26, 2011)

I made a post to recruit help for the latest startup. In case you're interested: http://personalitycafe.com/book-music-movie-reviews/798770-calling-all-gamers.html



PowerShell said:


> have you ever worked a full time job and tried to start a company? If so, how do you manage your energy? After a day of working, I am so exhausted and drained that it's hard to get going with things. Just wondering if you were in the same situation and how did you work past it?


I was an executive tech recruiter for a short while which is a snowball career (more work up front for more money later). I realized I wanted to start the company I'm working on now so left and went to the family business for a 40 hr/week traditional job while I did the startup on the side. I definitely got home drained but realized if I forced myself to work I'd actually get more done that I'd think I would. Sometimes waiting a couple hours to relax helped. Sometimes I'd sneak some time in at work. I haven't stuck to a 9-5 long enough but I imagine after a point it becomes less stressful as you adapt and it becomes easier to do a startup on the side. Otherwise unless you're a machine or really unhappy trying to improve your life I'd advise quitting to do a startup; they're hard.




Reluctanine said:


> My question is how do you differentiate between a failure and something that needs tweaking to become a success? Basically, how do you determine what is salvageable? Whether it's a product or company.


The #1 thing for success is effort and sticking with it. SOOOO many companies faced points where the founders almost gave up. Often, like with AirBnB, you have slooow progress over years but eventually make it. It takes a lot of passion + belief in the idea to do that. The current company I'm working on is the first where these have strongly lined up that will give me the endurance to do it for the long haul if that's what it takes.


----------

