My Failed Startup Story.
ฝัง
- เผยแพร่เมื่อ 11 ก.พ. 2022
- This is the story of how I lost all my savings and wasted two years of my life working in a failed startup. Most startups fail, but we don't hear about them because the founders and people who worked there are ashamed of the fact. I know, because I was one of them.
In this video I wanted to share my failed startup story, and some of the mistakes I made along the way. I am not saying all startups are doomed to fail, but many won't become the amazing success that people assume.
If you have been part of a failed startup hopefully this video video helps you feel less alone, and know that you can always reinvent and find new ways forward in your career and life.
About me: I am a professional speaker, writer, and run my own business. You can read my blog or learn more about my work here: midsonshort.com/
#startups #funding #epicfail - แนวปฏิบัติและการใช้ชีวิต
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90% of all tech startups fail within 1 year. When I started my own, I simply decided that $50'000 was the money I'd put into it, and Im FINE with losing it all at least for the pursuit of a dream. I would never forgive me if I didn't try that. Better losing it for a good shot rather than spending the rest of my life being bitter and regretful that I wasn't brave enough to do something I truly believed in.
Totally agreed
100% - you can always come back from a failure, but at least you know you tried. 😊🙌🏻
It is the best way to spend money.
True man
It is better to have tried and failed than failed to even try!!!
I failed 4 times before starting the successful business. Part of the process for me was to find out what things about myself I need to improve, and another part of it was finding a business that I enjoy enough to work through the rough days.
Whenever I watch a video about how someone "made it", I become intuitively curious about all those who risked it all and "failed". It doesn't mean that you made a mistake by giving it a shot.
I agree Aaron, the media loved the success stories but forgets those that couldn’t make it work. I have zero regrets because I know I have it a shot, and it led me to a much more rewarding career over the long term. Thanks for sharing your perspective! 😊🙏🏻
Business is an intense game. I'm now on my second venture, and the first one is doing well and going strong 💪, but not without learning some excruciating lessons 🥵.
Keep your head up, shoulders back. You had the guts to go for it rather than fantasizing all day about it. Trust me if you have the entrepreneurial itch you’ll be back 😂 build MVPs they will save you pivot as you gather insights.
what are the lessons your learnt before starting i also need them
@@shailendarshail9990 What industry are you looking into?
Thank you so much. This made me thank again before stoping my college.
Hearing your story really gives me some peace with my own story. I worked on my own startup for the past 2 years and we are at the point where we will shutdown. We just never got the traction that we needed and lost our USP, because we were unable to create the product we inteded to develop. What really striked me in your video is that I feel excatly the same, as you, I also went into the startup world mainly to earn big money and get the feeling of doing something special, but i never loved the work. I had no passion for our product or the things we wanted to do, so even when trying I couldnt give it my all. I hope i will sooner or later find my passion and be brave enough to go for it, whatever it may be. Atleast i know now that it is not the start up world for me, even if it really hurts right now.
Really sorry to hear that it didn't work out for you - but know that at least you tried. And I am sure you learned a lot! Let me know if you ever wanna chat about your experience, always here to support.
Thank you for sharing this!
Thanks for the honest sharing! I’ve been in a very similar situation to yourself pursuing startups, and it’s important to know that building a business is a team effort and many factors are outside of our control. As long as we learn from the experiences and grow as a person, it is worth it. Stay blessed! 🙏🏼
I agree! The learning and growth we receive is incredibly valuable! Glad that this video resonated for you! 😊🙏🏻
Nice one Daniel thanks for sharing your story. Tis a cliché to say but you only regret what you don’t do. My own business that I closed after operating it for seven years still brings me the greatest joy when I think back and lessons learned ever… I’ve had some affirming experiences lately with people passing and I’m convinced that money holds little value. An old friend who was always very concerned about money wouldn’t get a plumber to fix his kitchen tap because he was worried about being overcharged, this was days after being told he had weeks to live! He died shortly after owning three houses in the same road he lived in and had a bank balance fit to burst. I have many similar stories and all of these people would suggest that having a venture fail would be the worst thing in the world to happen. I guess what I’m trying to say here is that people hold money in greater importance than life itself even when money or possessions hold no value after your death. It’s the money that has them, they never truly have the money or a life outside or their concerns about money.
thank you for the honesty
Thanks a lot for sharing your story sir!
Thanks for sharing. You won't die wondering and that experience and insight is priceless.
Anyone doing a startup should seek to fail fast and if it's not a fail then that could be a sign that you're onto something :)
That’s a great perspective! I do kinda wished I’d failed faster, but hey, the experience was still worth it 😅
Thank you for an honest share
I've been running a small business for 10 years. Right now the finances are not looking good. There is $200,000 of business debt and I have $65,000 of personal debt and it's looking like we are heading toward bankruptcy. I'm scared and depressed. This week I'm going to see several bankruptcy attorneys, but I'm probably going to lose everything if I'm able to file Chapter 7 for myself and the business. Worse yet, there are many customers in the business with substantial amounts in preorders... but there's not even close to enough cash to refund them all and the business might only be able to survive financially for a few more months. If I am able to file for bankruptcy I will lose my vehicle and most of my belongings and will probably have to move back in with my mom or a friend. This is the scariest and darkest time of my adult life.
I am soooo sorry to read this!
Small business owners are going the way of the dinosaur. Big tech and multinationals are winning, and they will continue to win regardless of our ingenious efforts to stay in business.
Try to save what you can.
Take as much cash from the business as possible. Sell everything and take vacation and try to start over.
I just mismanaged $100k with a new start up.
Either way as long as you have your freedom and life, you can always make more money.
Hey mate, I hope your doing alright now, im sorry to hear what has happened. Keep it going, I know you will pull through
too bad this user doesn't have no mention what his business is or any contact information I could really help this user
Thank you for your video, it was very encouraging. ❤
Thank you for this video Dainel
Thank you for your honesty! I also enjoy your public speaking by the way. 99% start-ups fail. Part of the reasons is 80% start-ups should have started if the founders don't figure out the following 3 things:
1. Would you use the product or service you make? How much do you care about the product and service you are making.
2. Really how big is the market? Don't just pull the TAM, SAM and SOM from google. You should spend time talking to your potential users/customers and really get a feel how much they want your product.
3. If you know you will fail, would you still start it?
Half of the start-ups won't start by the time they figure all the above out. The other half may have some chance to succeed (it will be still small). But if your answer to question 3 is yes, you already succeed.
Phenomenal video, Daniel! One of your best. Powerful what you said here, on several levels. The truth about people often caring about the money more than the passion/impact. Also, quitting is often a great thing to do, when done consciously and for the right reasons - which is exactly what you did here. Really enjoyed watching this while on a break from work today!
Thank you my friend! Glad that it resonated for you. Being someone who values authenticity as much as you do, I can see why this message would connect for you. Appreciate your support and encouragement as always! 😊🙏🏻
Although I am really scared of failing this Video really inspired me and took this fear a little bit. I realised that the only thing I really fear is what others will think, but then again it just doesn’t matter
Awesome video, I'm close to launching my start up and although I love my idea and love seeing it come to light I'd be lying if I said im not a bit terrified of failure. Thank you for making this video.
You should definitely still go for it, but I’d say hedge your bets in the first few years if you can. Keep another job or source of income coming in. That way you won’t be set so far back if it doesn’t work out. It’s still worth the risk for the learning.
Thanks for sharing really inspiring
Hi Daniel. This is one of the best videos I ever found. You reminded us that there is a way back from failure. I hope things are working out for you now.
Thank you Mark! So glad it was useful for you! Yes, I recovered and have found a much more rewarding career. Overall the experience sucked, but it worked out in the end! And now at least I know I tried! Wishing you all the best! 😊🙏🏻
Thanks very much Daniel.
Thanks for sharing your story Daniel. I found it very insightful
You got it my friend! Glad it resonated for you! 😊🙏🏻
Thanks for sharing bro! The honesty was so true and great 🍻
Thanks Daniel for honest sharing his story. Because most known stories from Silicon valley about successful, easy money-making, how do they became unicorn from nothing etc.
And biggest mistake you've made is that you thought about how to make money without being passionate (impacting) about your industry and product. And your force is that you realized and admitted it to yourself.
And I like your attitude to this case. Like: "Anyway it is not failure as it is. It is a biggest and most expensive lesson in my life. Which costs $60K and several years time-wasting"
p.s. I subscribed to your channel, after this video )))
This was so well spoken, honest and brilliant! I love the idea that you tried and how optimistic you were. I honestly dont consider this as a failure, but rather is an inspiration story. Im sure you're very successful without this startup. In my mind, success is peace of mind, not having billions of dollars
Thank you my friend! Yes it was a valuable experience and I am grateful to have experienced it. Wishing you all the best on your journey. 🙏🏻
Great video. Thank you.
At least you tried! Often I think people fail to recognise the value of soft skills and building character.
Developing those skills for 60k and 2 years is a pretty cheap trade off. Congrats on failing up!
Agree 100% 😁
Hi Daniel! Thank you for sharing your story. I'd like to add a different perspective form my experiance. While I'm passionate about my startup, I've come to realize that passion alone isn't always enough for success. It's essential to consider profit margins and whether we can sustain the company. I've found that having a clear understanding of our financials, including cash flow and access to investor networks, is crucial. This insight comes from my own experience, and I hope it proves helpful to others
mate you are a hero, when these opportunities are available to you, and when you started it seemed it will likely work, you have to do it like a man. And all your intention is to provide better for your family. Don't sell short of yourself, keep moving but team up with like minded people. The final transcript of life is no regret on dreams.
Im an entrepreneur strugling still for success, respect for this video, great for learnig, cheers
Thank you great sir, I need this
Any person who can talk about what they deem as their failure so openly on youtube, is not a failure. Your startup may have failed, you have not. You learnt something and you are sharing this knowledge with us. keep going , good luck
love the honesty
Thanks my friend! I think it’s important to show the other side and reality of what happens to a lot of startups 😊🙏🏻
thank you for sharing your journey it would help me
So glad to hear that! Wishing you all the best 😊🙏🏻
Sometimes you love it. But you get burnt out and then you realize it isn’t the way to go. Thanks for sharing this was helpful.
You got it! Glad it was useful for you 😊🙏🏻
Thanks for telling man
You got it!
Thank you for sharing your story. It takes courage to put your story out between all these success stories.
Thank you my friend! Yes it’s honestly a part of me that I wanted to hide away for the longest time. I felt like because I didn’t ‘make it’ as a startup millionaire/billionaire that I was somehow weak or not worthy. But the truth is everyone has a story like this along the road to their overall success. 😊🙏🏻
Your eyes said this all.
They look pained
Thanks for sharing
You got it! Thanks for watching 😊🙏🏻
Thank you 💞..... Thanks for being honest.... You will be a billionaire
Thanks my friend! Not sure if I need to aim for billionaire status anymore… but I appreciate the sentiment! 😊🙏🏻
Wow this is crazy, I just started a company and I hope it works out
Great content. I am in year 3 of my startup and looking to pass the dreaded year 5 mark!
That’s awesome Tomm! You’re crushing it! 😊🙌🏻
I can relate to this so much.
Glad it resonated for you!
thanks for share this.. make me realize start up maybe not for every body
Glad it was insightful for you! 😊🙏🏻
The saddest thing is... I loved building our logic assistant, and we released it, and it was a "nothing burger." I don't think users want to pay for apps anymore. This has been the case for at least a decade.
Hi Daniel, I started my a tech company providing Web development / social media marketing / graphic design & Video animation and Now I'm at the stage where it's going down, we don't have any new clients due to not spending enough to make up our funnel.
I love the work, my efforts were there but due to my silent partners not remaining silent now we're in the stage of shutting everything down today or tomorrow.
Sorry to hear that Marc, I know first hand how hard that can be. Don’t be too down in yourself - I think a lot more people fail than we realize. Even if this business doesn’t work out, you will rise again 😊🙏🏻
@@midsonshort highly appreciate the kind words ❤️
what are you doing now
My sympathies. I can greatly relate to your situation. Our business (Kitchen Delight) has been almost 14 years already. It really hurts a lot seeing our business struggle to exist. The business landscape has changed over the last few years. I had experienced our golden years. Unfortunately, now we find it hard to gain customers. we make our own efforts with our marketing and all but the return is not that satisfactory. There are a few causes that I see that made our business unprofitable and here are a few; Inflation. Drastic prices going up results in limited customer purchasing power. Competition. Especially in pricing. Our competitors are well funded thus they can manufacture huge amounts that will save them production costs. The list of factors goes on... The bottom line is that I am still in the part of my life where I am trying to internalize everything and this will lead to loss. It is a hard pill to swallow especially after years of getting used to what I am doing. Now I am still in hardships. I hope years from now everything will be good.
whats the situation now
So many people are drawn to the idea of tech startups, side hustles, house flipping, TH-cam content creators, influencers, consultants, etc. It's the quintessential herd mentality phenomena where ideas and hearsay success stories spread by social media are often a lot sexier than reality. I compare it to the Instagram vacation phenomena. Everybody wants to go to Porto, Iceland, Bali because of the highly edited images and testimonials we see, but it's usually a big let down when you do end up visiting. Your aspirations of striking it rich and being a game changer with your app. is just as much of a crowded space as the beaches in Thailand. Same with all those parents who bend over backwards in this phenomena I call the child worshiping cult with tutors, over scheduling, aptitude testing, soccer, math camp. In spite of all this, there's a 95% chance that most those kids will still grow up to be mediocre.
90% of startups never find product market fit. Out of the rest that do, 42% percent still fail. Failure in the startup world is the NORM not the exception. Successful founders often only succeed after multiple attempts. Being afraid of failure in the startup world is synonymous with "being afraid of success". You have to learn how to fail before you can succeed. Working at a FANG company is a much better ROI, but for many startup founders and entrepreneurs, never trying is even worse than failure. Don't forget you learn a TREMENDOUS amount being a startup founder and while it is painful, it could also be rewarding. Tech companies will look favorably upon your resume if you do decide this journey is not for you.
Awesome talk man! Great honesty, real life story... drama and failure while going down in flames... we all love this kind of stories! I also failed at launching a startup some time ago... now I'm well off just owning a few rental properties haha
Glad to hear that you found you way Carlos!
I wish you all the best for your future & lots of love from India 😊
Thank you my friend! Wishing you all the beat as well 😊🙏🏻
Needed this
Wish you the best.
Thank you my friend, wishing you all the best too! 😊🙏🏻
I love being an entrepreneur, but I would recommend for people that want to start a business, is to do it in a field that you know inside and out, and have a passion for. There are successful potato farmers that don't know anything else. Thanks for sharing
Totally agree! That was a huge mistake for me trying to do something because I thought it would bring me money. You are on the right track and I wish you all the best! 😊🙏🏻
As long as one isn't in debt, I think throwing money at something isn't all that bad. If you got $60k, then $60k for two years of experiments is fine.
That’s a good way to look at it, thanks for the insight. I totally agree the experience was worth the lost money and time. 😊🙏🏻
I wish we never founded our startup. No matter how much grit, intelligence, resources, etc., you may have, you can NEVER compete against Big Tech.
@@mahagolestaneh as someone working in big tech, I strongly disagree! Big tech is very inefficient and very expensive. Lot’s of room for competition.
Thank you for a sharing your story. I also has a started a startup with my friend. We are in the stage of find building of our application. Me and my friend started it when we were at the uni. We both are software developers. I specialise in design and marketing my friend do the programming and QA. We've worked in other companies before that use our domain for around 2 years. This September we are launching our beta. There were no worries about getting funds initially since there were funding from an initiative of our govt for supporting startups. Also we are releasing this application on a new platform backed by a big company who's currently supporting us. We ain't stopped yet. Also we are working 4 other projects in parallel. I think it's worth a shot and we'll see what happens.
Sounds like you have some great momentum and a good focus! Wishing you all the best my friend 😊🙏🏻
@@midsonshort thanks for the support brother. Hope i can atleast make any one of my projects successful. Although it's all part of learning process. Gives a lot of experience.
which country are you from bro
@@shailendarshail9990 I'm actually from India. Here govt do provide a lot funding schemes for starting a startup it's very easy process though if you have a great idea. For me I didn't use these fundings yet. Now I have individual investors with projects worth 100k dollars. I have came a long way till I started.
Darren Lacroix has a similar story with the subway franchise. You are better off today than an executive MBA student who spends $60,000 in 2 years to learn from books what you did learn from experience. Onward and upward!
Agreed my friend! Thanks for the reminder! Hope you’re doing well 😊🙏🏻
Hey at least you tried ! Most people wont even do that.. And you must have learned so much. And you have the courage to accept failure and move on. Hey Thats something buddy !
Absolutely! I’m grateful for the experience now and proud of myself that I tried! 😊🙏🏻
I think the issue is people go all in when there should be a period were you are sustaining your life (keeping your 9 to 5) and chasing wealth after 5pm... Yes you work double in the beginning but you minimize the potential cost of failure. Example. im a developer with a big idea.. i have a team of likeminded developers, we are working together nights and weekend to bring this solution to reality. Yes it takes longer to launch but you also have leverage when you do, without burning through someone elses funds. if it all fails, you still gain knowledge, new skillset, by all you learned in your personal (Wealth chasing) time. You can use that experience to increase the money you bring in 9 -5.
Same thing happen to me mate, hated the moment i gave up the startup tech business
Glad to know this resonated for you! 😊🙏🏻
I would share the learning as yes it may not have worked but the learning is worth it
Agreed Andrew! The lessons are worth more than the time and money they cost! 😊🙏🏻
People who didn't put everything into entrepreneurship won't understand the pain. It's like a king fighting a battle in the medieval period where you’re not even fighting the enemy but also encouraging your army which doesn't believe with all its heart in your leadership skills
That's why it so easy to win nowadays. As soon as you don't get the result you want, its bail out time. Horrible. Because it takes years for you even if you been in the business to understand the market that you in and paint the picture to what the customers need. I been in my business for 4 years bootstrap and I'm now about to see my first dollars. Forget first dollars, possible first million in a year depending how hard I sell and push myself. But it was a process, to go learn the knowledge that I didn't know. Marketing, sales, and finance management. And I invested over 60K, and the money once this machine gets rolling will be back to me times 10 in 30 days. You got to stay down and see it through. But that requires obsession, consistence, and belief!
Very true! 😊🙏🏻
I am from India and I started my first business with 41000 pound and it fails and the second business I started with 17500 pound and that’s also fail but I didn’t give up every failure is a great lesson for me but in my 3rd try I started my londery business with 40k pounds and it become successful later on I iron the clothes and also open dry clean facility for people and now I have 1.5 million British pound in my bank account
I like your failcon. Thanks
A failed business isn’t a complete failure if you’ve learned something from it. It will keep the entrepreneur moving forward. Good luck.
Agreed! Thanks for the encouragement! 😊🙏🏻
Thanks Dan, don't worry, you lost less than Elisabeth Holmes did. You had lucidity to turn back when it was still time. Great video all the way.
Yes, very true!! I can understand though why some people get so caught up in it all… it’s a very delusional world in the tech space!
I exactly know what it's like to be in your shoe. I'm going through similar phase of my life. Lessons learnt, time to move on.
Sorry to need you’re dealing with the same thing! It’s tough but you will come through it stronger and smarter than ever!
Sorry to ask two questions, I want to learn. Had the business started off? And was there a business plan for the startup?
Thanks for asking! Yes the business was established and had some customers. And there WAS a plan initially but the founders kept changing their minds and so we lost a lot of time and potential customers as a result of having no clear product offering. Had it been solely my business I would have stuck to our original vision, but that wasn’t my call as a cofounder. 😐
@@midsonshort thanks for sharing, I'm deeply grateful. I wish you the best in all of your endeavours.
I too lost 50k when I went ahead build my startup.
Nice acting ❤
Because you gather all this experience you success rate it higher if you'll start another business.
You gave a shot and thats what life is about!
Nothing ventured - Nothing gained. It’s never a waste. Especially if you learn from it.
Very true! 😊🙏🏻
so true
❤ Love from India
Much love to you too Nishant! 😊🙏🏻
How much did you raise and how much did you lose?
💪
Dear Daniel could I interview you on my channel? about your start-up that failed, and what you learned form it? thank you
Sure I’d be glad to! Want to send me a message via instagram and we can setup a time. 😊🙏🏻
Bro if you spent $60,000.00 on sustaining yourself, that's not putting your money into a startup!!!
It kind of is. He is paying himself to work on the startup.
It is. It is called salary.
I lost 10k in Amway before I woke up from the nightmare!! I did learn and I am a better business person!!
Ouch! I feel you - it’s always a bitter pill, but at least you learned a lot! 😊🙏🏻
I just refused a webdev job in a startup even tho the project was ambitious. They lunched a app in 2 years, and the app barely has 200 users I guess. You got the director doing the webdesign even tho hes not even a designer which I think he should leave for his web dev team to do. He was talkg about raising 200k from investors to pay wages for myself and other senior dev for one more year atleast and the app is not that efficient. I think most tech apps should not be started on a loan especially when you got 0 ideia of the potential, and in 2 years the app shouldve exploded by now or atleast have a couple thousands using it. I hope Im wrong d wish him success. But I just feel, hes going bankrupt very soon...
So what I understand
1 - realise when it's not taking up steam even if you are positive and persistent.
2 - don't do it for the money , like what you want to do , the wrong that you want to right must be real and be violently real about that. It's a pain you really want to solve. ( I personally believe that founder are actually willing to bashing the walls... not just making money, at some point Apple was failing they where not making money .. They had to force themselves by calling back Steve jobs and stake drastic actions to make money sell their stuff in a more expensive way , team up with Bill Gates ( their enemy at the time) ...
So start with why but to stay alive and thrive focus on the money later but really start to right a wrong.
3 - enjoy the trip.
4 - of course business only for money exist but you got to be the kind of person that is reaLLY money driven. not everybody is built like that. IF that's not you... know it.
Some people are really able to give everything work hard just for money WHATEVER the business HAHAH it's crazy to me but it exist could be plumber could be whatever they will do it.
You probably didn't use enough jargon.
Started my logistics company and it’s not going the way I planned. This will be my biggest failure since I’m lacking on capital. What thoughts were going through you when you realized that you invested time and money then throwing the white flag and realize you lost??
Sorry to hear that Xavier. I feel your pain, my friend. Back then the whole situation was very stressful and very deflating, but over time I have come to see it as a blessing in disguise because that business wasn't my passion. It led me to finding a career path more in line with my values and much more happiness! 😊
this is what i am thinking of@@midsonshort
And now he's trying to recover some of it via YT ads
Haha yep! 😉
How you doing now ?
Doing great! The experience sucked but it taught me resilience and put me on a much better career and life path!
Could you share about realistic career options for failed startup founders?
Hmmm, that’s a good idea - let me think in it and maybe I can make a video about it! 😊🙏🏻
Please don't be affiliate marketing
Haha don’t worry, that ain’t gonna happen!
So why did it fail??.
We didn’t get the product up and running in time even though there was demand for the services. Too much changing and iteration and not enough execution.
i was forced to join a job i didnt know and i failed it to control it. No i am the ony one i pay for it
Better than a shower or a bath at the end.
Never start a video by clearing your throat.
Ahem!
This story you’ll never learn in linkedin😂
Hahaha so true!!
So you spent $40,000 on day to day living, but $10,000 on the business. You should have kept your job and done the tech app till it took off.
Definitely should have! But glad that it didn’t work out after as it wasn’t my true passion. 😊
The world made a big mistake by embracing the jewish monetary idea i will humbly urge you to listen to money masters by Bill Still that describe the problem to our money problems which according to UN chief the current financial achitecture is dysfunctional, outdated and unjust
I'm sure you could make a better video, sharing some lessons-learned or give some value to our and your time instead of this clickbait
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