Ask HN: Trouble doing my own startup

11 points by mthrowaway 3 years ago | 14 comments

I know startups are hard and they are not for everyone. I know the media, twitter, and blogs don't talk about the gruesome parts of doing your own startup but here I am struggling with starting my own thing and looking for some advice.

I'm an SWE/EM with 10+ yrs experience. Worked at FAANG, small and large startups. I left my last job bc I really believe that I can start a company and it's really one of my life goals to do so. Sounds cliché but fast forward a few months and I'm having some expected turbulence.

I've tried a few MVPs and while the MVPs got less than 100 users, I got demotivated about them because it seems like for every idea I have there's already a startup that's doing something very similar (if not the exact thing) - and is super well funded or positioned. Because I'm trying to figure out "the unique" angle for the startup, I'm also having a hard time attracting a co-founder.

I don't know how to navigate my current situation. If you have any thoughts/advice that would be amazing!

(my ambition with the startup is to eventually match my bay area salary. I'm not concerned about short term finances)

codegeek 3 years ago |

"Because I'm trying to figure out "the unique" angle for the startup"

"my ambition with the startup is to eventually match my bay area salary."

If your primary aim is to replace your bay area salary, you don't need a unique angle. You need to focus on creating a business that does enough cashflow to replace your bay area income. Very possible even without a co founder and the real startup definition. You just need to create a small business that brings in say 500k at some point for you ?

If this is your primary goal and you don't care about changing the world and all, just pick a good boring idea in a vast space with real problems and focus on getting enough customers in that space first by yourself. learn how to sell by trying to sell. If you get lucky along the way, may be you will find a couple of good people who could end up being part of this or not.

Another option is to buy an existing small business that may be doing something already and you can grow it further. If you work in bay area and have saved up well, you could buy a biz for say 500-600K that brings in 150-200k cashflow per year give or take. Then work on expanding that cashflow further.

jacquesm 3 years ago |

Find a b2b problem that is within your ability to solve and where you know at least one party that could be your launching customer, and where there are lots of other customers. This could be a lawyer, a doctor, your dentist, some industry contact, whatever. Then solve that problem and sell your solution to that first contact and ask them if they can point you to others that might need the same thing. Sell, rinse, repeat. And meanwhile, every new customer should be relentlessly pumped for information about how you can improve your product.

It will take you about three years to get a business off the ground in this way. Faster if you are lucky, slower if you are unlucky or if the market isn't large enough. In five years you may match your bay area salary, in a decade you might be ready for an exit (or sooner, again, if you are lucky). Keep it bootstrapped if you can at all afford that.

taylorhou 3 years ago |

Sounds like you'd be better fit as a technical cofounder or first engineer hire. If you aren't thinking of ideas left and right to start, you likely aren't the business-y entrepreneur but that's perfectly fine. Ideas aren't what make a business/startup successful. It's all about the execution. YC's startup school (as others have mentioned) would probably be a great start and they do cofounder matching too.

Btw, seed & series A startups are still hyper risky. Seed is usually trying to figure out pmf (product market fit) and series A is trying to figure out marketing/CAC. These were distorted in the last few years too so just cus a startup raises a lot of money doesn't mean you can't compete and differentiate!

Last thing... If you're just trying to replace your bay area salary, that's a lifestyle business at best. You can literally mow lawns and be a multimillionaire these days.

NickC25 3 years ago |

>every idea I have there's already a startup that's doing something very similar (if not the exact thing) - and is super well funded or positioned

You can still differentiate yourself. For example, find out what users don't like about competing services or products, and why they don't like it. What other features do similar apps/products/services offer, and what else are users asking for? Offer that.

>I'm also having a hard time attracting a co-founder.

What do you want out of a co-founder? Letting HN know what you're looking for might help you find the right person. Chances are the right person is out there, and very well might be reading your post - but they don't know what you're looking for. Do you want a business oriented person? A product focused person? A marketing expert? Someone with a finance background? So many variables here.

aristofun 3 years ago |

I will sound cliche too, but still honest:

- start a startup just for the sake of having a cool startup is the worst motivator possible, ive never seen it working as a sole and primary motivation. Although it is often a background or initial ignition for some of entrepreneurs Ive known (both successful and not so much).

- startup is first and foremost a business, at the heart of the business lies businesses model, sales and marketing. Technology is just one of many possible ways to make business model working and/or deliver the value to customers

- summing up the two above - it’s not about how many mvps you have, or how cool you are as a developer, it’s about you finding the real actual problem you care enough and competent enough to see what is exactly wrong with current competitors and validating your solution with real customers

simne 3 years ago |

You should learn, "think small". Here periodically appear posts, about this.

Than, You will create solid foundations, which will give You possibilities, to finance command, with well funds and/or positioning.

That's all startup wisdom, You should early become profitable, or get somewhere money, for lot of MVPs.

My successful friends, who grew few startups, said, "first yearS, You should make new MVP every 1-2 weeks, so 50-100 MVPs in two years".

zarathustra333 3 years ago |

I am in a very similar position, would love to connect and talk. If you're interested do let me know a good way to contact you.

mthrowaway 3 years ago | |

I would love to connect! You can reach me out from https://pastebin.com/ubLausVJ

Nevin1901 3 years ago |

Look at YCombinators startup school. They have a curriculum you can go through and learn a ton about startups.

ano88888 3 years ago |

find an establish startup that is doing well with low customer aquisition cost and replicate their product. Make it 70% cheaper. Sell.

Ksingh261 3 years ago |

remove