My first start-up business failed miserably.
It was 2007 and I was excited and full of enthusiasm.
My new business was going to be awesome and it would change the world.
It would create passive income and I’d be able to retire at 30.
At least that’s what I thought…
The business was called ‘txtme’ and it was a text messaging solution for the real estate industry.
The concept was simple – home buyers could send a text message from outside a property and get property details back via text message (like number of bedrooms, open home times etc).
And this was well before house-hunters had smartphones…
But it didn’t work out.
Here are my top 5 start-up mistakes
- I locked myself away for the first month designing a logo and business cards (what a waste of time).
- I thought I needed to create some clever software from scratch, when in fact there were other ‘ready-to-go’ solutions already available to me.
- It took me more than 6 months to test the idea with a potential customer (something I should have done in the first week of starting the business)
- By the time I talked to any more potential customers, I’d already invested way too much time and I was over-committed to the idea – it had to work! (or so I thought)
- I kept trying (way longer than I should have) because I thought starting a business was meant to be tough (it is, but I now realise when something is tough vs when something just doesn’t work).
But I wouldn’t change a thing.
The mistakes I made are now etched into my brain, and I couldn’t (and wouldn’t) have absorbed them from a text book or at university.
What lessons have you learnt in your start-up business?