11 Lessons Learned From Losing $1,000s On My App Startup
RIP myNapkn
Hey there!
I hope you are having a good week. I almost didn’t get this one out in time!
I literally just got off of a live podcast with my friend Luke Cannon. We talked about financial freedom, investing, crypto, wearables, and so much more. It was a ton of fun. It made me miss recording my podcast.
Anyways, if you’ve been following me for a bit, you know about MyNapkn. For those who don’t know about MyNapkn, it was a startup I launched in college.
It failed miserably, but I learned a lot in the process.
This week, I spent some time reflecting on the lessons I learned from MyNapkn.
11 Lessons I Learned From Losing $1,000s On My App Startup
1) Get Started Sooner
There is never a good time for anything.
You don't need a business plan.
You don't need a strategy.
You need to GET STARTED!
2) Chose the Right Business Partner
Growing a startup is hard (really hard).
Find a business partner who:
Believes in the mission
You can trust
You enjoy hanging with
3) Know Your Customer
You need to know your customer better than they know themselves.
What do they enjoy doing?
What problems do they have?
What do they like to read?
4) Learn How To Become a Great Storyteller
Startups are about telling your story.
The better storyteller you are, the more people you can sell on your mission!
This means:
More funding
Better employees
Better investors
5) Learn Practical Skills of Selling
Cold calling
Web design
SEO
Content creation
Email marketing
6) Chaos is Inevitable
Startups create chaos.
Prepare yourself for it.
7) Keep Your Ego In Check
When things are going well, it's easy to feel like you are the king/queen.
Be modest.
No one wants to deal with an asshole.
8) Build a Team of People Smarter Than You
The business owner does not need to be the smartest person in the room.
Build a team of people with niche skills, who can leverage their expertise.
Jack of all trades hires are great, but skillful hires add more value in the long run.
9) Start a Mailing List
Posting on social media is not enough.
The best way to build relationships with your customers is through email.
Email is a platform you OWN.
Twitter can turn Twitter off whenever, however, you'll always have your mailing list.
10) Build Quality Partnerships
Partnerships can make or break you.
Invest time in developing high-quality partnerships.
Crosspromote on social
Pool your mailing lists
Collaborate on product launches
11) Learn To Lead People
The best founders understand leadership.
They can:
Identify what motivates their employees
Align incentives with what motivates them
Reward them based on achievement
Sometimes, I wish I could go back in time and save all the money I wasted.
Other times, I understand how great of a learning experience it was and am grateful for what I learned.
Regardless, I carry these 11 lessons with me wherever I go.
Wrapping It Up
As always, thanks so much for reading. If anything resonated with you, please don’t hesitate to reach out! I respond to every email.
Until next time,
Austin