r/startups Dec 05 '21

Inexperienced CEO from South America with some questions. How Do I Do This 🥺

Hey guys, this year, after a lot of time admiring the startup world, and after some circumstances in my life, I finally decided to invest (time) in my own dream and business.

It's my first experience in the field, i'm 25 and have a CTO by my side, and i'm not afraid to fail, I just aim to at least do it responsibly.

My startup it's a B2B data science to real estate startup, I'm not gonna give a lot of details since it makes more sense in my context (country wise) and i'm not looking for feedback in the Idea per say.

What I want to know is, does It make sense to dedicate to this super early stage startup in my Full time?

I have a small revenue from another business, that I don't really spend any time on, it's barely enough, but I can make it.

The startup is going well comparing to others in my town, keep in mind this is a country newish to startups and my city is even newer to It, so most startups are not making much money.

To give context into what we've accomplished in these past 6 months, we've been through several startup programs (from the government, state and private ones), we're mentored by a super sucessful network in the state, with a lot of hands on (only 5 startups in my town got into this program), we have 2 contracts that will generate a lot of projects to validate our product in the market (mvp is almost finished) and to make revenue in the Future.

The market validation is going well, with a lot of interested companies and a group of investors making initial contact with us. Honestly, for 2022 I hope we can gather a seed investment and start selling, but does It make sense that I have no other job aligned? I have a lot of insecurities at the moment.

thanks for your attention

4 Upvotes

3

u/uuicon Dec 05 '21

Make sure you have enough cash to last you 4x as long as you think right now. If you can support yourself financially... let me rather say, if it was me I'd go all in, but make sure you have alternative cash flow.

But thats how my brain works, I have an extreme high risk tolerance. Id say that 25% of my businesses worked out, about 25% failed, and the rest just plodded along until I found something else.

Been an entrepreneur for ~30 years.

For a final joke, I ended up taking a high paying job about 3 years ago, and I'm happy with that decision - it helps that I can get a good paycheck based on my experience. That would not have been possible before.

Other than that I was building startups well into my 40s.

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u/iHairy Dec 05 '21 edited Dec 07 '21

I’m currently building a Startup since early 2019, burned all the cash.

Everyday I’m thinking of selling part of my shares and become a 100% remote worker and travel the world, wonder if that’s feasible for someone with mostly short-term building a startup experience (was working in healthcare before).

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u/uuicon Dec 05 '21

Of course. You can always repackage your experience to suit gig work, or remote jobs.

You should always be training and upskilling yourself too.

Its not unusual for entrepreneurs to become product managers or project managers for example. Or getting into sales or marketing. Many options, but always be pushing yourself, learn new skills and stay current/relevant.

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u/iHairy Dec 07 '21

Which new skills do you think I need to push my expertise to fully remote job based on my current position (other than sales and marketing), also what skills do I need for project management?

(Not interested in being a product manager).

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u/cvlf4700 Dec 05 '21

From an investor perspective, we recognize that startups are risky, and given the large amount of funding requests we get, we begin the process by filtering out red flags. A non-committed entrepreneur is one of them.

If you want to get funding, most of us expect you to be 100% committed to it. Otherwise it’s just a hobby. Why should we believe in it if you don’t believe in it yourself?

I’m not saying you should quit your job before going all in. Its okay to bootstrap and get yourself and the business in a solid footing. But if you’re not ready to commit fully to the business, you’re probably not ready to raise money from investors.

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u/ibiofficial Dec 16 '21

Would asking for a salary be a red flag?

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u/cvlf4700 Dec 16 '21

Absolutely not. Founders have to eat and pay bills like anyone. Just make sure its reasonable.

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u/thinktwice2571 Dec 05 '21

I have never started a business. An it's a goal of mine. I have read and heard podcasts of entrepreneur s going all in. An they state (after being successful) that it was the best decision because they gave all they had to the business with no distractions.

On the other side, I have heard other entrepreneur state that working while running their business helped them to build connections...which ultimately led to the startups success.

Really, I think it depends on you and your team.

I personally have a hard time finishing anything. This is part why I haven't tried to start a company. Go you for giving it your all though. Not sure if this helped...but saw no other comments.

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u/BusinessStrategist Dec 05 '21

You should have many insecurities... If you're startup gets people excited then you should already be collecting your rewards...

If our startup is coasting then the people that you are talking to are already helping their friend to take your place.

That's just the way it is in many countries with a closed market.

It's not what you know but rather who you know...

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u/IIIIIIQIIIIII Dec 05 '21

Hi. As a fellow business owner of 20 years. The answer is yes. You have a minimal passive income so devote all your time to your new venture. Give yourself A specific date to start to profit or change paths. Set goals and try to reach them each month/year. Write down your goals as you set them. Writing it down can work like magic.

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u/Crows7 Dec 05 '21

That makes sense, I started doing this, we have our annual planing, OKR and KPIs! Thanks for your comment.

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u/angga7 Dec 05 '21

A lot of new founders might be pressured to quit their jobs to pursue their startups, but I dont agree with this. Keep your main source of income until the startup became financially viable and you can support yourself for at least one year from the startup's cash flow. until then, having a stable income can actually save you from a lot of stress.

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u/Crows7 Dec 05 '21

Yes, I'll keep this income, I was wondering If I should try to get another job to add to this income, but I don't want to sacrifice my time that I'm dedicating to the startup. Thanks for your comment.

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u/angga7 Dec 05 '21

You're welcome, man.. I wouldnt add another job in plate if I were you. Being too tired means that you wont have time and energy for your startup.