Future planning — Doing Job or Create something on your own?

Shakif Fahim
2 replies
What I can see in PH is most of us here somehow related to startups and the majority of us are working/doing a job (including me). But I always see a future where I will work on my own idea and start something on my own. I had a startup before, and I failed. Maybe because of that, I have these kinds of feeling! A great idea comes once in a lifetime and I am waiting for that moment! What's our thinking! Let's discuss and share your thoughts!


Paul Woodthorpe
I think failing is part of the process. Richard Branson failed in the first few ventures he started before he finally started up Virgin Music and it suddenly grew. By failing, you are learning. And the second time, you won't make the same mistakes, but make all new ones, and then you fail again and start a third time, and use all the knowledge of the last two times to not make those mistakes again a third time, and so on. What I find about making mistakes is not learning, and experiencing what your startup is about. Too many people look at an idea and think "I can do that" without any real understanding of what is under the surface. For example, I have 20+ years in the dating industry, running dating sites for various companies, some have become very big in the industry, and yet I see people on Product Hunt come out with a "brand new dating app" that they have spent 3 months developing off the back of the idea that they used Tinder for a few days. That is great for understand the User Interface and how it works as a principle, but what happens behind the scenes and the problems why 99% of dating sites fail within 12 months and disappear is not evident on the surface of using Tinder or Bumble for a couple weeks and taking a few notes. The same is with any startup. It is easier to develop something that you have a lot of knowledge and experience with because you have either worked for someone and done it and seen what they have gone through, or you have done it yourself and found problems that blocked it from growing. Next time you build something, you know if you went too big too quick, or didn't think out the marketing, or whether the product was more a sense of pride for you rather than actually useful to everyone else, or whether you built it on the right platform, or cheap enough to profit, etc. These are all things you learn first time around by failing, and then when you plan Startup Number 2, those reasons for failure should now be on your "Challenges List" for Startup 2. And don't fall for the quote that only one good idea comes along in your life.... Because if that were true, Elon Musk wouldn't have bit PayPal, Tesla, Space X, Boring Company, Neurolink and I forget what else he has going on now. All of which are big ideas that are successful. -Find an idea or work with someone on their idea as a partner rather than an employee. -Research it thoroughly. -Get on with it. -Don't worry about failing, worry about how to make it succeed. -Don't be afraid to adapt it and change it until it works. -Don't bet your entire house and savings on it until you have a lot of interest and offers coming for it, instead, start small and grow at pace. -Have a general roadmap of where you want to take it beyond the initial idea and prepare to change that roadmap regularly as new challenges or success come up. -But just do it.... because it won't do itself and you can always start idea number 3 if it goes belly up. There are no limits on how many times you can try and try and try again!