How about a slow-growing solo venture with no profit, financing, or exit strategy? Let’s see where this goes.
Before starting this article, you should know that I consider myself a humble person. (saying that with a picture of me filling the screen).
I am by no means a successful entrepreneur like many out there. The thing about success is that others always overshadow it. So it largely depends on your definition of entrepreneurship and success.
I am a person who lives comfortably and does what my mind tells me to do. I do not think so to have Do anything. I don’t have to wake up and work for someone. I am not committed to a client or an industry. Consequently, I consider myself free.
So how did it start? Created a startup that went through the fundraising phase, achieved product market fit, and I made many mistakes. This, I believe, is what qualifies me to say the words: “Entrepreneurial Journey”.
During my college years, I co-created a startup because I felt that my software engineering studies were not what I wanted to do. From there, I spent around three years working for my startup. It was my daily everything. I would breathe and think and enjoy that set-up all the time.
However, I was a child in the world of entrepreneurship. So I did the best an entrepreneur could do; I made mistakes.
For example, I co-created that startup with two co-founders who were friends of mine. I lost one of them in the process. From there I decided do not work with friends or family in the world of entrepreneurship.
Then a few years later, I thought I had it all. Then, while traveling looking for investments, I saw an entrepreneur present a product that he thought was boring.
But then a few years later, that product was sold to one of the biggest companies in the world. so then, I decided never to trust that I am a “Knowledgest” businessperson.
Finally, I read hundreds of books on entrepreneurship and made some decisions that, of course, sounded perfect. They tell you in the world of entrepreneurship that you should think about growth and scalability instead of just pure profit.
Following this technique blindly caused me to lose my first startup.
So here I am
- Co-created a startup.
- Two years later, he was sure he had it figured out.
- It almost went bankrupt.
- I received an offer of initial financing.
- I reject it.
- A year later, he was sure he had it figured out.
- Startup failed. — and I learned.
- I started consulting other startups and companies.
- I worked with companies that raised more than $140 million.
- Now, five years later, I am sure of one thing: I do not and will not have it all figured out.
So, I decided to create my startup based on my experience as a freelancer and following the opposite of what I thought could be the right thing to do.
A marketing consultant told me that organic SEO growth could take a couple of years to reflect. Any modern day entrepreneur would think this is too much. But I wondered “I’m in a hurry?”
So, I’m growing my startup as slow as I can. I only focus on adding value content and services. If I make a million in a year, so be it. If it’s ten years from now, no problem.
Oh, just so you get the full picture, my startup is an independent platform that focuses on business documents and services (eg business plan, presentation platform, financial model, investment page, due diligence, etc.)
Albusi is stationed in Zurich, Switzerland, as the gig economy isn’t thriving here yet.
Given my growth mindset, it makes sense for me to add more team members over time. I already have a few people who work with me, however, I like to learn about each and every aspect of my business.
So instead of hiring an SEO expert, I want to learn more about SEO and eventually hire someone to maintain it.
That was how I started my business as a freelancer. First, I started by writing a business plan. Then a few years later, members of my team helped me write business plans. However, I am quite knowledgeable on how to create a good business plan.
When I started thinking about the perfect products for our generation, I realized that they are not about income. It’s about the value you add to customers.
So that’s the focus. The income will someday be needed to pay the bills. However, by using smart time management, I will never be forced to monetize my startup to pay my own bills.
For someone who actively raises funds for other startups, it’s not that challenging to start a fundraising strategy of your own and fundraise accordingly.
However, when I think about it deeply, these funds are other people’s money. I have no idea what to do with this money at this early stage. Besides, I don’t want or need that responsibility.
I’m sure the one day fundraiser will make sense for growth purposes. But this day is not today because I am taking my time to grow.
Person: “But that’s like a headless chicken running around a farm!”
Me: “Exactly! I’m that chicken. I could say no, but I’m sure I’d be wrong. So let me be the headless chicken for a while.”
The goal is to create a product, modify it, and repeat it for as long as it takes until people get additional benefit. there you go The exit strategy is… continue adding value to people’s lives for as long as possible.