Archives for January 2009

7 Reasons My First Business Failed

epic business failure

When I was 16 years old, I decided I was going to try to find a job because I needed money. The only way I knew how to do so was by searching job boards like Monster. While I was searching Monster I noticed a small link at the bottom of their website, which was a link to their stock quote.

At first I thought Monster was just another .com company that was making a few million dollars, but after analyzing their income statement, I realized that I was wrong. The company was actually earning hundreds of millions of dollars a year.

It was at this moment that I was inspired to create my first .com company. And naturally it ended up being a job board called Advice Monkey (I no longer own AdviceMonkey.com). My reasoning behind creating a job board was that if I could make 1% of Monster’s revenue I would be a rich kid. Sadly Advice Monkey never made any money and within two years I closed it down. Here is why it failed:
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How to Raise Venture Capital

venture capital

Raising venture capital isn’t the easiest thing to do. With my first software company, Crazy Egg, my business partner and I spent 6 months doing a dog and pony show in front of 21 venture capitalists and none of them were willing to give us money.

We thought we had everything venture capitalists (VCs) wanted. We had a unique product that solved a pain in the market, there was a lot of good buzz about us in the blogosphere, our user base was growing, and we even had paying clients. To take it one step further, people talked about how our product was so good that Google should buy it. And on top of that I had well-established relationships with VCs such as Guy Kawasaki[click to continue…]

7 Business Mistakes That Nearly Broke Me… Literally

homer simpson d'oh

Over the past 6 years I founded 9 .com companies. Most of the companies failed miserably and lost me a million dollars or so, but luckily a few of them did well enough to cover my loses. The main reason I had a lot of unsuccessful ventures is because I made some really big mistakes.
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Want to be successful? Learn how to sell!

boiler room movie sales

The number 1 reason businesses fail is because they don’t have enough money. Whether you plan on owning a business or not, this is important for you to know because you work for someone. And that someone is a business. The people who tend to keep their job the longest are usually good at sales because if you are bringing in revenue it doesn’t make sense for your employer to fire you.
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Why Being the Loudest Makes You the Weakest

american gangster

If you have watched American Gangster, you have probably heard of the quote: “the loudest one in the room is the weakest one in the room.” When Denzel Washington said that, he was trying to explain how he had tons of problems when he was showing off (being loud), and how he had very few problems when he wasn’t showing off.  [click to continue…]