Why My First Company Went Bankrupt

My first company went bankrupt after raising $200k.

My second company made $10,000 in 20 minutes (and then raised $2 Million).

These 5 lessons changed my perspective on business (bookmark this):

1. Iterate often

One of the many failures with my first company is we took too long to improve our product.

We should have tested new ideas with users, gotten feedback, and then improved the product in a tighter iteration cycle.

2. Validate early

We wasted a lot of time building features we loved but users didn't.

There was also a lot they loved but wouldn't pay for. Getting users is important, but getting paying customers as early as possible proves you're building in the right direction.

3. Do one thing great

If things aren't working, your focus isn't narrow enough.

I learned that people love a product that solves one problem well.

On the other end, we were more effective and produced better results when we focused on one area instead of multiple.

4. No one cares about ideas

When we pitched to investors at my first company, we didn't even have a product to show them.

We had amazing ideas for the next unicorn.

I learned that no one cares about ideas, only results. You just need a problem & show how you're solving it.

5. Don’t be afraid to pivot hard

We had no passion for our 1st project anymore after 4+ years.

Pivoting to something new with a clean slate we couldn't stop thinking about was the best decision we ever made.

Sometimes, your current business is just a lesson for your next.

TL;DR - 5 Lessons After My 1st Company Went Bankrupt

1. Iterate often

2. Validate early

3. Do one thing great

4. No one cares about ideas

5. Don’t be afraid to pivot hard

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@dayoadeosun10

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