My Tech Startup Failed...

After 2 years of hard work and a lot of money, my tech startup failed. In this video, I will be sharing with you the 5 most important lessons that I learned so you don't make the same mistakes that I did.

⏳ Timestamps ⏳
00:00 | Context
02:54 | Lesson 1
04:38 | Lesson 2
06:10 | Lesson 3
07:22 | Lesson 4
08:47 | Lesson 5

Hashtags
#tech #startup #lessonslearned

[rafaelrios]

Thanks for this video. It's nice to see people who have attained a status such as yours fail and share the lessons you came away with

[camerawman]

Learned a long time ago from my mentor, that failure is way much better than no efforts. COngrats tim, ,,I am sure your journey is going to impact a lot of lives brother...

[WackNoir]

yo bro you are real as hell for this, this video is going to be something that garners more support for you and your endeavors since most startup founders are not willing to be necessarily be open about their failures. appreciate you

[Faroghar]

Here are the five key lessons the author learned from the failure of his tech startup:

1. **Validate the idea before building**: The author regrets not validating the idea enough with users before starting development. Getting quick and plentiful feedback is crucial to knowing if the market actually needs the product.

2. **Build the minimum viable product**: Instead of creating a complex product right away, he should have focused on a simple and functional version to gather immediate feedback and avoid unnecessary coding.

3. **Release early and iterate quickly**: The author advises launching an imperfect product quickly and then using user feedback to improve it over time, rather than spending months perfecting a product before releasing it.

4. **Detach your ego from the product**: It's essential not to take criticism personally. The product doesn't define the creator’s worth, and every piece of feedback should be seen as an opportunity for improvement.

5. **Fail fast**: It's important to recognize early when an idea isn't working and not hold on too long. Failing quickly allows you to move on to the next opportunity and learn from the mistakes made.

[linearnorth]

Thank you for not gatekeeping these valuable lessons! You are right on so many points that I have experienced myself before, but you just have to move on.

[jamespeters]

And lastly this was one really honest video, I think the advice is absolutely incredible and thanks tim for all your videos

[blissfulDew]

There are not many people who would admit all these lessons, even to a closed group... much less to the whole world. so I applaud you for your honesty

[nufh]

Ego is something real for me, so I’ve learned to detach myself from my work to accept criticism. When people who don’t know you say it sucks, they’re sincere—they have no attachment to you and nothing to gain by lying.

[taxlord-Germany]

Awesome video! I am in a similar point of situation with my company. We develop a tax software and 3 weeks ago we needed to make a hatd cut on a very important process part. But we now made it much simpler and now the developing process starts accelerating. Starting with the MVP (minimum valiable product) is the absolute best lesson learned on this project. Thanks Tim and all the best for you. Failure is very important as soon as you learned your lessons from. Impressed by your self reglection in that young age. Best greetings from Germany!

[Oodle-oxvf]

Yep, you make some good points, good video. I am retired, been a self employed Hardware/software developer for 50 years.
Some of my cleverest work, that I was really enthusiastic about, never sold. But, I made good money on many of the boring things that did not really interest me.
Ya gotta remember that you are making it for others, with different needs, not for yourself, that is what hobbies are for.
Getting customers to realize that showing "commitment to the product" is in their own interests, can cover most of the development costs.

[davidpatry]

Reals gems here. Any engineer, myself included, will greatly benefit from Lesson 4. Thank you sir.

[justinbliske]

I struggled with Lesson 4 for a very long time; I still do from time to time. This is a very important lesson to learn in order to grow.

[jamespeters]

As long as you’ve gain insight like your giving right now, the knowledge is golden. You never fail if your learning.

[AndreTJones]

My ex is a lawyer and wants me to build an app with all of these features off the bat. I think you’re right. Simpler is better

[fleboho]

You're not alone on this Tim, most of what you said in this video is definetly on point. We get too attached to our works to the point where we can't take criticism too well.

[maxivy]

I really appreciate this video and respect you for putting yourself out there like this.

[cusematt]

Man. Such a value add video. I bet people won’t appreciate it as much as they should.

[CupOfCoffee]

Thanks for sharing. There is one book - The Lean Startup by Eric Ries, where covered almost every lesson mentioned in the video, worth a shot.

[vijaynadkarni]

Thanks for the video and for sharing your lessons learned, which I agree with. Having done 3 myself (1 success, 1 failure, 1 ongoing) I can say that there’s rarely a pure correlation between success and the effort one puts into it. Success depends greatly on the factors you’ve correctly identified, but there’s usually a measure of being in the right place at the right time, which is often discounted. In short, there’s no “formula” that works all the time.

[adrieladegunju]

my mum always tells me that coding does not take time but i sit here and watch your videos