Entrepreneur’s Idea: Starting My Own Software Company
Any ideas or thoughts that Entrepreneur contributors share are their own and do not represent the magazine.
The idea of beginning my own software company was the most recent thing that crossed my mind. I didn’t feel like I had much of a choice in the matter. When I first started out, I supported myself by uploading videos to YouTube.
Up until the point where my channel stopped making money, everything was going swimmingly.
That indicates that I did not make any money from the advertisements that were being displayed on my videos.
There was a time when between 2 and 3 million people viewed my channel each month, but despite this, I was not getting paid in any way.
At the age of 19, I decided that the best way for me to overcome this setback would be to invest the $5,000 I had saved in the start-up of a software company that would serve the creator economy.
I made the decision not to attend college because I wanted to focus all of my energy on growing my SaaS company instead. The following is a list of the five most significant things that I’ve picked up so far:
1. Completing a task is more important than making sure it is perfect.
Before I started this company, I had no prior experience in either coding or managing a company, and I had no idea how to do either. Despite all of the challenges, I remained confident in my plan.
I was resolved to bring my SaaS concept into the world, and I was willing to do whatever I could within my means to make that happen. One of those things was developing a proof of concept for the idea.
Finding a good programmer in another country who was excited about making Trend Watchers work the way I wanted it to and who was also affordable required a lot of hard work and careful planning on my part, but I was successful in doing so.
Even at this late hour, we continue to collaborate. The user interface and experience of Trend Watchers were both terrible when they were first released, but they have steadily improved since then.
When I look back on my life as a software developer, I can see that I have accomplished a lot more than I ought to have given the circumstances. I had to deal with an overwhelming number of challenges and obstacles.
I ought to have given up before we even got started, but we were able to pull through because we had the right amount of drive and determination.
It is always preferable to get something done, even if it is done poorly, than to never get it done at all. Most of the time, you have to make a lot of mistakes to learn something.
2) The rationale behind the necessity of maintaining order in the information
I got right to work to ensure that I was gathering accurate data as soon as I could. To illustrate what I mean, let’s take a look at the process by which information is gathered.
Because of their illegal uses of collected data, large corporations and con artists have given data collection a bad name. However, there are some positive aspects to the process of gathering information.
Better choices in relation to marketing can be made with the assistance of data. You’ll be able to learn what your users like and don’t like with the help of this tool.
During the signup process, I ask users thought-provoking questions, and I use session recording software to monitor how users interact with each page and what they do while they are on that page.
These are two of the most helpful ways that I collect information, but there are other ways as well. The appropriate choices and software updates have been made with the assistance of these data as a result of the two methods that were listed above.
3) Obtain a proof-of-concept before beginning construction.
I’ll repeat myself for the people in the back: before you build anything, make sure you have a proof of concept. At the beginning of 2022, the concept of a market for trend watchers occurred to me.
Everyone is in agreement that marketplaces are beneficial and that, when applied appropriately, they have the potential to greatly assist in the expansion of startups’ businesses; however, no one ever intended for this to occur.
They were only interested in activities that could be accomplished through the use of the internet.
I ignored the advice of the market and went ahead and produced the product anyway; however, it was a failure.
I invested a significant amount of time and resources into something that, at the time, the majority of my customers did not want.
Additionally, it resulted in a great deal of additional difficulties. Following that event, I made it a point to always get feedback from users and conduct a proof-of-concept before implementing any new features.
4) Recount your experience.
I was only 19 when I started my own software company with my own money when I was 19.Because of this, my financial situation became even more precarious. So, I had to come up with a way to get the word out about it without spending any money.
When I was younger, I had a natural talent for regaling others with tales. After school, when I had some free time, one of my favorite things to do was to make up my own stories.
Because the home office where I worked had a printer, I was able to create books by simply taking a few printed sheets, folding them in half, and stapling them together.
I came to the conclusion that putting the knowledge and abilities I had gained as a child to use would be the best way to increase the visibility of Trend Watchers.
I’ve decided to keep tabs on my progress by following it on Instagram and reading about it in the press. It did not happen in a single swift motion.
After a significant amount of time spent writing, documenting, and pitching, people are beginning to take an interest in the story of my brand.
One thing that I didn’t know before about my paying customers is that they tend to stick around for longer when they see that their money is being put to good use.
To stay up to date with me and everything going on in my life, many of my paying customers follow me on Instagram or subscribe to my weekly email updates.
Keep a record of everything you’ve accomplished as your new business grows. You’ll end up with a high-quality journal at the end of the process, not to mention devoted readers, if you go about it in this manner.
5) Never pass up an opportunity.
When I’ve had to make a snap decision, some of the best opportunities have presented themselves to me. There were chances to invest money in various programs, travel to a variety of new locations, and alter my schedule in order to attend various special events.
The other 10 percent of these opportunities simply presented themselves, and each and every one of them has been extremely beneficial to the expansion of my company.
It comes as no surprise to anyone that beginning a successful business from scratch is difficult for anyone, let alone a young adult who has no prior business experience.
Even though things like books and videos on YouTube can be excellent sources of information, there is no substitute for the experiential learning that comes from actually doing things on your own.
My experiences have provided me with both the knowledge and the skills that have greatly contributed to my personal development.
I have high hopes that the aforementioned five lessons will prove beneficial to other business owners, whether they are just starting out or have years of experience.