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Just a short lesson that I learned this morning that I want to share with you all. A couple of months ago I was brainstorming ideas for apps. One of the apps that I came up with was a location based dating app that allowed you to see who had the app nearby, who was looking for someone to hang out with, and a gifting platform as the monetization strategy. The idea came from my frustration with standard dating sites and apps like OkCupid, Zoosk, HowAboutWe and many others.
Instead of acting on this honestly fairly simple idea, I let it sit and kept brainstorming other ideas, thinking it may not have made me any money. Turns out I was WRONG. Fast forward to this morning, I'm browsing facebook on my phone while on the bus to work, and see a sponsored ad for "Skout". This app does exactly the same thing I had planned on doing, it was free to download, and had gifting as a monetization strategy. I thought maybe it was just getting its start and didn't have any substantial userbase yet. The ad said only 500,000 people use the app (a lot, but not monumental). Well I decided to look it up in the app store and it has OVER 10 MILLION downloads. That indicates to me EXPLOSIVE growth, if their ads are keeping up with their download numbers (or maybe just bad at marketing so there is still hope?).
Do you want to know the price of inaction? The cost of not executing on an idea that you think may make you even 5 dollars? Let's do the math. $1 to send a gift to someone, average say $3 per week per user. 10,000,000 users, granted some probably inactive or not using the app, so lets call it 5,000,000. 5m users spending $3 per week is $15,000,000 per week before tax.
$15,000,000 per week. Even if we cut it down to $1 per week that is still $5,000,000 per week. What would you do with $5,000,000 per week?
Am I banging my head against the wall and quitting? Yes banging my head, quitting no. But I am taking this as a lesson to always TRY. At worst you'll lose some money and gain some VALUABLE experience, and in entrepeunership, experience is invaluable.
Instead of acting on this honestly fairly simple idea, I let it sit and kept brainstorming other ideas, thinking it may not have made me any money. Turns out I was WRONG. Fast forward to this morning, I'm browsing facebook on my phone while on the bus to work, and see a sponsored ad for "Skout". This app does exactly the same thing I had planned on doing, it was free to download, and had gifting as a monetization strategy. I thought maybe it was just getting its start and didn't have any substantial userbase yet. The ad said only 500,000 people use the app (a lot, but not monumental). Well I decided to look it up in the app store and it has OVER 10 MILLION downloads. That indicates to me EXPLOSIVE growth, if their ads are keeping up with their download numbers (or maybe just bad at marketing so there is still hope?).
Do you want to know the price of inaction? The cost of not executing on an idea that you think may make you even 5 dollars? Let's do the math. $1 to send a gift to someone, average say $3 per week per user. 10,000,000 users, granted some probably inactive or not using the app, so lets call it 5,000,000. 5m users spending $3 per week is $15,000,000 per week before tax.
$15,000,000 per week. Even if we cut it down to $1 per week that is still $5,000,000 per week. What would you do with $5,000,000 per week?
Am I banging my head against the wall and quitting? Yes banging my head, quitting no. But I am taking this as a lesson to always TRY. At worst you'll lose some money and gain some VALUABLE experience, and in entrepeunership, experience is invaluable.
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