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A few lessons that "only" cost me $18,000

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Brad S

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2 1/2 years ago I came up with the idea of making a online marketplace where anyone in the world can buy and sell products and services for not only bitcoin but any other crypto currency as well.

Picture Amazon or eBay but with no government money only crypto currencies used.

I called it 1776 Market.

A few problems though:

I didn't have much coding experience and tried to learn what I didn't know.

So after hundreds of hours of coding with udemy courses (and of course hating every minute of it and being terrible at it)

I realized this was much too complex for my ability and amount of time and energy.

So I hired some developers.

First developer says he'll do it for 3000.

I get a website 6 months later that pretty much works.

The problem is I come to find out, the code is stolen therefore the extensions it's based on won't receive updates.

So I proceed to get my money back through PayPal.

This time I used a developer and his team who had done some work for Noah Kagan.

$18,000 and a year later I had a magneto 2 powered fully functioning marketplace.

There is a custom code extension that integrates with coinpayments API.

It allows people to buy and sell products and services using any crypto currency that currently exists.

It also allows the owner of the site to collect commissions on all things sold.

But after 2 1/2 years I'm realizing that I don't have the time or energy, or interest to put in to a business such as this.

I don't want to be sitting on a computer for hours at a time either.

A few lessons learned:

1. Really think about what you'll be doing every day with any business.

If you don't like being on a computer then a website is a bad idea.

This seems obvious which brings me to my next point

2. Don't pick a business idea based on what you think will scale the easiest and make the most money.

Warren Buffetts advice of only investing in businesses you understand is what I'm talking about.

I just dont understand coding nor AWS servers or cryptocurrency enough.

Nor do I find any of these things all that interesting which is probably why I don't have much understanding of them.

The growth mindset has gone way too far.

Not everyone can or should learn everything.

Our genetics do determine to a large extent what we're good at.

And that usually determines what we're intrested in.

I learned this the hard way.

And of course the notion that scaling is easiest on the Internet.

I think the reverse is actually starting to be more true.

MJ makes this point in Unscripted.

Physical location units have way less competition, higher barrier to entry.

You're not competing against the world right from the start.

You're not going with the internet trend but against it.

Being ignored on the Internet in 2018 is about as easy as putting a pizza place on a planet somewhere in the Andromeda Galaxy and wondering why there's no customers.

In 2018 starting an Internet business has alot in common with buying a lottery ticket.

Sucker odds.

But a physical store on a busy street even though its local has much higher odds of moderate success.

Then clone.

3. What's right for me is not right for you and vice versa.

Not everyone can or should do everything.

Everyone is suited to start very different types of businesses.

No generic universal advice is going to lead you in the right direction.

So you can pretty much disregard everything I just said because who gives a shit what I say.

It may or may not be relevant to you.

The trick is to know if it is.

Anyway.

I still believe this may be a viable business for the right person.

They would need some programming skills, knowledge on cryptocurrencies and tolerance for sitting on a computer.

Right now the code sits as a snapshot on AWS servers.

If you think you might be the right person to take this website and run with it, then send me a message.

We can discuss the details.


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Supercar

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But after 2 1/2 years I'm realizing that I don't have the time or energy, or interest to put in to a business such as this.

I don't want to be sitting on a computer for hours at a time either.
I am at a slightly earlier stage of a similar project.

So, I have a question to the gurus around here:
How would you run a business like this, with no interest (or dare I say, passion) to run it?

According to TMF and Unscripted, you need to push through this tough period, which could last several years, until the results and the satisfaction start coming in.

Do you need a minor heroin addiction to help with the motivation?
 

RoadTrip

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I am at a slightly earlier stage of a similar project.

So, I have a question to the gurus around here:
How would you run a business like this, with no interest (or dare I say, passion) to run it?

According to TMF and Unscripted, you need to push through this tough period, which could last several years, until the results and the satisfaction start coming in.

Do you need a minor heroin addiction to help with the motivation?
You are in the desert of desertion. Trust me, once you have paying and happy customers, it's worth it. MJ is right in saying adding value is what gives you the satisfying feeling.
 

Lee Wright

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I just wanted to thank you for being willing to share your experience. In this social media word people only want to share when they nail something but sharing what hasn't worked for you can really help others. I love the saying that MJ shared. "A smart man learns from his mistakes, a wise man learns from the mistakes of others". How do we learn from the mistakes of others unless people share them. I haven't ready Scripted yet. I'm almost finished TMF. I was a little surprised when MJ talked about ideally having a business with "barriers to entry" then proceeded to suggest an Internet business in which you're competing with the whole world. I was just thinking about this today. I run a physical service business in a regional town. It's virtually impossible for someone outside the area to compete with me.
 

p0stscript

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Wow, thanks for sharing.
This definitely got me pondering:
Don't pick a business idea based on what you think will scale the easiest and make the most money.
 
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Brad S

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I just wanted to thank you for being willing to share your experience. In this social media word people only want to share when they nail something but sharing what hasn't worked for you can really help others. I love the saying that MJ shared. "A smart man learns from his mistakes, a wise man learns from the mistakes of others". How do we learn from the mistakes of others unless people share them. I haven't ready Scripted yet. I'm almost finished TMF. I was a little surprised when MJ talked about ideally having a business with "barriers to entry" then proceeded to suggest an Internet business in which you're competing with the whole world. I was just thinking about this today. I run a physical service business in a regional town. It's virtually impossible for someone outside the area to compete with me.
Wow, thanks for sharing.
This definitely got me pondering:
This is far from over.

Everything I said in that post the opposite views could just as easily be argued.

I could argue them myself.

I am conducting one long trial-and-error experiment.

I could tell many more stories.

One day in the future I'll either update this thread or start a new one.

After taking action for a long period of time on numerous different entrepreneurial endeavors, hopefully I can come up with some unified theory that's at least somewhat close to reality.

Everything will be judged by results.

There are no sacred cows.

The point is:

Don't take what I say in this post too literally because I could easily change my mind tomorrow.

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LeoistheSun

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You could sell it on one of those website sellers. Could make your $ back?
 
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Brad S

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You could sell it on one of those website sellers. Could make your $ back?
Yeah I've looked into selling it through that type of website and many other avenues as well.

Right now it sits in a zip file.

I can't figure out how to get it back on AWS because I didn't build it and I've never used AWS.

I took it down because AWS is expensive even with no traffic.

My tech skills are basically HTML and hostgator level.

There's a custom magento 2 extension that I had developed.

It allows you as the site owner to collect commissions between buyer and seller transactions.

Similar to eBay.

And to accept Any Cryptocurrency that exists through Coinpayments API.

I've looked into selling that as just a downloadable software product by itself.

But again my technical skills are limited.

My strengths are in selling the shit out of it and the overall strategy.

I'd have to partner with someone that has development skills.

Anyone interested let me know.

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TonyStark

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Well, think of it this way. There’s a lot of people on Shark Tank that have sunk way more than $18,000 on a losing idea.

Glad you learned.
 

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