Another Slice of Humble Pie for 404, Failed SAAS

[Deleted50669]

Yet again, I've failed.

There are always lessons to be learned with each of these landmines, but this one hit deep.

In this episode, 404 violates the Commandment of Need. I've spent 7 months diligently developing a SaaS product that I told the market it needed, but not one that the market told me it needed. That is a fatal error.

I developed a web-based solution designed to guide young leaders through leadership skill development training. This idea came to me when I thought "Gee, there seems to be a lot of talk about millennial leadership disparity. Maybe I can design a scalable solution that helps them improve as leaders."

Good in theory, horrible in practice. People learn leadership through experience, and communication with other more experienced people. I ignored this fundamental fact, and went on to invest $3,000.00 in developing a piece of shit. Having recently been let go from a full time job, and now experiencing this, I am bitter, disappointed, and my self-esteem is in the dumpster. I won't quit, because I've got no quit in me, but it's back to the drawing board with my tail between my legs.

A few things I'll do differently going forward:

1) Build certainty that any business or product I'm building satisfies a real problem - not a problem I'm pretending is a problem.

2) Have more conversations with people. I am horribly introverted, and I am usually averse to social interaction. But it's the social interaction that allows people to uncover real problems. I'll need to swallow the social anxiousness and hit the streets to communicate with people now.

3) Stop drinking my own damn koolaid. I know I'm a smart, educated guy, but that means nothing in the world of entrepreneurship. I need to go back to a learning and growth mindset, instead of a "I have all the answers I need" mindset.

I deserve whatever ridicule I get from this post. But I do hope others avoid making the same mistake as I. Never rush into a hunch, and never act on a business idea through emotion. Validate the demand, or validate the lack thereof.

 

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[Dovahjiim]

This would only warrant ridicule if you had not learned from this experience; which it seems that you have.

I'm in the same position of having to go and find an audience; and the thought of talking to people makes me nervous, too!

Thanks for sharing.

 

[MJ DeMarco]

I developed a web-based solution designed to guide young leaders through leadership skill development training. This idea came to me when I thought "Gee, there seems to be a lot of talk about millennial leadership disparity. Maybe I can design a scalable solution that helps them improve as leaders."

Just because a problem exists, doesn't mean it can be monetized into a solution. Your audience ultimately must want to pay for it. The value proposition just isn't very compelling ... that's what compels users to open their wallets.

Thanks for sharing the failure.