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Joined 1 year ago
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Cake day: October 27th, 2023

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  • It can help a lot to change the way that you look at your challenges.

    Maybe begin by thinking of your business as your “babyStartup.”

    And then examine babyStartup’s health and growth. Most of your business related challenges can be solved and there are many professionals that can help you solve them.

    The fact that you have a proven track record means that you are thinking more about getting out of a situation that has slowly worn you down and is affecting your overall health. You’re about to “flee” this situation.

    That’s not an unusual situation when one person starts a small business and it grows to a size where insisting on doing everything yourself no longer works.

    The solution here is to start working on the business instead of in it.

    And that means adding people to your team to take care of the routine operational parts. Delegating tasks is not complicated.

    Maybe reflect on these questions:

    1. Do you feel that your business has hit the end of the road - or - it it a lack of time that prevents you from applying your proven “magic touch” to bring back your loyal followers and attract new one? Only you can make that decision.
    2. You are in a state of mind that is stretched to the limit. Do you believe that relieving you from many of the routine tasks will give you the time you need to get back to your creative self?

    These are not easy questions to answer. Having built a “viable and sustainable” business is a big achievement. Not many startups reach this point.

    So priority #1 is your health. And if you decide to flee and regroup, don’t look at this as a failure but rather keep in mind that next time, you will want to think about managing the business.

    You know how to talk to your target audience so that skill will remain and be invaluable in your next startup.

    And what is it exactly that you mean when you say:

    “My partner is very supportive of my journey so financially I don’t have much commitments.”

    Do you mean that you are free to focus all your attention to the business and not be concerned about your basic needs?

    "


  • Think of the LLC as a person.

    Your formal business relationship is with the LLC. LLC closed down means good bye 5K. Proving intend to defraud is something you may want to discuss with a legal professional.

    You stated that your friend has no business plan or strategy. So if you were to evaluate today what your friend brings to the LLC, what would you say?

    As mentioned by others, 5k is more of a learning experience than an amount that is worth recovering unless there are intangibles that make it personally worthwhile for you.

    Can you maybe expand on what he means by “if you quit the investment is lost”