I'm a little burnt out after my business failed after 4 years of hard graft. I'm looking for a new online opportunity but feel as if I've run out of ideas, problems and general creativity.
Work a job as normal and boring as you can find. Boring is, boring. But boredom is a good way to build up energy for a future run at a startup.
Also, one thing you lose working in a startup for a long period of time is perspective on what "normal" problems are. Which is why so many startups look like they only target other startups. The best ideas come from working in an industry long enough to understand the specifics about a problem, how to solve it, and who would buy it.
Some of my anecdotal evidence: Left an exploded and then imploded startup (where I was one of the first employees), completely burned out and was approached by a guy for a startup.
Sounded good, but my creative energy was gone and my wife told me to go to hell if I wanted to start a company with a newborn on the way.
Went to a super boring corporate job instead that had three big benefits:
1) Nice and cushy 9 to 5 with great money to lick my wounds
2) As OP said: Energy came back and I realigned with normal people and normal problems
3) I left after 11 months with a nice bore-out and so many great examples of what not to do in a company that it had my fire lighted and ready to go.
Turned out the guy who wanted me for the startup had waited for me and together we built the largest streaming search engine worldwide over the past 5 years.
That in turn was a serious roller coaster ride with its own story again, but that wasn't your question, right? :)
JustWatch has been such a game changer for me! Really awesome job. Great UI, intuitive layout, responsive. You guys must be getting a barrage of well deserved traffic lately.
I became a personal trainer. It was a great way to work the other side of my brain, learn a few things, but also have bandwidth to keep thinking about startups without the burnout. Certification was easy.
What you are experiencing is absolutely normal. You worked on the best idea and you worked it hard. You even delivered revenue from customers and maybe you successfully raised some investor money. However, 4 years later, you're the end of the road. You are hungry for a new idea because you have built up a unique set of entrepreneurial skills that you want to keep using. You're a professional high-energy operator who builds and executes. However, you don't have anything as good as the last business because starting is hard. You know that a startup requires commitment and conviction. However, to get that fire again, for a new business, is a drag. Your startup left you out of commitment and conviction for your industry and with even less fight in your spirit for another run.
My advice: Go back to the scene of the crime and open up an investigation while the trail is still warm and you have some consulting gig to keep cash in your pocket.
Your startup worked for 4 years. I would recommend you go back to your industry and meditate on why you were convicted and why you were committed. Why did you succeed? What did you do better than the competition? Why did you stop succeeding? What about your customers you really loved? Which customers did you really hate? What was the magic of the business that others couldn't repeat as easily as you. In those answers may possibly lie the new startup that you want to launch that will CRUSH the COMPETITION. In a careful poring of the 4 years are the seeds for a new and possibly even more successful company. Take your time because looking at the failure will be painful.
Thanks. TBH I think the niche was to small, the problem was too hard, the solution was too complex, the audience was too hard to connect with.
The niche can be served but I'm not sure it can be served and make a living from it. There are other competitors (without our USPs) but they're backed by universities so it's not clear if they're "stand alone" viable either. Thanks for your advice!
Some people have given solid advice here on financial restrictions, so will focus on the 'fire for building' part.
Recently listened to a podcast of Tim Ferris, where he interviewed Tony Fadell - who built the iPod, iPhone and Nest. In it, he makes a serious case for getting bored. He explains how he uses it to drive new ideas, such as how it helped him get the clarity of mind to get the idea of Nest, and how afterwards he's done the research for his current problem - one of plastics.
"Get the time to get bored. Spend three, six months if you can, or at least two or three weeks outside of that. Get bored. Just put away all of your things. Maybe go clean up the garage or whatever it is. Right? Through that, you’re going to start to think differently. You’re going to act slightly differently and your mind might open up to other sources of inspiration, other problems, other things where you start to go, “Oh, now I see differently.” I’m not just going to go run to the competitor because I understand the space and run to the competitor and go work for them because they’re going to give me a better job. But I want to go do a whole different thing that I want to learn about that’s going to challenge me so I’m not just checking in every day and doing my work, but I’m actually growing through that."
Playing a game or watching a movie feels good — but at the same time, you're living someone elses' dreams. All this dopamine, all this adrenaline will feel so good and make you tired just enough to conveniently forget about your own.
the distinguishing benefit of reading, particularly more challenging works (of any genre), is improved reading comprehension and likely improved written ability as well, skills that have immense value in day-to-day life. Arguably video games and movies don’t have the same trickle over benefits. That being said I have an immense respect for the value of film and I imagine video games have certain benefits as well.
Netflix gives me little gratification. And so, it's a great source of relaxation for me. Whereas social media is addictive for me.
Keep in mind, dopamine isn't a "pleasure hormone". It's a reward anticipation hormone, one that drives you to do painful things for a reward that might not happen. It mixes both excitement and anxiety... excitement to get you started, anxiety to force you to finish.
It doesn't trigger in things that are actually relaxing. That's why people who are actually having fun 'procrastinate' less on some sites.
After I exited my last business, it took me 3 years to finally get up to feeling ready again. I also went to a dark place for a while. My best advice is to keep your head up and think more about the present than the future, at least for a little while. Keep yourself busy and avoid things that feel too cumbersome or dreadful. Exercise and treat your body well.
In between battling depression and anxiety over the years, I started doodling things again. Those doodles turned into thought experiments, into reading research papers, into connecting into a new field. I'm feeling more energized these days about starting something new, and more excited about working on a startup again.
I wish there was some way I could have avoided falling into the emotional abyss and spending so many years there. Maybe I should have focused on building more friendships over the years instead of being a loner. You really start to take for granted such things until the isolation of failure sinks in. Hopefully this time I will find a co-founder willing to go to felt with me. I'm not sure I can endure another solo fail.
Thank you. I felt a little dark when I knew things were going to end badly, but surprisingly I don't feel bad now that things are over. I feel slightly excited and interested in what the next opportunity might be, but as I said originally, I feel creatively burnt out and don't seem to have the critical analysis needed right now to figure out what to do next.
I hope things are working out for you now (mental health wise).
Well I am still in computer engineering, but I've always considered that engineers always have a "minor" in whatever discipline in which they are working. Of course you can be a generalist web-dev; however, anything more interesting usually requires specialization into either a technology or domain.
To answer your question, I used to be an engineer more focused on front-end work, UX, and design. These days, I've gone back to my educational roots in economics and mathematics and moved more towards ML and prediction markets.
I've been through a handful of ventures in the past few years with ultimately no lasting success. Some made money in certain periods, but ultimately they failed, with the thousands of hours and many thousands of dollars invested in these ventures now "down the drain".
The only thing we can keep doing is pushing forward. Failure must be seen as a learning opportunity, not a failure of intellect or similar.
With that said, if you are experiencing emotional side-effects, which are completely normal from my POV (I've certainly had them), I urge you to consider your mental health, nonetheless your overall health. Success and money do not mean a thing if you cannot get out of your bed or house every day, or if you've frayed all relationships (whether familial, friendships, etc.) while working as hard as we're told to as entrepreneurs.
I failed a business after nearly three years. I thought that it was a great idea and invested $50,000 of my father's money. I got lucky in many ways because I started it in college and didn't have rent or family matters on the line. That said, closing it down really sucked. I feel like there are still some loose threads between myself and teammates — we never closed the loop on some things, so make sure you do that. Otherwise, it will bother you for a long time.
To bounce back, I focused on the opportunities that this experience has instead brought me. I realized that I got deeply involved with the entrepreneurship community on campus. I channeled all my energy to help others start companies and avoid the mistakes that I have done. This, in turn, led to more work opportunities at accelerators and organizations that support startups.
After working for about a year I gained new perspectives and experiences which pointed me to a new idea that I am currently pursuing. The "circle of startup" if you will :)
One of the best frameworks that starting my first company helped me develop is finding "problem/solution fit". Of course, that depends on your past business and experience. Personally, I became more sensitive to noticing problems and realizing that I could solve them with technology.
Start consulting with companies that have made it a little further down the road and learn from them.
Remember that not everyone has solved the same set of problems.
Find companies that have problems that you already solved with your business, and help that company by applying what you've learned.
They'll benefit from your experience and fresh approach, and you'll see what you can do with a different set of tools (more capital, better product, better team, etc.)
After working with a few companies for a few quarters, you might have a fresh outlook on whether to solve a new problem or join an established company.
I went through this recently and have come out the other side with a successful new venture. It took some self reflection, humility and creativity to get here.
What did it for me was putting aside my ego and realizing that maybe my ideas weren’t the pinnacle of human thought. Up until this point I had been building what I wanted, believing that as an engineer I knew better than everyone else and therefore what they needed and should want. I think Silicon Valley and VCs have this problem in general and this is why most of them fail.
It wasn’t until I immersed myself into searching, networking and communicating, that I finally understood that there is a huge divide between what people need and what engineers think they need.
With that said, my suggestion would be to network with people outside of your normal circle and find someone or a business that is doing remarkably well without engineering or automation. Figure out how to pitch the bigger picture to them and co-opt them into a new venture. Their idea is already working with manual, redundant workflows. Imagine what you could do together to make the business scalable.
It depends on your financial situation. If you can afford it, take some time off and forget about the whole thing. If you need money, I would either get a steady job or a contracting position to reestablish a stable financial situation. It’s hard to think straight while being broke.
I feel this is the mental state (whether objectively broke or otherwise) of most employees, which hinders them from starting that business they always wanted to start, or starting contracting/freelance. It's a poison as far as I can tell. Truly some of the most capable people I know cannot by pried loose from the toxic work environments and low pay they are stuck in because sick systems disrupt our ability to reason well.
Thanks. I do need to forget about things but I also feel I need to feel as if I've earnt a paycheck. Does that make sense? I have not "won any bread" for the last 4 years and even some casual hours doing unskilled labor, I think, might make me feel energized.
I totally understand. Personally I would do some contracting. Having somebody tell you what to do and making some money without much stress can be good for the soul for a while.
This was me a few years ago. My end goal was to build up savings in the 3-5 year time frame.
My off-ramp was to:
1) Take on consulting clients
This allowed for a shift in day to day/finding an alternate source of income asap. Depending on opportunities available, you might want to skip this step.
2) Identify interesting startups in the area + get a software dev job.
This allowed me to hone up my rustier coding skills and make good money without needing to worry about clients/big picture deliverables.
3) After 1 year, move to FANG.
I needed a year to get back into the IC mindset and skillset at a level where I could be hired as a senior/principle level at FANG.
I just started actively consulting two months ago. So far, 8 projects and five clients.
Before doing this, I built a pretty strong startup network in New York City. Through starting a company and running an entrepreneurship club at New York Univesity, I got to know a lot of relevant people on the scene. entrepreneurs, investors and community builders. Once I was sharing with people that I was working on. I got introductions to potential clients. My biggest client right now is a person whom I knew from the first year at the University.
If you are good at hosting events or bringing up ir target audience together, I would suggest looking into that.
Instead of focusing on making more money, focus on spending less. This reduces pressure, increases health and time to think and be creative. In my adult life I have spent years in low expense scenarios learning and creating. Forget the herd, do what you want to do. Move to a cheap place (avoid anywhere with a 'digital nomad' community) and go swimming, surfing, rock-climbing or cycling every day. Even if you have zero savings one remote gig or an occasional bout of local work will keep you going.
Thanks, but not really practical for us (2 kids in school and partner with great career and tenure).
We do live frugally however which is how I was able to start the business in the first place. We traveled a lot when we were younger but now we live what many would probably call a "boring" life. We're anti-consumerist, minimalists I suppose and we're happy with that ;-)
Can you elaborate more the "avoid anywhere with a 'digital nomad' community"? Isn't that supposed to be a positive network or alike people/entrepreneurs? How do you keep your networking/customers/support network in an isolated cheap area?
I often build something that takes time before taking customers. Doing this in an isolated location keeps costs down, assists focus and allows free intellectual exploration without outside influence.
I’ve just pulled the plug on my business, and now I’m moving sideways - back to regular employment but in a role that’s pretty different from what I’ve done for the last 15 years. Hopefully that will recharge my batteries, and then in a couple of years I might be ready to try again.
I took a job at a small startup for a year. It was healthy for a number of reasons
-stable pay, rebuild savings
-catching up on new tech I had missed while being heads down
-larger teams, more socialization I had missed
-time and space to decompress and process what I have learned
I wish I took some time off in between startups. I’d suggest taking some time off to clear your mind and rejuvenate. If you have the ability, traveling can help (although this is tough now with the virus outbreak).
Definitely this. I have lived through two (one major) restarts.
Be gentle to yourself. You probably will need longer to recovery emotionally than financially.
Let the process take its time. If you're unsteady emotionally or under pressure (need to make a business to regain income) it is very difficult to make pragmatic decisions.
Agreed. Many years ago I left a job that had ground me down and started the next thing immediately, which went better. But 3-4 years into it, I realized I hadn't had a proper rest in several years.
Whatever your next thing is, you should start it with fresh energy.
Just work a regular full time job for a while. No shame in it. And if you absolutely can’t get past the idea of being employed for a steady paycheck, then just think of it as a way to raise cash for your next venture when you get a good idea.
Don’t jump into startups right away. Find a company to work for, preferably one which is interesting and positive (not just any stable BigCo but not someone else’s 4 people startup either). Do that without imposing any time limit - when you’re mentally ready, the startup bug will bite. That time you’ll be better all around.
Go work for a big company. The work is slower and you can take a break.
Big companies also mean big opportunities. And you don’t get to see what these opportunities are unless you’re on the inside. You will find some inspiration there for a great B2B company and you can leverage the connections you make there to make it happen.
Starting a business right now probably isn't a good idea either, so if that's the position you want to take, then there's no practical advice right now.
Why do you think starting a business right now isn't a good idea? To me, it seems like the perfect time.
In there next 6 months, there will new opportunities that never existed before. For example, there are many companies that are realizing they will get left behind if they don't let their workers, work remotely. I am sure there will be a new set of companies that specialize in making certain job roles more remote friendly.
Have you failed at a startup & business and experienced recruiting as a business owner/founder / have you had skin in the game here?
Having failed 4Q19 at my startup, and tried finding work elsewhere, employers have rejected me left and right.
I'm no longer positioning myself as a founder/business owner, instead choosing a more traditional function, and deleting any reference to me being a founder / having done practically every single function.
YMMV. Some companies will not hire people that they feel are too entrepreneurial. Sitting in a cubicle and being happy is a much different mindset for someone who has run their own business before.
I took a job in the same space as my startup. My startup was bootstrapped, so having built a product and learned the market was interesting experience to my new employer. The work in the job seems much easier once you've been grinding for the same problem on your own. I've continued to deepen my network.
You can still solve the problem you were trying to solve with the startup, although you'll be doing it at a company. Maybe approaching it from a different angle will shed new value on your ideas and creativity, and you won't feel as depleted.
It took me 4 years to recover from burnout post business failing. I moved to the mountains, did a lot of meditating and snowboarding and was able to start a now-successful company after that 4 years.
I’ve been there. It was incredibly stressful and tiring, especially towards the end. I could not focus on anything for weeks after, let alone think about starting something new.
Give yourself some time. Eat, sleep, work out, live - chances are you might not have done much of that lately. I would suggest travel, but maybe not right now :)
Look after yourself first, allow yourself to be bored again, the creativity and the itch will come back. But you can’t force it if you’re running on empty.
Also, one thing you lose working in a startup for a long period of time is perspective on what "normal" problems are. Which is why so many startups look like they only target other startups. The best ideas come from working in an industry long enough to understand the specifics about a problem, how to solve it, and who would buy it.