Thank You HN: Lessons from 3 years of Bootstrapping
And I wanted to share some of the lessons I've personally learned in my time at 2600hz. Here are the three biggest time wasters for bootstrapped companies:
1) Consulting (You need it to bootstrap but spend as little time here as possible)
2) Feature Bloat (What makes a good product is what you leave out, not what goes in. People that want your product as you to improve features, not to add new ones. People that will buy your product after you add feature X are not customers).
3) No Silver Bullets (http://bhorowitz.com/2011/10/26/lead-bullets/ Sometimes there is no easy way to solve something and you just have to bite down and do it.)
Here are the three biggest things I would do again in a heartbeat:
1) Super Skinny Budgets (The first time we went to Vegas for a Conference, we went with $200 for the trip, including cab rides. It was a difficult, but incredible experience and it bonded our team together. Live dangerously every now and again).
2) Don't be afraid to pass over talent for culture (A miss-hire is worse than a no-hire. When you hire, hire for culture as much as skill. It will matter more in the long run).
3) Celebrate your achievements and break bread together (When people know their work is valued, they stay longer, work harder and achieve more. We want everyone at 2600hz to feel like they're a part of something bigger).
Obviously, this isn't the magic recipe for creating wealth. The biggest misconception I had was that in Venture, all you have to do is raise money and you're set. The truth is that you raise money when you don't need it and you use it to accelerate your business. Relying on money to make your business is a recipe for failure. The only guaranteed path to success is hard work and a bit of luck.
Thanks to HackerNews for all of the inspirational stories and wisdom. This is my favorite community on the Internet.
Cheers,
Joshua