I have seen many people fall for this and failing because of wrong approach. If you are good at coding the product, doesn't mean you can build a successful product. And, people tend to think that they will handle all other aspects from marketing and sales to support, etc. You can't!
So the right approach is to find a great co-founder who have completely different skillset than you, for example someone who is good at sales and marketing.
And then building a good team, for this you need a decent amount of money to at least start, then after successful MVP, you can go for funding or stay bootstraped.
But for this you need to be a different person than you currently are, you have to learn other skills to compliment your leadership and entrepreneur role.
I know, starting a company is the new trend, I have seen genius of coders building trashiest of product and wasting their time.
A Software Developer based in Cebu, Philippines. Enjoys creating web applications and helping fellow devs. Join me in my server at https://discord.gg/nM2TQ2ZFph
I'm not saying you're wrong, but even without being a great sales person or marketeer one can bootstrap and run a successful business. As a software consultant/ developer I had enough of building other people's businesses and billing by the hour. I wanted something that would grow by itself, invest my time in something sustainable. I started a site where members place their own content/listing and other members respond, hopefully being able to make a deal. The trick here is the user generated content that creates a feedback loop where more content generates more organic traffic. I can more or less sit by watching member subscription increase. I don't spend a dime on marketing as my users are doing that for me. If you hate marketing and sales, find a way to not need it in the first place.
You are right, many businesses can grow from word of mouth marketing. But, that's also a type of marketing. Marketing is not paying to get an ad slot, it usually starts with the product, its shareablity and whole experience.
Personally, whenever people come to me for marketing consultancy, I see their track record about how much people intaracted and shared. You can always burn the money acquiring customer with money but you can't keep them and make them share.
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I have seen many people fall for this and failing because of wrong approach. If you are good at coding the product, doesn't mean you can build a successful product. And, people tend to think that they will handle all other aspects from marketing and sales to support, etc. You can't!
So the right approach is to find a great co-founder who have completely different skillset than you, for example someone who is good at sales and marketing.
And then building a good team, for this you need a decent amount of money to at least start, then after successful MVP, you can go for funding or stay bootstraped.
But for this you need to be a different person than you currently are, you have to learn other skills to compliment your leadership and entrepreneur role.
I know, starting a company is the new trend, I have seen genius of coders building trashiest of product and wasting their time.
Nice advice. Realizd my dream is too far off haha
I'm not saying you're wrong, but even without being a great sales person or marketeer one can bootstrap and run a successful business. As a software consultant/ developer I had enough of building other people's businesses and billing by the hour. I wanted something that would grow by itself, invest my time in something sustainable. I started a site where members place their own content/listing and other members respond, hopefully being able to make a deal. The trick here is the user generated content that creates a feedback loop where more content generates more organic traffic. I can more or less sit by watching member subscription increase. I don't spend a dime on marketing as my users are doing that for me. If you hate marketing and sales, find a way to not need it in the first place.
You are right, many businesses can grow from word of mouth marketing. But, that's also a type of marketing. Marketing is not paying to get an ad slot, it usually starts with the product, its shareablity and whole experience.
Personally, whenever people come to me for marketing consultancy, I see their track record about how much people intaracted and shared. You can always burn the money acquiring customer with money but you can't keep them and make them share.