5 Lessons I Learned From Starting a Company at 19 Years Old

Opinions expressed by Entrepreneur Contributors are their own.

I had no intention of starting my own software company. I was kind of forced into it. You see, a few years ago, I was a full-time YouTuber. Everything was fine until my channel was demonetized. This means that I made $0 from the ads placed on my videos.

There was a point where I was getting 2-3 million views a month on my channel and not getting paid a penny. As a way to bounce back from this low, I decided to put my life savings ($5,000) into starting a creative economy software startup at 19 years old. I dropped out of college to work on my SaaS startup full-time, and I’ve learned valuable lessons along the way. Here are five of the most important lessons I’ve learned so far:

Related: How to Start and Grow a Business: A Digital Guide for Young Entrepreneurs

1. Done is better than perfect

I had no experience in coding – let alone creating and growing a startup. Despite the challenges, I 100% believed in my idea. With a proof of concept, I was ready to do everything within my limited budget to turn my SaaS idea into a reality.

With a well-written vision and a lot of persistence, I was able to find a good developer overseas who not only fit my budget but believed in my vision for trend watchers.

We still work together to this day. The first versions of Trend Watchers were hideous, but over time, the UI/UX slowly improved. Looking back on my journey from a software development point of view, I shouldn’t have made it this far. I went through so many setbacks and hurdles. I should have quit back at the start line, but with a great vision and team mixed with the desire to succeed, we were able to pull through.

Also Read :  European markets open to close, earnings, data and news

No matter how challenging a task may seem, done is always better than perfect. Often times, perfection comes through the countless mistakes you make along the way.

2. The importance of data collection

One thing I implemented early on was good data collection. What do I mean by data collection? Data collection has a bad rep, thanks to big companies and scammers abusing it to make a quick buck. But there is a good side to data collection. Data collection can be used to make better marketing decisions. It can also be used to find out what users like and dislike.

I collect data in several ways, but two of the most useful data collection tactics I’ve used are asking good questions about our signup sequence and having session recording software that tracks how long users are on each page and what they click on. These two data collecting methods have helped to make the right decisions and software updates to improve the user experience.

Related: The Complete, 12-Step Guide to Starting a Business

3. Get a proof of concept before you build

For the people in the back, I’m going to repeat myself: get a proof of concept before you build. In early 2022, I thought it would be a good idea to build a market in trend watchers. Marketplaces are great, and when used properly they can be a great growth engine for startups – but no one wanted that. They just wanted trends they could use to go viral online.

Also Read :  Unicorns are passé, cockroaches are the new favourites of venture capitalists

Instead of listening to the market feedback, I went ahead and built it anyway, and it was a major flop. It also caused a lot of other issues, but I wasted a lot of time and money on something that my users didn’t want at the time. Because of this experience, I always conduct surveys and get a proof of concept before adding a new feature.

4. Tell your story

Starting a software company at 19 years old with my own money is already challenging enough financially. The next question is, how do I market this thing with a $0 marketing budget?

Growing up, I was always an amazing storyteller. In my free time after school, I would always write my own books. I would go into our home office, grab a few sheets of paper from the printer, fold them in half, staple them together, and boom – I had a book.

I decided to leverage the skill I developed at a young age to slowly build a movement of loyal followers that would help me gain traction for trend watchers. The two platforms I decided to focus on to document my progress are Instagram and leveraging print. This was not an overnight success. It took tons of writing, documentation, and pitching to slowly start hearing my brand’s story, and now it’s starting to pay off.

Also Read :  Millennial's beauty startup Social Bella raised over $225 million

One interesting insight I recently discovered about my paying customers is that they tend to stay longer and know that their money is being put to work. A lot of my paying customers follow my story through my email list or Instagram page for weekly updates.

If you’re working on growing your startup, document your journey. Not only do you end up with a well-written magazine in the end, but you can also find loyal customers along the way.

5. Take every opportunity that presents itself

Some of the best decisions I’ve ever made were time-sensitive opportunities that came my way. Some of these opportunities included opportunities to buy into programs, go to different places, and break my schedule to attend certain events. About 90% of the opportunities came out of nowhere, and every time I took one, it significantly helped me in the process of growing my business.

Related: 6 Tips for Building a Successful, Scalable Software Company

As most people know, starting and growing a business is not easy, especially for a young adult with no prior experience. Reading books and watching YouTube videos can be very helpful and informative, but experience is truly the best teacher. The skills and lessons I’ve acquired through my experience have helped me grow exponentially, and hopefully, the five lessons above can help other entrepreneurs—young or old—grow their businesses.


Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

Back to top button