Have you ever lost personal cash from a failed start up? Share how much it was, what the business was, why it failed and any tips you can give to anyone to avoid the same mistakes.
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Put in $110k into a company to hire developers after my cofounder/developer who also happened to be my dad died. Was basically everything I got from life insurance. It all got off the ground, was taking off, multiple clients ready to board on, 1mm in gross revenue coming in, 10mm+ lined up and ready to or already had signed contracts for. Found out one of my business partners was stealing money from the company. Was about a half million he stole out of it. It tanked the company. Still going through lawsuit.
What I took away from is don’t let anyone touch the fucking money. Ever. For any reason. Also if someone is fighting or resisting you in any way about getting you raw finance numbers, the are 100% stealing from the company. Unfortunately not the first time I’ve had someone stealing from the company.
I think losing $ is part of the game. Not ideal but if you aren’t prepared to lose $ or struggle some it’s probably not for you. It beats the heck out of sitting in a corporate cube all day though.