Jumping Into a New Venture
Entrepreneurs in Action
Full-Contact Entrepreneur
Don't Leave Me This Way
Craig Rabin is one of several entrepreneurs Portfolio.com is following as part of the series The Great Global Business Adventure.
You wake up, you go to bed. The sun comes up, the sun goes down. Some things in life are just predictable. They happen so often that you come to expect them.
My life as an entrepreneur is turning out to be no different. The first time I started a company—at 16—my friends were shocked when I told them. At 18 when I started my second, they were still intrigued. Fast-forward to last month when I announced the start of my ninth company within the last 10 years and the response becomes, “Yeah, so what else is going on?” Some things are just predictable.
You’re correct in your interpretation; last month I began yet another venture. This blog not only marks the sixth I’ve done in my series, but will go on to note the fifth startup I’ve now mentioned in my writings.
Before we get to that, let’s take a quick check-in on the situation with ViewInYourRoom. As I haven’t written off the venture, I’ve been backed into quite the conundrum.
First, I tried to approach investors with my idea, Beta software and business plan. Their feedback was that I needed a fully functional site to prove the concept before investment could be attained. I went to additional investors and continued to hear the same thing (sometimes word for word). Second, I switched gears and pitched developers with the goal of them creating the site for equity so that I could get things off the ground and running. The developers’ feedback was that this was too large of a project to do for equity: Try to raise investment. I went to more developers; again I heard the same feedback from them. I think you know where I’m going here.
Had I been 10 years older, I just may have had enough saved capital to self-fund the software to try to get it to the next level, but at 26, I’m a bit short. So what does an entrepreneur do? Start a second venture to hopefully fund the first! I figured it was either that or buy a whole bunch of lottery tickets. Either can be seen as a gamble, but I prefer the option where fate is in my hands.
Thus came the birth of humTeedumTee, which is going to reinvent the concept of viral apparel. Not only does it require minimal upfront investment, but within two weeks of breaking ground, all key contractors and vendors have been established. Apparently, there are still people out there who are willing to take a risk on a startup. All I had to do was minimize the risk.
Now I would love to share all the details with my readers, but the project requires the utmost secrecy. I can, however, tell you a few things: 1) We launch September 22. 2) Go to humTeedumTee.com and sign up for our newsletter so I can send you discounts and free promo codes. And 3) Without you (yes, you!) I won’t be successful. As with anything viral, the more people use it, the more people see them use it.
As I work diligently to bring humTeedumTee to the public, you have my word that I will time my next blog with the launch of humTeedumTee. In the meantime, please do check out humTeedumTee.com, and please pass the link on through your social networks.
All that being said, I want to thank all of you for your continued support. My last blog called for my readers to email me with suggestions and feedback on my situation, and I received dozens of positive responses with heartfelt words. Thank you for sticking with me along my journey—better yet, along our journey.
This blog’s tip for entrepreneurs is one that I utilize often: Where creativity may be your true core competency, asking for help is your biggest asset.
Craig Rabin is a Seattle-area entrepreneur working on the founding stages of software businesses. He is one of several entrepreneurs participating in a year-long Portfolio.com project following American small businesses as they go global.
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