Category: Entrepreneurship

  • New book: What I learned losing $7,211 creating iPhone apps

    Don't make these mistakes. Click the cover to buy this book.
    Don’t make these mistakes. Click the cover to buy this book.

    I’ve made some dumb financial decisions and mistakes in my time (e.g. buying a gently used BMW 530i on eBay for cash; buying a 2,400 sq ft house; selling most of my AAPL stock 5 years ago), but this is definitely in the Top 3.

    I’ve been wanting to write this for a year or so, but I was too embarrassed to publicly share how badly I messed up. As far as a business is concerned it’s the most I’ve ever lost, because I always limited my losses (usually to a few hundred, maybe a thousand, dollars). To be honest, most of my business failures were quite profitable. In this case, however, I kept throwing good money after bad and then gave up and moved onto other things.

    What was initially going to be a short article ballooned into a 7,500 word eBook when I actually sat down to write last week. Start to finish, including narrating the audio book, this came out in a blaze of writing and editing over a 96 hour period. The only aspect of the book I’m not thrilled with is the cover, which I spent about an hour on. I am obviously not a book cover designer so I could either try to be perfect or just ship it.

    What I Learned Losing … is available exclusively on Amazon for $2.99. The 40 minute audio book (narrated by me) is also available on Amazon, Audible, and iTunes for less than $5.

    It would be cool if you picked it up and left an honest review on Amazon. Click here.

    Here’s the introduction to the book to get a feel for it …

    No Happy Ending

    Thank you for investing your $10 (or less) into this short book. It should take you less than 30 minutes to read and that small cash and time investment will pay dividends. Thank me later.

    Now let’s get this out of the way. This book does not have a happy ending. And I’m an unconscionable idiot.

    How is that for a start?

    See, I knew better than all of this. I’ve been in business for myself since the year 2000 when I quit my last job working on the computers at the Wayne State University Business School in Detroit, MI. I was basically tech support for the department so it wasn’t particularly challenging. But it paid $12/hour and that wasn’t too bad for a 19 year old with few expenses. During that time I had started a small web design business as well as selling on eBay and doing a little affiliate marketing. After about 4 months of working at the Business School I knew I could either continue earning $12/hour for the duration of my studies or I could jump head first into the small successes I was having with my side businesses. I obviously jumped in head first. It wasn’t always easy, but my Senior year in University I earned about $40k profit. My first year out of school was my first 6 figure year on my own.

    I made a lot of mistakes along the way. Which makes writing this book all the more difficult. I’d already learned these lessons I’m sharing with you today. They’ve been ingrained in my psyche over the years of success and failure. But I got complacent. I let my ego get the best of me. I was going to jump into the app game and make a lot of money. My past success had already predetermined my future success. Or so I thought.

    Here is how it went down. In 2012 I had divested myself of other businesses so I had time and money on my hands. I decided I was going to spend $10,000, what I internally called The $10,000 App Project, to figure out exactly how to make money with mobile apps. iPhone / iOS apps to start, because that’s where the money is. (False, but that’s the general consensus, isn’t it?) Over the next 6 months I created and launched 4 iPhone apps, along with 2 free versions with ads and in-app purchases. Only one app came even close to breaking even (it’s about break even, but I haven’t done exact accounting in a while). The rest were total and utter failures. To the tune of over $7,000USD.

    Don’t feel sorry for me. In this case, my loss is your gain. Thankfully I was in a position to lose that money. I didn’t enjoy losing it, but I’m not broke or destitute because of it. And I learned — relearned as it were — some important lessons in the process. I certainly would have preferred to have spent $10,000 and turned it into a thriving app business, but sometimes lessons are learned — again, relearned — the hard way. So be it. At least you can learn from my stupidity and keep yourself from making the same mistakes I did.

    And that’s the key.

    This short book will save you money if, and it’s a big IF, you do not do what I did. Learn from my mistakes. If you’re just getting started you’re not smarter. You’re not going to be “the one” to get lucky while disregarding the rules I’ve laid out here. The market works the way it works for a reason. People buy Product X and not Product Y for a reason. And while I did clearly learn that again by the time my app experiment was over, I didn’t want to put good money after bad any longer and moved on to other projects. I let failure beat me this time.

    My apps are still available in the app store, as sort of relics to my past, a harsh reminder of what was and what could have been had I had instruction like what you’re reading right now. Or had I used what I already knew instead of thinking I was smarter than the system.

    My apps currently earn about $50/month. It costs $99/year just to keep apps in the Apple App Store so what my apps earn amounts to pocket change. In other words, and in case I didn’t make it clear already, my app business was a total and utter failure.

    My goal with this book is either to get you to quit the app business before you start because you’re not willing to do what’s necessary or to give you a jumpstart by learning from the mistakes of someone who’s failed miserably. If I succeed in doing either of those then I will have saved you (or hopefully made you) a lot of money.

    ###

    Pick up What I Learned Losing $7,211 in the iPhone Apps Business on Amazon by clicking here.

  • Protected: 15 Reasons To Make Wrocław, Poland Your Next Digital Nomad Lifestyle Business Destination

    This content is password protected. To view it please enter your password below:

  • The Psychology of Influence, Saying Yes More, Hustle, How To Send Email Pitches, and Other Ramblings

    It’s no secret that we’re heavily influenced by what and who we surround ourselves with. Go to church? Your thoughts will be based on that church’s teachings and closed to others. Hang out with entrepreneurs? You’re likely an entrepreneur, or on that path. Travel a lot? Your friends probably do too.

    Here’s an interesting example from the October 2008 issue of Science:

    … we hypothesized that experiences of physical warmth (or coldness) would increase feelings of interpersonal warmth (or coldness), without the person’s awareness of this influence. In study 1, participants who briefly held a cup of hot (versus iced) coffee judged a target person as having a “warmer” personality (generous, caring); in study 2, participants holding a hot (versus cold) therapeutic pad were more likely to choose a gift for a friend instead of for themselves.

    We don’t even always realize how our surroundings are influencing us. (Which can be scary.)

    Over the past year or so I’ve been consciously influenced by something and someone in particular.

    See, I feel like I did parts of my life “wrong.” Meaning that, when I was younger I didn’t want to get a job or “work for someone else” so badly that I didn’t even take opportunities to learn closely with other smart people.

    I preferred to stay in my own little bubble and figure things out on my own.

    Which, I guess, is admirable. A lot of people I’ve spoken to have told me, “Karol, you’ve done so much!” From my perspective that’s not true.

    Sure, I’ve worked on a lot of great projects, made some money along the way, and generally been able to live the life I’ve wanted to live.

    But I’ve yet to build or work on anything I’m truly proud of. Something I would be happy to show my non-existent-never-gonna-have-them children. It’s sad to admit that.

    The way I see it is I’ve been floundering, living by the seat of my pants so to say, for my whole adult life.

    Maybe one could argue that’s the Hustle. Maybe.

    Or maybe it’s some kind of mental delusion. Maybe.

    Or maybe I’m too hard on myself. Maybe.

    Which brings me back to my point. How what we consume, what we experience, and those we surround ourselves with influences us.

    One of my favorite people-I-don’t-personally-know is Henry Rollins. I don’t agree with him on a lot of things, but if there’s one thing I’ve taken away from his life is that he doesn’t let up. He works hard and doesn’t apologize for it.

    When someone asks him to do a gig, he takes it. Hosting a radio show. Entertaining troops via USO. Talking shows. (His term for his spoken word tours.) Writing a newspaper column. Hosting a TV show. Acting. He’s everywhere.

    He has said as much: “I’m always kind of doing something — there’s never really any downtime,” he said. “And I’m not trying to impress you with my workload.” This was in the midst of a 150 show speaking tour.

    Sometime last year I wondered to myself, “Why don’t I do that? Why don’t I seek out gigs for things that interest me?”

    Which is exactly what I started to do. I began reading about how and why people got interesting gigs. (The Ask The Headhunter email newsletter is great for short tidbits of stuff like this.) I didn’t start accepting gigs yet, but I started looking for them while taking breaks from my own work.

    I also began proactively emailing people who were in my network (even just on the fringe of my network) who I wanted to learn from.

    It’s really simple to do that. Here’s part of an actual email I sent to someone I wanted to work with:

    I like what you’re doing. I like the way you think. And I want to help you.

    My pitch: I’d like to work with you – for free for 4 weeks – on the new direction
    you’re taking your business.

    What I bring to the table: [insert stuff]

    What you get out of it: [insert stuff]

    What I get out of it: [insert stuff]

    Most of this type of thing ended in nothing, but I still kept my eyes open for opportunities. I knew they wouldn’t fall into my lap overnight.

    Then last month Derek Sivers announced he was hiring a manager for his new company Wood Egg.

    I read the email on Saturday the 10th of June. An hour later (at 10:09pm) I sent him a short email with subject “I found your Wood Egg manager” with my proposal and a link to a private YouTube video I created. (Video was me talking for less than a minute, nothing fancy.) Monday morning he responded, “yes!”

    And so, I’ve been working with Derek and Wood Egg since that time. For the first few weeks it was ~60 hours/week. I literally lived and breathed Wood Egg. I even woke up early (for me) because there was so much to do. (We were hiring for 48 research positions and I did skype interviews with over 100 people.)

    Some people would probably balk at that. But some people are also stuck in lives and jobs they hate.

    On one hand you can look at it like the more work you take on the more you’re stuck. Which is maybe true. Maybe if you fill your life with work you’ll have no time for anything else. And maybe you’ll be exhausted, or burn yourself out. Maybe.

    But I think the more you fill your life with work the quicker you’ll recognize what you’re good at and what you want to do. You’ll gain new experiences that can lead to other new experiences. You’ll build a network of interesting people who influence you (hopefully in positive ways).

    When all is said and done then maybe, just maybe, you’ll have done something you can be proud of.

  • No Negativity Challenge Lessons Learned

    Last month I did a “no negativity challenge.”

    The goal was to stay away from negative words and conversations or steer them towards something positive. In truth, it’s a near impossible task to completely guard ourselves against negativity. That might be why I felt like it would be an important challenge. I like to think I’m a realist as opposed to an out and out optimist and I really just wanted to see what would happen if I paid attention to the negativity from myself and those around me.

    So what did I learn last month?

    1. Many (most?) conversations devolve into something negative at some point.

    As a result I avoided a lot of conversations, especially via Skype and Twitter.

    I’d love to figure out why this is the case (maybe it’s me?), but almost every in person or online conversation I had took a negative turn at some point. Usually a complaint about the weather, a beverage, food, a person, the world. Nothing necessarily extraordinary, but complaints none-the-less. I was part of this sometimes as well, though I was often able to recognize it and change course thanks to the challenge.

    2. Sometimes I felt stifled.

    In some ways I felt stifled because I couldn’t mention something or express my thoughts fully. That said, I don’t know that it’s beneficial to state negative thoughts and feelings except in certain circumstances.

    There are a few ways to look at complaints and figure out if they’re beneficial.

    • Complaining about things you can’t change is useless. (Weather, for example.)
    • Complaining about things you won’t change is senseless. (Your job or relationships, for example.)
    • Maybe the only time complaining is actually positive is when you use it to fan the flames of change.

    In other words, if you’re using a negative thought or feeling to motivate you then more power to you. If you’re using it just to complain then stop.

    3. Living without news is not only beneficial, it’s necessary.

    I used to check CNN.com, Google News, and Reddit a few times a day prior to this challenge. I diligently used the Self Control App to block them for the first couple weeks of December. At that point I often forgot to open Self Control, but I wouldn’t visit the sites anyway due to the newly broken habit. It was outstanding.

    I still got news, of course. Everybody on Twitter and Facebook seemed to have an opinion about the school shooting in Newtown, Conn. and I heard all about that immediately. It didn’t get me down as much as it probably would have in the past because I was tuned out of the majority of the coverage.

    While I think it’s important to know what’s generally going on in the world it’s not necessary to know all the details. If you’re a journalist or a pundit then yes, it’s your job to know. But if you’re a regular person you’re doing yourself a disservice by exposing yourself to drama and negativity that doesn’t much concern you. Especially when you have no power to affect any change.

    You’re better off reading a book, listening to music, spending time with loved ones, or even doing absolutely nothing. If everybody took a 30 minute nap instead of watching 30 minutes of news coverage I have a strong feeling the world would be a decidedly better, happier, and at the very least more well-rested place.

    4. I had to stop reading the bible.

    I’ve been reading the bible (King James via a free iOS app) so I can be smarter about it. It’s been 20 years since my forced catechism classes and I didn’t remember all that much detail, but this experience has been telling. To find the positive parts of this book you have to cherry pick as they conveniently did for us in catechism and church. (Exodus 23:9 “thou shalt not oppress a stranger”; I can dig that.)

    “Properly read, the Bible is the most potent force for atheism ever conceived.” – Isaac Asimov

    Death (“And all flesh died that moved upon the earth …”), destruction (“And every living substance was destroyed …”), evil (too many quotes), misogyny (“and thy desire shall be to thy husband, and he shall rule over thee”), people who live to be hundreds of years old (Noah = 950 years old; not negative, just ridiculous). And that’s just in Genesis.

    Full review when I’m done, but this is a difficult and slow read. I hope to be finished by year’s end, reading front to back (Old and New Testaments; no cherry picking!).

    5. We live in outstanding times. If you focus on creating more good moments you’ll put yourself in a better position to realize this.

    In that way I think it’s better to do a “positivity challenge” instead of a “no negativity challenge.” During a positivity challenge you’re focused on doing good things and thinking good thoughts. It feels better to think “how can I make this a positive experience?” instead of “how can I make sure this isn’t a negative experience?” It’s subtle, but if I were to do this over I’d do a positivity challenge instead.

    What about you?

    If you joined in on last month’s challenge I’d like to know how it went for you. What did you learn? What was a struggle? What was easy?

    ###

    I posted a new challenge for this month right here.