Lessons from an idiot entrepreneur: Taking on Myspace

Due to illness we’ve been unable to have our scheduled guest on this week so I’ve decided to put together a quick fire (5-6 mins) episode outlining the simple ways you can fail with a startup. The example used was my first attempted ‘venture’ which was a music based website called Dogs Can Drive that was supposed to take on Myspace.

It’s strange, in my interview with NY Times Bestseller Tucker Max, he spoke about how he would never invest in a company where he feels the founder is ‘playing’ CEO instead of running a real business. I was guilty of doing this with Dogs Can Drive. A few pointers are:

Don’t waste time trying to build a fancy website. You’ll only risk losing a lot of money, as Joshua Palmer discovered with his first mobile app

If you’re going to start a business, you should at least know what your purpose or vision is

Don’t play CEO. Don’t do it for the bragging rights. Do it because you have a business that solves a problem.

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