Startup Checklist #22 - Can you explain your startup in one simple sentence?

2021 - We help podcasters receive audio messages from fans
2022 - We help podcasters receive audio messages & money from fans

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Startup Checklist #21 - Do you know who you're building for?

We built @PodInbox for Podcasters and their fans.

More specifically...podcasters who are focused on growth and creator economy.

#buildinpublic #bootstrap #startup #startupchecklist #creatoreconomy

#19 - How soon do you need to identify a business model after starting your company?

We had a business model from the start. As a bootstrapped startup, you have to be revenue driven. Without revenue, there’s no fuel to keep going.

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#18 - Which business models do most VC's stay away from?

Not sure if I agree with this thesis. If it's a good startup with great market potential and traction...it’s desirable for most VC’s…regardless of the business model.

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#17 - At the most basic level, why do investors love these four business models?

In short, they are predicable, scalable frameworks for revenue.

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#16 - Do you understand why marketplaces are coveted by investors?

Yea, marketplaces are great, but doesn’t fit my strengths. Chicken and egg scenario is too much risk for me as a founder…but happy to invest in them.

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Alright, these next 4 startup checklist items aren’t really things you should "do"...just some basic concepts founders should know. So I’ll just summarize thoughts in this thread.

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There’s no ego involved in this preference. Just knowing me, there are 2 things I really value with my work: delivering product vision and forward momentum. In startup world, I think I can have most control of these 2 things as CEO/founder.

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5. I have supportive parents.
They were VERY hard workers, but never tiger parents. If they were tiger parents, I probably would’ve take a more straight & narrow path. All they demanded was work hard, be smart, & things should fall into place.
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4. I'm generally healthy & happy.
I’ve never had anxiety or depressions. I imagine this fact alone, gives me much less things to worry about when dealing with such a stressful and demanding career path as being a startup founder.
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3. I’m single, no kids.
This probably gives me some luxuries towards risk and life sacrifice I might not otherwise have. Much props to founders with partner and kids!
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2. I’m an immigrant.
We didn't come cause we had money...we came for opportunity. When you come under that framework...hard work isn't something we chose. It's just baked into your DNA.
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1. I’ve been poor before.
I keep thinking, IF I lost it all and had to start over…I'd likely be ok and still grateful.
#buildinpublic #startupchecklist #stoicism

End of 2022 brings us to 1.6 yrs…which I think is the right amount to invest & run to get to near profitability. IF we don’t reach the goal…then option 1, go after funding. option 2, get a job and keep running @PodInbox on the side. #buildinpublic #startupchecklist

My burn rate is pretty deep, if you consider my opportunity cost lost for not being employed myself. That’s part of the equation right? Payroll is also high, but budgeted for 2022. Server and tools costs is very affordable with our stack. #buildinpublic #startupchecklist

Somedays, tempted to get funding, due to the great times we’re in. But I want give it a go bootstrapping this.

I’ve been considering angel investing other startups, but decided the biggest outcome I can have most control over is my own startup. #buildinpublic #startupchecklist

To be clear @PodInbox is not a side hustle for me. I’m going all-in as my full-time job. Don’t take this as advice…as I always tell others to not quit their job until they see traction. But I’m choosing the all-in path ATM. #buildinpublic #startupchecklist

First, my good runway comes from a decent exit of my previous startup, & good personal finance hygiene for the past decade. My personal runway with no job is quite a bit more years, but I want to keep a tight budget with deadlines for @PodInbox . #buildinpublic #startupchecklist