I've been wondering if anyone has tried starting a 'micro' startup. By which I mean a startup that's manageable by one person and won't require outside investments. If you have a simple and useful idea that's not too complicated, is it worth going for?
I know several. Took them a while to make a living out of it, but it can work. I think the hardest part is not having any team members to bounce things off of and/or hold you accountable.
BTW - you can start many businesses without outside funding - most never get any funding.
Good question, Yana. I suppose it depends on what kind of life you want to live. Presumably, a micro-startup can be done without a team and can be a lifestyle business. You can make a very comfortable living with this and are not accountable to the pressures of investors. However, if you're hoping to build something BIG with a big exit, then you may consider having a team because there are too many things for one person to tackle.
My wife and I have a small bootstrapped "micro-startup". It's a great side hustle and brings in some great revenue that's paying for our vacations and her student loans. We won't have a huge exit and get rich, but we're enjoying the work we do to help our community.
Best of luck in your journey!
Yes (small things & low risk) just jump in, don't think about it just close your eyes and go. Whatever is holding you back (if it flops, friends and family, make comments et al) it doesn't matter. The learning curve will be shorter next time, and youll likely be more enriched for it. Think of it like your baking a cake for the first time, no harm no foul.
Well I manage a micro startup of the kind you mention, I don't have the developer skills, nor the know how to get investors, but my business works, it works well I'll say, you deal with a lots of independent contractors and clients, yet you still need to train everyone to be on board.
now that I want to turn my business into apps, I think the best way to raise funds and pay for an app, with no major investment (which will take longer), will probably to clone my micro startup with partner, in their own demographics.
Yes, go for it. Just keep your goals in check. There are limits what you can do by yourself. I've mostly heard of solopreneur/micropreneur building lifestyle businesses. Echoing Ben's sentiment, big reward comes with big risk, usually meaning more capital investment and more than one person's sweat equity on the line.