So I started my own startup about 2.5 years ago and about 6 months ago, I got an offer to get bought out (not a very huge sum of money) or take another investment (not a huge one and it needs me to give up >70% of the company). I was excited to try it at first, but where I live, family is a huge thing (Asian thing). My parents (even though they won’t admit it) basically guilt-trip me into, stop “playing around” with my startup and help with the family business (coincidentally, it’s in the IT industry as well). So I figured…might as well. So I did not sell it, nor did I receive an investment. But the official story is that it’s sold at a modest sum.
So here I am helping in my family business – we’re a medium size organization but having financial and management issues. I’m basically in charge of everything from sales to marketing to development to support. I don’t mind. I love the grind work (it’s why I started my own company in the first place last time). The prospect for this product is really good and we’re growing. But not fast enough.
Many friends or friends of a friends say how well their business is doing. And I always think….damn….do I suck? Why can’t mine be as good as theirs? I know they might be boasting it a bit, but a friend just boasted he hit hundred million revenue mark (albeit, different business industry).
So I need to grow my business. Prospects are great. But we haven’t closed anything for the past 3 months. Just to give you context, we’re in the IT solution service business. So I realize the sales cycle isn’t short. Anyway … any sage words of wisdom or advice?