I started dAppStudio in 2014. It took off fairly quickly. I really wanted it to become a full stack development house for software products and wanted to help other startups achieve their technical goals using our products and services.
So as the money came in I hired people. (Actually I had to settle down with training my staff from ground up and once they were trained, I started paying them.)
Unfortunately, our main products that I partnered with, never went profitable. It was a bad decision on my part — i just wanted to build stuff without thinking about the money, but software wasn’t what people wanted at that time, since i was the technical partner and wasn’t really calling the shots for strategy, I think I was kept in the dark about the prospects and the nitty grit-ties of the market situations. But since we had been getting really good at software development, we started allocating our energies at getting some new work from other clients which was a tough market to survive in. When the deliveries took time, the payments were delayed as well. It got to a point where it wasn’t manageable at all. It got de-motivating for all of us.
I spent my life savings trying to keep the team on payroll. It just still couldn’t work out.
So I had to let everyone go.
Now, dAppStudio is just me. I’m trying to strip away all of the junk / waste and things that were not profitable.
We still have clients, partners who are interested in getting even more stuff done. But right now it is just me.
So, I’m just trying to figure everything out. dAppStudio took a BIG financial blow, but it’s not dead and doesn’t have to be.
I just wish for once that I should have relied on myself instead of relying on others. I didn’t take things in my own hands, took time fo getting rid of lethargic team members and kept on motivating people to perform who were simply incapable. Instead I should have worked alone.
So one takeaway will be, always trust your gut more than you trust anyone else.