Re:Reflecting on My Failure to Build a Billion-Dollar Compan...
by pryelluw on Wednesday August 09, 2023 @01:10PM
(#37065689)
When you say lifestyle business, what do you mean? Is it a self employed kind of job/business where he will be broke if he doesn’t show up everyday? Or more like he will do very well and have a good lifestyle but not have big fuck you money?
Re:Reflecting on My Failure to Build a Billion-Dollar Compan...
by toyg on Wednesday August 09, 2023 @04:13PM
(#37067766)
The latter. When people say "lifestyle business", they typically mean a business that can comfortably sustain the owners' lifestyle, but is never going to grow significantly.
Re:Reflecting on My Failure to Build a Billion-Dollar Compan...
by fuzzfactor on Thursday August 10, 2023 @05:07PM
(#37081821)
He could be making millions in a respectable way but not with enough out-of-control growth to move the needle for some billionaires, who then look down their nose at him with the attitude that he should get a life and get some style.
Re:Reflecting on My Failure to Build a Billion-Dollar Compan...
by ZephyrBlu on Wednesday August 09, 2023 @01:17PM
(#37065787)
From the description of his "Q1 2023 Public Board Meeting" video:
"Gumroad in February 2023:
- GMV: $14.5M
- Revenue: $1.81M
- Gross margin: 69.21%
- Net income: $834K
- Monthly churn (creators who made a sale in Jan that did not in Feb, in terms of GMV): 2.46%"
https://www.youtube.com/watch?v=st8ns96z7d4
$10M/yr profit, very modest business. No luckier than a $20 lottery winner.
Then he ground away at something that involved laying off a lot of people and watching his team dwindle to 1.
He does now have a lifestyle business, but from the number, it seems pretty modest.
Maybe it’s like a scratch off winner telling you how to pick tickets. But like one of those $20 tickets.