Why I Left the Software Industry
Summary
- Building technology is a challenging endeavor, and this can be even more difficult if you lack technical skills.
- Even individuals with considerable resources and access to top developers find the process tough and time-consuming.
- Creating a successful piece of software can take years and a substantial amount of money, with no guarantee of success.
- I spent $4.5 million and two years developing a small piece of software, which turned out to be only moderately successful.
- Rapid market changes and competition mean that by the time you've developed your technology, others may have duplicated it.
- Speed is critical in the tech industry because what is relevant now might not be what the market demands in a year.
Video
How To Take Action
A good way of doing things when diving into technology, especially without lots of technical knowledge, is to start simple. Here's what someone can do:
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Focus on simplicity and speed. Forget making the biggest software right away. Instead of spending years and too much money, make something basic that solves a problem quickly. This way, if things change fast in the market, you won't be left behind with something no one wants.
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Do your research first. Before spending time and money, look at what's already out there. Maybe you can use existing tools instead of building new ones. This can save a whole lot of hassle and cash.
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Learn the basics. While you don't need to be a tech genius, knowing a little about what you're working with helps a lot. There are free or cheap online courses that make learning easy and fast.
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Hire or partner wisely. If you need technical help, find someone trustworthy who won't break the bank. Look for a partner or a freelancer with good reviews who knows how to work on small projects.
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Test your idea first. Before going all in, see if people actually like what you're planning to make. Use surveys or a simple prototype that doesn't cost much. If people are interested, then you can think about spending more money and time on it.
Building tech smartly means not getting lost in the big dream right away. Instead, solve a small problem, test it, and grow from there. This is how you stay ahead without losing your mind or all your money.
Quotes by Leila Hormozi
"Building tech is hard especially if you are not technical"
– Leila Hormozi
"It takes years and then all the money"
– Leila Hormozi
"Mine was like a small piece of software 2 years into it $4.5 million in hard cost"
– Leila Hormozi
"By the time we incurred the cost of learning the lessons who had copied it all the other big serums"
– Leila Hormozi
"A huge factor in technology is speed"
– Leila Hormozi
Full Transcript
building Tech is hard especially if you are not technical the amount of friends I have that I'm just be really honest way more technical than you have tens of millions of dollars resources to some of the top developers and just eat even if you do it right it takes years and then all the money you have mine was like a small piece of software 2 years into it $4.5 million in hard cost not even just like my sanity and you know it's mediocrely successful you know because guess what by the time we incurred the cost of learning the lessons who had copied it all the other big serums and so a huge factor in technology is speed which is even if you know what to build right now what you build today is likely not what the market wants in 12 months
