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Howdy there folks welcome into today’s video so uh just gonna kind of keep this short and sweet uh let everybody kind of know what’s going on but made the tough decision this week to shut down the hungry bowl company and um you know let me let me just talk you guys kind of through how a decision like that comes about by the way uh you know first off thank you for
Everybody that ever you know used the hungry bowl uh left us a review anything like that it obviously means a lot that you guys you know try to support things um as it went and anybody that’s not aware hungry bowl was basically a free app on the app store that you keep up with what’s going on the market we had our daily newsletter we kept you up to date with kind
Of what’s going on the market you keep track your stock prices listen to conference calls things like that so you know straight off the bat money it’s about money um you know when it comes to you know the decision to shut that down if it was all free to have developers if it was if aws was free if all the softwares were free i’d still be running the hungry bowl
Um it came down to money yeah you know that business was ten thousand and twenty thousand dollars a week for me to run out of pocket and we didn’t make any money from the business it wasn’t like uh we charged for the app it was absolutely free the goal with that as far as making money down the road was you know hopefully get a ton of people to use it over time and
Then have sponsors inside the newsletter and on the app and things like that have companies pay but in order to get companies interested like legit companies you have to get to a large scale it became apparent that we were never gonna reach that large scale that we’re gonna need to get to to get companies to sponsor the newsletter to run ads on the app and things
Like that so there i was spending you know like i said it was very customary for me to spend between ten thousand dollars and twenty thousand dollars every week to run the hungry bowl between the softwares the teams all those sorts of things the developers um it’s just very unrealistic right now i thought through from every different angle i thought about well
What if i raise money right uh but here’s a problem if i raise money let’s say i went out there and try to raise money right first off the app was built um on not the best in my opinion thing out there was built on google flutter which at the time when the app first started was like a promising opportunity but now it’s looking more and more and i know i’m speaking
Like nerd language to some folks when i talk about google flutter most people probably don’t even know that what that is unless you’re a app developer you know we would have to probably go to the drawing board and probably start the app completely over again okay um secondly if if i was trying to raise money they say okay who’s the ceo i’m the ceo okay um if i’m
The ceo of this company where does hungrybull rank in terms of my importance in a given day it’s not my most important thing the most important thing i do in a given day is run my portfolios right listen to conference calls research companies research my current companies keep track of what’s going on the markets that’s the number one most important thing that’s
That’s basically like a full-time job in itself right second most important thing i do in a day is record youtube videos i’ve been doing this since 2016. that takes a lot of time outs anybody that’s a you know a youtuber that gets a lot of views and those sorts of things it’s it’s a lot of work that goes into it we all make it look easier than it really is i guess
You can say what’s the third most important thing i do uh from a business standpoint on a date run the private stock group right people actually pay to be in the private stock group so i produce several piece of content per week in there i try to always run that to the best of my abilities it’s very important so their hunger bull comes in as the fourth the fourth
Most important thing and we’re competing in a space that the other ceos of other apps out there or websites or whatever that’s their main thing like this is their everything right and for me it’s my fourth most important thing so at the end of the day no one’s gonna like uh give us capital unless we hired a another ceo that that’s all they do is focus well that’s
Another huge cost right and then you you’re gonna have you know they’re gonna say well what about this this service like what makes you guys different and those sorts of things so there was no way i saw that project being the success um you know that it needed to be to make the money make sense right and to keep funneling let’s say ten thousand or twenty thousand
Dollars a week into that the developer side you know when i went into it i thought it was gonna be much easier on the developer side um and what we just you know we ran through a lot of developers it just didn’t work out in what i really learned is my gosh you really if you’re gonna attack an app project you better and especially if a complicated one that’s using
Several different softwares and programs and things like that in it you you better have some you know crazy money to throw at and now i can see uh why a lot of these companies have thousands of developers you know if not five thousand ten thousand just developers right working on their app all the time because you would try to adjust one thing over here with your
App and also ten things over here break and it’s like what the flip like are you kidding me like why can’t we just fix this one thing over here it’d be like the best way i could put it is like you know let’s imagine the ceiling fan is not working well you know in real life like you know i could have somebody come fix the ceiling fan we can like switch it out or
Something like that right but in app world it’s like you need to fix the ceiling fan okay you fix that and also now light breaks and the pool breaks and you know this part of the house just falls down it’s like what is seriously going on right now so um yeah you know tough decision but uh that’s business for you man it’s business you got to make tough decisions
Sometimes and that’s a decision that had to be made and um you know i it was a it was a shoot for the moon project there’s no doubt about it right that was that was uh you know trying to go big and it didn’t work out and i learned a lot from it i’ll be honest um you know definitely learned a lot from it you know positive negatives there’s always there’s always so
Much you can learn from something like that right so anyways that’s the video that’s about it i wanted to try to keep it short as sweet as possible and just let you guys know much love as always always thanks for supporting obviously you know everything we do and and i’m glad people got value out of that why they did um it was very costly so uh yeah you know i
Appreciate you guys much love as always and peace
Transcribed from video
Why I Shut Down my Company By Financial Education
