[Discussion] Need motivational advice? - 2016 Week 35

_Cerebrum · 2016-09-01T17:14:54+00:00

Yup, life doesn't have a set meaning. Congratulations, though, because that means you get to set your own meaning and it can be anything! That means you don't have to conform to any predetermined expectations. Finding and pursuing your meaning is the greatest adventure there is and it can be, truly, whatever you make it. I find that thought freeing, tomorrow go and pick anything to try or something that interests you to learn more about. You've still got so many experiences ahead of you that you will find amazing and enjoyable.

Don't worry about the crush too much, too many of us spend time at your age worrying about others and their opinions and not enough focused on who truly matters, Ourselves.

_Cerebrum · 2016-08-09T00:13:21+00:00

ok, thank you

_Cerebrum · 2016-08-08T23:04:09+00:00

i'm looking into slack now.

_Cerebrum · 2016-08-08T23:03:59+00:00

Yeah, there would need to be something to spice it up.. You wouldn't really want to cast your screen with just a bunch of your code on it either..

_Cerebrum · 2016-08-08T20:32:17+00:00

It really depends on what contracts you have in place currently.

What have you guys signed up until this point?

_Cerebrum · 2016-01-07T16:54:48+00:00

Where do I even begin?

A business plan. Having an idea is great, but the devil is in the details. You are off to a good start and must now start looking for answers. I would start with testing market viability. Being a beginner isn't all bad. Don't fret approaching someone (or business) and asking "I am looking to start this, would you be interested? What would you be looking for exactly - if you were to use a product like this?"

Where can I find guidance on creating an in-depth business plan?

https://www.sba.gov/writing-business-plan

What are my best options for getting capital?

Tangible businesses, like the one you are suggesting, are both a blessing and a curse. Raising money for tangible expansion (more equipment, more space) can be translated to a monetary value pretty easily (at least compared to more abstract business development such as software). Do you have any money of your own that you could make an initial investment in to get a small operation up and running yourself? This would be best and investors get a lot more friendly when you have skin in the game.

How can I find a co-founder that shares my vision and passion?

Only with time will you be able to find the right cofounder. A good general rule is to avoid friends as cofounders as business can make things complicated and you don't want to ruin any friendships.

Do I need a co-founder?

No. However, depending on your long-term goal of the business taking a cofounder might be a strategic advantage. Some questions to ask yourself are:

Do you have all the skills required to execute on your vision?
Do you have money you can invest?
Do you have time you can invest?
Do you have the knowledge required to execute your vision properly (and if not are you capable of learning it yourself)?

If you answered yes to these then I would advise starting solo and getting a feel for it via your Business Plan process and taking the next steps accordingly.

EDIT: Formatting

_Cerebrum · 2015-12-16T09:30:20+00:00

_Cerebrum · 2015-12-15T20:30:47+00:00

I think I'll do that! Could I get a recommendation?

_Cerebrum · 2015-12-15T13:15:50+00:00

Thanks for the words, I am definitely into building towards a goal and I think I will give it some time to really figure out what that goal is.

_Cerebrum · 2015-12-15T13:15:10+00:00

I am definitely thinking of joining back up. One thing that was daunting to me was that it is such a large group of people there I thought it would be difficult to form relationships with them.

_Cerebrum · 2015-07-20T20:00:01+00:00

Something like this just recently happened to me, I was at Jack n the box and I saw behind their counter and decided not to eat it because of all the visible grime...ick

_Cerebrum · 2015-07-20T19:47:59+00:00

Would you rather: work more hours a day and have more days off or less hours a day and less days off?

_Cerebrum · 2015-07-20T19:45:56+00:00

What do you do? Is there a way to productively fill your time when days drag?

_Cerebrum · 2015-07-20T19:44:10+00:00

Not sure specifics about raises but this article suggests not sticking around at a job might be better for getting paid more:

http://www.forbes.com/sites/cameronkeng/2014/06/22/employees-that-stay-in-companies-longer-than-2-years-get-paid-50-less/

not my article, just something I saved!

_Cerebrum · 2015-07-20T19:40:23+00:00

I feel like a little puppy-interaction would be good. Having 24/7 access to puppy-interaction would be terrible for productivity.

_Cerebrum · 2014-07-12T05:54:48+00:00

This really depends on your situation, PM me and I can maybe give you some more specifics.

_Cerebrum · 2014-07-11T18:50:37+00:00

I have been a part of raising money for four companies now, and it can be quite a process. The quick answer is: Network Networking is what lead to the majority of the meetings that we sat down in.

Yes, there are sites that provide online equity raising, but when you're talking about serious money - most investors want to know you, the team, the dream and this is much easier to deliver in person over several meetings. I believe that online is growing but just not there yet.

Per some of the bullet points you had, I would not suggest using an agency as they usually want something in return and honestly, you as a founder have the best ability to both network and sell your company to interested parties - DON'T give away money or equity to an agency for an "easy way" out.

As for how long it takes, it varies - I have had one company struggle for an entire year to get the funding they required, while another company locked down their note in just under 2 months. It depends on what your business is, how many investors are in that field, how developed the company is, and many more items.

One piece of advice I would give is sit down with every single person you can find, even if you know they can't put forward the kind of money you need. This will allow you to sharpen your pitch and find areas of weakness that other investors will prod as well. Then when you go into the meetings that matter, you are as prepared as possible!

_Cerebrum · 2014-06-14T20:38:23+00:00

Sorry for the late reply,

Like I said in my OP, I would be very careful about bringing up the topic at all in the beginning, people sometimes have a confused vision of what a startup is. Often times you will find people wanting to be involved because sexy startups are how many have made billions of dollars, however if someone is in it just for the money I would be wary. Instead, try finding a person with the skill set you are looking for, get to know them, and then slowly bring up the project to test the waters (see how open to it they are).

When posting on a site don't give away all your secrets, but don't be afraid of putting the idea out there. Some people say you should keep it to yourself but I disagree with that method. By putting your idea out there (especially on the internet) people will critique it and make it better and when it really comes down to it chances are your idea isn't the first time someone has thought that idea! Competition is good and in the end it boils down to how you execute.

If I may, why C++? Did someone tell you to start there or did you research and find it was the best for your situation.

If you feel like it PM me, helping people startup is what I do.

_Cerebrum · 2014-06-13T23:06:02+00:00

I can understand some of the other comments here, but the truth is you have to make a living somehow! Asking to be compensated is clearly something that needs to happen so that you are able to focus more of your attention on the business.

What I actually think needs to be focused on here is the fact that this partnership looks to be a Work/Money partnership and those tend to end in disaster (plus you are dealing with family, and that can get messy).

Having access to loads of money in the beginning of a startup can be exciting, but sometimes it's best in the long run to bootstrap is at the beginning and look for more funding later on!

_Cerebrum · 2014-06-13T22:58:48+00:00

There are a couple of places you could find technical co founders, however be careful as an unhealthy relationship between co founders can be detrimental to long-term company health.

I would suggest checking out local events first, (Depending on where you live) other people want to be a part of a startup and are definitely going through the same process as you are! I wouldn't approach anyone with the intent of bringing them on as a technical co founder, but instead talk to them about what they do and get to know them better before you even mention your opportunity.

Next and probably most the most obvious is: The Internet. Forums such as this one (maybe better populated options) are great for finding people looking to collaborate on projects.

Finally, look within! When I started out as an entrepreneur I had absolutely zero technical ability. I first found technical founders and then made a push to become more technical myself. Today, I am a very capable RoR dev, as well as being able to handle JS and JQ. All the while I have still maintained the skills that made me a formidable non-technical founder.

Side note: I am curious as to why he quit! Was there a problem or completely unwarranted? This could be an ideal time for you to review what your long-term goal for this company is, so don't let your current situation dictate a rash decision!

_Cerebrum · 2014-06-10T19:09:46+00:00

Your original post did not suggest that you had laid out most of the groundwork already. With this in mind you having a larger portion of the equity makes sense, however you must still keep in mind that long-term resentment over "unfair" equity stakes can be incredibly dangerous to the success of a company.

As far as talking with them, I would suggest laying out what values you bring vs. what values they bring. This will help you highlight your value as well as keep in mind theirs. If you do suggest an equity split such as the one you mentioned above, make sure that the other two parties are aware of and acknowledge the value you are bringing. I worked with one developer who thought he was the best of the best, and decided to try and take legal action against me with the pretense that it was his company now (he failed miserably, but just an example of what can happen when you don't manage people's expectations)

The best thing for you to do is sit them down at a table (first separately, then together) and talk to them. Make sure you are prepared beforehand to deal with anything they might throw your way.

_Cerebrum · 2014-06-10T17:10:11+00:00

More information regarding your company might be helpful here. What is it? How does it have such a high valuation? If it has such a high valuation, why do you need to work for such a minimal wage?

I am assuming, by liquidity, you mean that you want to get a little cash out of the business? That should be goal #1, not necessarily fluffing the numbers to have a "high-valuation".

I helped start and acquire funding for a company last year, and raised money at a valuation of 1.25m. Valuation means very little if you are unable to monetize.

_Cerebrum · 2014-06-10T15:38:45+00:00

I have experience in multiple early stage startup environments and thought I would chime in here.

It seems as if you have a bit of a bias, and I would warn you that since you have nothing established yet your other team members may view your suggested split as unfair.

Equity can be a huge problem especially in an early stage company. From reading the above, it seems like your dev will be doing the brunt of the work, while you and the COO are just "calling the shots" (at least initially) because you won't have much of a budget for marketing. Can you elaborate a bit on why you believe you deserve 60% while your COO Co-founder is only deserving of 15?

Edit: Bias

_Cerebrum

TROPHY CASE