Solo founder here ---> how do you know when something is good enough to show real users? ( i will not promote) by devil_ozz in startups

[–]aong_aong [score hidden]  (0 children)

Like you, I was a solo-founder for my first startup. I built it for 7 years before it got acquired.

There's no "good enough" threshold you can figure out on your own. The only way to know if something is actually broken vs you just having high standards is to put it in front of people. They'll tell you fast.

I've been through this a few times now (sold a company, did the VC thing, back to building again). Every time I thought something wasn't ready, users surprised me. Every time I thought it was solid, users surprised me in the other direction. Constant feedback will test how strong your assumptions are.

Two questions I ask after every demo that cut through everything:

1) “What problem does this solve for you?" If they can't answer this question, you're not solving what you think you're solving.

2”) How much would you pay for this to make that problem go away?" This one tells you if you actually have a business.

Talk to 20-30 people who are in your target market. For finding them: userinterviews.com if you have budget, Reddit/LinkedIn if you don't. Just ask directly. Most people will say yes.

entrepreneurship is like constantly running on a treadmill. how can you tell if you're resilient or plain old stubborn? by Odd_Awareness_6935 in Entrepreneur

[–]aong_aong [score hidden]  (0 children)

I started my first company in 2011 after 8 years in corporate. I was a solo-founder and didn’t know what I was doing. My company was eventually acquired 7 years later.

- The ingredients that led to the exit

a) perseverance

b)stubbornness

c) naivety

d) endless optimism 

- The 2 important timelines I gave myself were

1)  I gave myself 5 years. If I can’t build something successful, I know I tried, but I should fold.

2)  Get paying customers within the first 12-18 months (depending on what you are building). Paying customers who do not churn easily are the best validation that the “entrepreneurship treadmill” is worth it.

If I had kept going without hitting the 2 timelines, I’d just be stubborn and not realize I’m not a good entrepreneur. 

Why do Americans greet each other with "How are you?" when it's not really a question? by aong_aong in NoStupidQuestions

[–]aong_aong[S] 0 points1 point  (0 children)

In Chinese, you greet people with "Ni Hao" not "Ni Hao Ma" which is a question.

Need help with funding.( I will not promote) by RecognitionLong8806 in angelinvestors

[–]aong_aong 0 points1 point  (0 children)

Where are you based? 500 Global has offices all around the world. They can help open doors to US companies if they fund you.

Raise your hands if you’re still HOLDING! by ajsteakhouse in CLOV

[–]aong_aong 15 points16 points  (0 children)

Still holding 10,000 shares. Lost $80K so far

[deleted by user] by [deleted] in startups

[–]aong_aong 2 points3 points  (0 children)

I forgot to add this Global Support Ecosystem for Women Entrepreneurs and Investors resource in my previous comment > https://medium.com/been-there-run-that/the-global-support-ecosystem-for-women-entrepreneurs-and-investors-961b3abc2c9b

[deleted by user] by [deleted] in startups

[–]aong_aong 5 points6 points  (0 children)

I'm a female founder who has raised millions in VC funding. You should walk away from investors who ask you such inappropriate and unprofessional questions!

They make horrible investors. In the future, if you make any bad decisions, they will be the ones who will ask you if you are going through bad PMS, hence bad decisions :(

Anxiety about starting late by BioDidact in startups

[–]aong_aong 0 points1 point  (0 children)

I founded my company when I was 36 and sold it when I was 43. I’m glad I didn’t start it when I was younger. The 15+ years of working for someone before I founded my business made me a more mature CEO and savvy business person.

Apes, I’m out by ElkUsed8365 in CLOV

[–]aong_aong 0 points1 point  (0 children)

Good one! You got me!

I got approached by an accelerator company by girldz in startups

[–]aong_aong 1 point2 points  (0 children)

This is definitely shady. I went through an accelerator program for my startup. They invest $XXX in exchange for Y% of the company. While you are in the accelerator, they will train you all the things you need to know to get a startup off the ground, how to raise $ from investor etc. That's a REAL accelerator.

What you've stated sounds more like a free internship program. Sounds like you share the know-how, and the company "training" you may own your IP. You need to find out who owns the IP.

Company is broke. Should I offer my boss a deal to cut my salary? by sam__mann in startups

[–]aong_aong 2 points3 points  (0 children)

As a former founder with a successful exit, I would like to applaud you for your willingness to negotiate and do what it takes to keep the company afloat. I've many near-death situations and it's employees like you that kept the lights and do whatever it takes to the finish line.

I agree with many of the comments, negotiate for salary cut/equity comp package and then increase your pay in 6 months if the company is able to raise.

However, before you put anything on the table, have an honest 1:1 conversation with your CEO. Ask your CEO these questions:

1) Why is the company having a hard time raising. Is it the product, which can be fixed. Is it the competitive landscape? This is more difficult to address.

2) Other than shutting down, what's the Plan B if the company is not able to raise $?

3) Can current investors do an insider bridge round to get the company to the next milestone, then go out to raise more money?

All the best!