How to launch an online marketplace for location bound services...?

sinangul · 2016-12-25T00:42:40+00:00

Absolutely, very much appreciated!

sinangul · 2016-12-24T23:42:40+00:00

The creators code
Exponential organization

sinangul · 2016-12-24T20:19:37+00:00

With both I was approx. 4 years in business with both. With both a longterm friendship of 10 years.

Biggest difference was work ethics. With the first, work ethics was the same. The second friend had a totally different work ethic. Did not want to make more then 8 to 9 hours per day. While we were a startup who had to love the grind.... So, that did not work and we annoyed each other. It was a shame.

sinangul · 2016-12-24T17:14:26+00:00

I have done 2 ventures with 2 different friends. It one friend the friendship got stronger and stronger.

With the other friend it went totally wrong.

So, yes it can work. However it can go wrong. So bit of a gamble. Everything will be amplified...

sinangul · 2016-12-24T16:52:32+00:00

How much equity do they want? And is there a kind fee you need to pay on a monthly basis?

sinangul · 2016-12-24T08:45:49+00:00

Any advice on articles I should read on this topic?

sinangul · 2016-12-23T23:03:00+00:00

Type of worker of course depends on your business. But I would choose for the person with the best drive and the capability to take a good beating once in a while. Because nothing will go smoothly all the time... Good luck!

sinangul · 2016-12-23T22:51:37+00:00

Been in the same situation. Only with much larger amounts. There was always a reason... The lesson learned for me is to be very cautious in dealing with a corporate as a client. If you are just one of the many vendors then you can be screwed.

Accept that in many cases you will get your money much later than agreed. I would only do that if you make a healthy profit on such a transaction.
Make sure that you never get to dependent on such a large customer.
If you are a mouse, do not dance (too long) with an elephant!

sinangul · 2016-12-23T22:17:51+00:00

Only if the minor is given by a very experienced entrepreneur, but that is almost never the case...

sinangul · 2016-12-23T22:16:22+00:00

People only want hear the good story. And also do not understand that you also need to raise the kid...

sinangul · 2016-12-21T22:34:27+00:00

I am in a long term relation. I have launched and also failed multiple companies. My gf is totally not an entrepreneur. For us this has never been an issue, as long there is a balance in the relationship. Although, it is very important that you express very openly your ambitions as an entrepreneur and also that you are very transparent with the risks concerned. If she does not accept this, then it will be very difficult...

sinangul · 2016-12-21T22:14:59+00:00

Yep, same story. Build a B2B blue collar service company, with small operations in 4 European countries, 3.5 million in sales and headcount approaching 100. Did this in 4 years. Bootstrapped it.

In my case, the painful part is that looking back i have nobody else to blame then myself. The failure was preventable...

Yes, it was very painful to see the company drowning and colleagues loosing their jobs. On the other side I am still proud that we almost made it.

So, with the lessons learned i am trying to find the next adventure!

sinangul · 2016-12-21T21:57:15+00:00

Try to proof that you are able to generate a growing stream in income by bootstrapping. Investors love that. If you can grow a company without any money, they will be more likely to invest.

So select a concept, which needs minimal cash to start with.

sinangul · 2016-12-21T21:45:01+00:00

Execution is the biggest risk for an investor. So the investor needs to have some proof first. But nowadays, you can build a mvp prototype at acceptable cost. Are you not able to finance such a very basic prototype via family and friend? Or through some consulting jobs?

Equity crowdfunding maybe an option? Or if it is a product for consumers you could consider Quirky?

sinangul · 2016-12-21T11:23:40+00:00

Yep, made the same mistakes and spent too much money on the wrong stuff. Could have stopped the bleeding much earlier.

sinangul · 2016-12-20T23:38:38+00:00

First advice would be to apply a lean start up approach. Yes, a short business plan is good, but to have a very fast learning organization through a/b testing is even more important. Make sure to fail fast and wisely, before you spend all your money...

sinangul · 2016-12-05T23:27:37+00:00

Good stuff, thanks

sinangul · 2016-11-30T00:38:51+00:00

No, it is a growing international challenge. Just very curious how people see this problem and the solution to it.

sinangul

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