Startups Startups founders of Reddit, what are your advises for new entrepreneurs? |
- Startups founders of Reddit, what are your advises for new entrepreneurs?
- To be a successful startup, does a founder need to be a psychopath?
- Setting up a company with 2 partners; what equity and profits should I aim for?
| Startups founders of Reddit, what are your advises for new entrepreneurs? Posted: 04 Jul 2018 09:48 AM PDT Hello everybody. I'm honored to be part of your community. I'm a software engineer and I'm on the verge of launching my startup. I'm a tech guy and business is not my native language I read literature on the web and I worked on the business plan, the business model and the tech side of the project. I thought i had everything under control. At least that what i thought Until I recently met an investor friend and he explained to me that I'm not yet ready since i have yo work on a proper business plan, a marketing plan, setting up a financial plan, a business model, a monetization model, a unique selling point, find why would customers come to me and not go to the competition, a forecast plan (who to hire, when to hire, how much money i will generate, the payroll the fist year, the fifth year, my turnover the 5th year etc etc) etc etc He also told me that i have to find a cofounder because i cannot handle the startup creation and day to day operations by myself. What are your advises or your feedbacks? Where can i find good quality materials to use in order to prepare a business model, execution plan, marketing plan, investor pitch etc etc Being the sole founder of a startup is manageable or should i find a cofounder or at least hire a ceo or coo once i establish the company? [link] [comments]  |
| To be a successful startup, does a founder need to be a psychopath? Posted: 04 Jul 2018 01:50 PM PDT Last night I watched Con Man (Barry Minkow's story), and I realized that there are many personalities like him within my local startup community. Most aren't creating a Ponzi scheme; however, some of them have a God complex with a fantastic ability to convince others of their elevator pitch (often pre-commercialized and pre-revenue). Although I don't live in a major tech hub, the general advice (local communities and meetups) almost encourages psychopathic behavior, such as bending facts to fit the narrative of your positioning statement. It took me months to realize that it becomes less about the tech and more about the story you tell your audience. The big craze around here for investors is blockchain/ICO startups which created a vacuum in the community. Watching Barry Minkow play himself in his depiction of his life reminded me of several talking heads (ICO founders) who are rallying massive support with nothing more than a website and a PDF presentation. We are currently going through a pivot to accommodate the customer feedback we received on our platform. I am presently financing the entire operations, and I have postponed my initial capital raise as it was too early to quantify the long-term value. As time passes, I have been laser focused on building a scalable revenue model that could eliminate the need for institutional financing and the pandemonium that surrounds it. After watching the film last night, I couldn't stop thinking about how many startups the world may never meet because the founders were incapable of being a great story-teller. Moreso, failing to have the tenacity to sell a story over creating a product that is meant to go viral. [link] [comments]  |
| Setting up a company with 2 partners; what equity and profits should I aim for? Posted: 04 Jul 2018 04:41 AM PDT Hey guys, I'm a product manager with 8 years of experience in internet product management. I've worked mostly with big corporations and have launched multiple websites and apps having worked on ideas from scratch. I recently took a sabbatical from work - our company allows for a sabbatical up to 2 years for employees that have spent more than 5 years with the company. I want try my luck at my own ventures and have had couple of ideas that I've validated over the years. One of my close friends is a serial entrepreneur and comes with a strong portfolio of family businesses. He approached me to set up a e-commerce based company with another investor. He wants me to effectively set up the company from scratch, set up the team and get operations running. He's willing to invest himself and will be bringing in another partner who'll be providing the office location along with further investment required to scale operations if/when needed. My friend has too much on his plate as is, and can't take out time to get involved himself in this new venture yet feels this is a market opportunity that can be grabbed. I don't have the kind of investment required to set up this start up but I can set up products and platforms, scale them and set up sustainable revenue streams. If I do decide to take his offer up, I'll have to travel frequently to another city 4-5 hours away and split my time between two cities - a personal cost. My question is on equity and profit sharing model from this opportunity. I want to ask for 33% stake in equity and operational profits since I'll have to drive the grind and put in a lot of energy and sleepless nights to set this up. I wanted advise from the community here: am I asking for too much or should I stick to my demands? Have others here been in a similar situation and if so how did you guys tackle this? Any advise/feedback is welcome. Thanks. [link] [comments]  |
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