Startups Tuesday Operational Roundtable - A Forum to Ask About Legal, Accounting, Project Management, or How to Get Started |
- Tuesday Operational Roundtable - A Forum to Ask About Legal, Accounting, Project Management, or How to Get Started
- Anyone who dropped out of college to start your own startup but failed? Did it help your chances with employers or did it make it worse?
- What is the best way to find a CTO for a start up?
- Copying foreign established/succesful startups in your domestic market - Thoughts?
- Telling the team that I'm not going to work 100% with our Startup, need some advice.
- Tips to building a great diligence folder for potential investors from a Tech Angel Diligence Analyst
- Asking Dumb Questions. Hoping For Smart Answers.
- Can I return the capital investment to my personal account without concerning business tax implications
- Turning waste in to a future...
- How can I calculate my Cost of Customer Acquisition by product type?
- What should my hiring process be like?
- Salary - Health & Wellness, Educator and Face of Company
- Registering a US company to do business in Canada
- How hard is it to handle the process with mid-sized remote teams?
- Should I tell investors/partners that a former potential partner is trying to copy my idea?
- B2C PropTech Startup -> Launched -> Have traction -> No investors.
| Posted: 11 Jun 2019 06:07 AM PDT Welcome to this week's Operational Roundtable Thread. Ask about anything related to legal, accounting, project management, or how to get started. Don't be shy. The purpose of this is to learn and share ideas and methodologies with one another. Any question is a good question! If you are answering questions, remember to be kind and supportive. Many are just starting out and have no idea what they are doing. That's okay! We all knew nothing before we knew something. You can also find more support using instant chat on the /r/startups discord. [link] [comments]  |
| Posted: 11 Jun 2019 01:54 PM PDT Basically wondering if I ever do this, what will my options be? I've heard people say that even if the startup fails, it usually helps your case for future employers, but not exactly sure how true this is? I'm assuming it depends on how successful the startup was? [link] [comments]  |
| What is the best way to find a CTO for a start up? Posted: 11 Jun 2019 07:57 PM PDT I'm looking to start my own software company and I have an idea, design files and I'm actively interviewing development companies to build my MVP. I am fairly text savvy but definitely not when it comes to large projects, development stacks etc. and I am looking for a CTO/cofounder to help ensure that the right product is being built as the MVP will be a fairly large initial investment. What would be the best way to go about finding candidates? I have recently joined meet up groups and will be attending soon but I do not want to limit my candidates to my immediate area. Thank you for your time in your comments I greatly appreciate them both. [link] [comments]  |
| Copying foreign established/succesful startups in your domestic market - Thoughts? Posted: 11 Jun 2019 02:15 AM PDT Basically as the title says... I live in a very small European country (population: 6 million)... There are tons of amazing ideas and services that have made it big in, for example, the US... But because of our small market size the companies generally do not care to enter our market... What do you guys think about copying the product/service/setup of foreign startups to your own market? I am NOT talking about ethics.. I am talking about whether or not this could be practiced as a successful "business model".. Copying already proven concepts in other markets... I know that there are large insanely successful companies, like rocket internet, which basically have build their business on this type of model.. But lets not kid ourselves... Rocket internet did not become a billion dollar company just because they were copy cats.. they are also masters of implementation and would likely have success with most ventures they engage in.. So basically: Do you think copying already proven ideas/business models significantly improves your chances of success? or is success by far most dependent on the skills of the founder/team, luck, timing etc (other factors) [link] [comments]  |
| Telling the team that I'm not going to work 100% with our Startup, need some advice. Posted: 11 Jun 2019 01:17 PM PDT Hi, So where do I begin? I have had this app idea for a long time but never managed to pull the plug and start to work with it and a year ago I casually talked about it with a person who has experience with startups and we discussed it a bit further and understood that the idea was very good with no actual competitors worldwide. Fast forward a couple of months later and we now have a team with 1 person whos really good skills with programming and entrepreneurship, one guy that has a lot of sales experience and two more that have startup experience with a couple of great exits. Now to the thing... We need a "motor" to accelerate the Startup and someone to work with it full-time. We agreed that it would be me with the start in August this year. The problem is that I have family, loans, etc and we settled with a decent salary for me to survive and somewhat provide for my kids. With that salary, we would need to get financed again in 6-8 months and to add extra "salt" I just got a really good offer from a company that I have accepted. My main points are that my new job is really free and they know about my sideproject..the bad thing is that I have told the team that I would onboard our Startup in August. With me not onboarding we would have a longer cashflow and we would be able to work with our MVP better (testing, market tests, and other stuff) I'm really stressed how the team will take my sudden U-turn but I really feel that we shouldn't burn our first "seed round" on salary and it would be wiser to jump in it when we raise more capital. Do you guys have any advice? [link] [comments]  |
| Posted: 11 Jun 2019 10:31 AM PDT Hi everyone, I work as a Diligence Analyst for an angel group in the US, and have seen a lot of sloppy diligence folders. I wanted to share some quick tips, and am happy to share insights if there are questions related to organizing your diligence for a potential angel/professional investor. 8 Tips for a Clean Due Diligence Folder for Potential Investment
EDIT - Example of a Diligence Folder [link] [comments]  |
| Asking Dumb Questions. Hoping For Smart Answers. Posted: 11 Jun 2019 12:39 PM PDT I know this is long as all hell. Thank you in advance for anyone who takes the time to read this and especially to respond. Your time and your advice is EXTREMELY APPRECIATED. Please treat me like I'm an idiotic five year old when answering, as I really don't know anything about what I'm talking about here. Thank you so much. Hi guys. Title pretty much explains it all. I'm going to be founding a startup company in the near future, and coming from anything but a background in business, I have a LOT of dumb questions that I'm hoping to find some smart answers to. Long story short, I am a college student that came up with an idea for an app some months ago. Pretty early on, I had some friends helping me out though that number has since dropped to only one remaining. We have a large portion of the app complete, and I can comfortably say that I have done about 90% of the work. As this is starting to get pretty hefty, I have brought on two more friends now who are excited about getting to work. Now it is VERY important to note that currently, everyone works for free including myself. Of course, we would like to turn this into a company (probably LLC) at some point in the near future when our app is finalized, but at the moment we have no funding, no income, and are making no profit. This leads me into my first question.
Once again, any and all help is extremely appreciated, and thank you so much for reading and/or responding. [link] [comments]  |
| Posted: 11 Jun 2019 06:18 PM PDT Hello everyone, I invested some money through direct transfer from my personal account to my business account a while ago. I have an S-crop and as far as I know, if I pay myself, then I will have to file business tax forms quarterly, which I don't have time for it therefore I'm not paying myself any money. However, I did invest some money from my personal account at the time I opened the business account now I want to return that without being worried to hire an accountant, a payroll service and most importantly without a need to file a business tax form in the next quarter. My question now is, can I return that money through PayPal or direct transfer to my personal account? After all, that's not the money that I earned in the business. Thanks [link] [comments]  |
| Turning waste in to a future... Posted: 11 Jun 2019 09:58 AM PDT Long post aheadNeeding business advice From a young age I've always known I wanted to go in to business. My parents ran their own company while I was growing up and seeing their failures and successes gave me such an interest in business. Having worked in a number of sectors, I have always come to the same conclusion that I want to be my own boss and work on my own projects. I'm an avid listener of inspiring and educational audio from ted talks, start up podcasts, business audio books and so on. I came across Simon Sinek's principal of finding your why (would highly recommend) - he states that to find success you need to find your why. In essence find your goal, your motivation, your reason for doing what you are and will be doing. I've known mine for a while and the more I do and the more I learn about myself the clearer and more specific it is — I want to enrich. This goes for people, wildlife, the environment etc in terms of conservation, education, hygiene, fundamental needs. I have a personal connection to Tanzania which is where I want my mission to focus - I want to help the people there, the wildlife there and in the process help the environment - this would tick off off my goals and (hopefully) fulfil my ambitions. To do this I have a concept of turning waste plastic in to bricks - it's currently being done in NZ, USA and Argentina (bricks aren't for load bearing purposes but are perfectly capable for being divider walls, kitchen islands, greenhouses, garden walls etc). Once I have the manufacturing process I want to sell them on a one-for-one basis, meaning for every brick I sell I will donate a brick towards building a school in Tanzania and in the process hopefully encourage the children through education the skills and expertise required to look after the local wildlife (I won't go in to detail about this as we're talking about something way off). (I have also found a large number of people in my local area willing to pay a small fee to have their waste plastic picked up from their homes on a weekly basis as they feel like they want to help with plastic pollution but local recycling isn't good enough). I really want to make this work. I currently run another business which is my income but leaves me with a lot of free time to dedicate to this project. I am capable of the logistics and admin side of the company, I just don't have the adequate manufacturing/chemical skills to produce the actual brick - I have the full details of how they are produced elsewhere but I would need someone with experience and expertise to actually help my build the process. I am happy to split equity in the business to get it going but have no cash to pay a wage (until the business can actually get started) - I need advice on how to get the person I require to get this project going. Thank you for reading! [link] [comments]  |
| How can I calculate my Cost of Customer Acquisition by product type? Posted: 11 Jun 2019 10:54 AM PDT I have an e-commerce store in which I sell 3 different products. Calculating my cost of acquiring a new customer is relatively simple: I divide my total marketing costs / the total number of sales. However, I would like to know how much it costs me to sell each type of product. I've been banging my head against the wall with this one for some time. [link] [comments]  |
| What should my hiring process be like? Posted: 11 Jun 2019 07:50 AM PDT My company may receive an investment in the next few days of 2 million dollars. I am the CTO of the company and am trying to figure out the best plan of attack to hire on my staff. I have built a web application in React JS with the back-end being built with Express and MongoDB. We are paying an offshore team to build our Mobile Application in React Native to have cross-platform capability and to save money. The offshore team will also be supporting our app until the end of this year, I want to phase them out as I hire on more developers. My staff consists of me and our CEO and if we receive the investment we want to start hiring additional staffing ASAP. So this is what I considered Hiring on 3 developers:
Project Managment
If you have any suggestions on how I should hire people please let me know (Is it better to use online job portals; Monster, Zip recruiter, etc). ANY suggestions are welcome! I want to make sure I make the correct steps, a lot of these moves will take place next month. [link] [comments]  |
| Salary - Health & Wellness, Educator and Face of Company Posted: 11 Jun 2019 03:46 PM PDT Hi, Trying to gauge a salary for internal movement for a Heath and Wellness startup out of LA with 40 current employees. The position entails education around specific health benefits of products, 5-10 podcast interviews to showcase the company each month, and moving towards the role of being the face of the company. Training specific retailers on products and traveling 50-75% of the time, along with weekend work. Not sure what roles out there are called that normally encompass this type of skill set, or what pay should be set at. [link] [comments]  |
| Registering a US company to do business in Canada Posted: 11 Jun 2019 01:18 PM PDT I own a startup currently based out of the US and is a Delaware corporation. Given the abundance of government grants available to Canadian businesses by their government, I am thinking of incorporating in Canada (British Columbia) as well. Anyone here who owns a US company and has incorporated in Canada later? Would love to know about your experience! [link] [comments]  |
| How hard is it to handle the process with mid-sized remote teams? Posted: 11 Jun 2019 09:19 AM PDT Hi, I'm doing a small research about collaborating with remote teams in different time zones. Do you have successful examples of such a collaboration with mid-sized teams (10+ people)? How hard is it to handle the process? What kind of dangers you'd recommend keeping in mind? [link] [comments]  |
| Should I tell investors/partners that a former potential partner is trying to copy my idea? Posted: 11 Jun 2019 10:16 AM PDT A guy I was considering for CTO set up a company that is a blatant copy of the concept I pitched him. Now I am talking with investors and potential partners, and I am not sure if I should tell them about him and his copy. He got a few programmers and his grad school (he is getting his masters degree) behind him, I have the potential partners and brokers all set up.... so it's kind of a coin flip. P.S:. It's worth noting that this guy flipped out when meeting our finance guy: Say he fears investors and bankers because, in his opinion, they are all soulless parasites and that he refused to deal with them at any stage, unless it was life or death... so that's keeping me from taking his copycat operation as a doomsday scenario [link] [comments]  |
| B2C PropTech Startup -> Launched -> Have traction -> No investors. Posted: 11 Jun 2019 07:33 AM PDT Hello everyone, I went through the problem myself, it was the flat hunt. Where I live, in Hong Kong it's really a pain to find right place to live and rent it out. Therefore I decided to step in. We built a platform. Web, Android and iOS. In 4 months we released. We are live for 2 weeks, we just passed 1k unique visitors to our website. Have 400 app downloads (Android + iOS). 30+ DAU and retention rates of 10% people for 6-8 days. Even though our platform doesn't really have retention in place right now. I'm having troubles raising money over here in Hong Kong. Trying to meet Angels, but they don't seem to care too much to B2C product. I've been told that it might have huge interest in Japan, Australia, even part of features which I've in pipeline might be very interesting for USA. But Hong Kong - no one wants to proceed. Mostly because it's B2C and I want to monetize the platform once I have the scale. And a brand. I'm quite confused. Doesn't this traction already shows that there is a huge potential where I am? Especially when I talk with consumers, they are really happy seeing this solution? Would love to hear your opinions! [link] [comments]  |
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