Startups Sunday’s Success Stories - Celebrate Your Successes From the Past Week: Anything goes, none too small! |
- Sunday’s Success Stories - Celebrate Your Successes From the Past Week: Anything goes, none too small!
- Market Research for start-up idea
- We all need failures stories too
- Splitting shares 50/50 - When there are loads of other variables
- �� Business Idea Validation
- Similar name legal issues
- Have just been offered a great opportunity, best place to find an exp mentor?
- Non founder developer compensation package?
- Anyone ever had to fight the inventions clause?
- Peer Support and Self Management Saturday’s - A Safe Place to Vent, Seek Emotional Support, Share Self Management Techniques and Experiences, or Just Rant
| Posted: 08 Feb 2020 05:06 AM PST Welcome to this week's Sunday's Success Stories Thread. A lot of us get way too hung up on the destination and the fact that we are not there yet. It is important to take a moment to reflect on a great quote from Agents of S.H.I.E.L.D., "The steps you take don't need to be big, they just need to take you in the right direction"- Jemma Simmons This is extremely relevant to all of us in this community. We should all be more aware of the successes we achieve every day that carry us closer to our goals. Celebrating these successes, no matter how small they are, allow us to stay motivated, focused, and happy while we struggle to achieve dreams of various sizes. The purpose of this thread is to share our successes from the week with one another and have something to celebrate together. So, let us know what successes you have achieved this week! Nothing is too small or insignificant! #Because this is meant to be a safe place to support emotional and physical health there is a zero tolerance policy in effect. Be KIND. Be sure to report any conduct that is in violation of that key tenet. You can also find more support using instant chat on the /r/startups discord. [link] [comments]  |
| Market Research for start-up idea Posted: 08 Feb 2020 09:01 PM PST Hi everyone! So my team is in the very early stages of starting our start-up (we're conducting market research to see if there even is a need for our product and if our product solves a problem). But it's taking us a little while to find responses to our online surveys. (I've already posted to r/samplesize and my own social media and sent it out to my friends/family). So I was just wondering how you guys went about getting a representative sample size for your market research and if anyone has used websites like survey tandem or swap survey, are they useful? (If you have used similar websites, which ones have been most useful to get truthful responses?) Thank you!! Edit: So we want to understand whether or not a product that allows individuals to track their loved one's location in a hospital will give them peace of mind when they're not able to physically be at the hospital. This may also have applications for finding patients. But conducting surveys/research at a hospital will require ethics applications. [link] [comments]  |
| We all need failures stories too Posted: 08 Feb 2020 08:46 PM PST Hey guys, I was reading every content here and I see a lack of failures content too. We don't get our challenges 100% right every day. From one entrepreneur to another. What can you comment on failures you've already committed? Let's learn a little from the mistakes of others here [link] [comments]  |
| Splitting shares 50/50 - When there are loads of other variables Posted: 08 Feb 2020 12:54 PM PST We are two co-founders with different backgrounds who want to own 50% each of our company. I am 19, could earn $15/h, or go to a university if we fail or in theory if we didn't have this idea. My friend and co-founder is 29, Software Developer, and could earn $100-150/h. I will work around 100h/week producing our podcast, blog, and YouTube content. I will essentially create our brand/do our marketing. I also make many decisions regarding the UX part of the app development. This content and our app is about the science of nootropics, which I understand quite well (my co-founder doesn't). He will work half-time (20h/week) as a freelance consultant, and 50h/week for our company to develop the app. I have enough money saved up to survive for 3 years (if I don't directly invest more than the $1250 starting capital in the company), he has enough savings for 7 months if he doesn't work. But he will work, so he'll not have to use up his savings. We've arranged so that he sells the IT consulting from our company, which will entail less taxes. In our estimation, there will be an in-flow of $8000 every month, $1500 of which he will need for living expenses. We both want the shares to be split 50/50. We both want to feel that whatever solution we settle for is fair. Do you think that it is reasonable that he lets the $6500/month go into the company for app development, outsourcing of blog post writing, and marketing? We calculated the cost of currently urgent services to outsource (to free up time for us to do what we're good at), it is $2400/month for 2-4months and then $500-1000/month. However, we can speed up processes like app development more the more money we have in the company. We both think it's fair that he compensates something for the 50h per week less that he works than me. (I also spent 1000h more than him so far. 1100 vs 100.) I realize that I'm "out-of-my-league" in regards to the money per hour ratio currently, and that his time is in a sense worth more than mine right now. But that is part of why I'm pursuing entrepreneurship: because I believe the market doesn't value my capabilities accurately because I haven't spent time getting a degree. How much do you think he should compensate per month for 50/50 ownership to remain fair? I'm going all in with my time and money. It seems reasonable to me that he would also get his skin in the game. Thank you, David [link] [comments]  |
| Posted: 08 Feb 2020 09:05 AM PST Hi all, Have a read and tell me what you think, general feedback, what I can improve on in terms of writing, layout, etc. This is part of my weekly newsletter I'm planning to send out Monday so any feedback will help tremendously. Thanks in advance. 📚 Business Idea Validation In the previous #002 Newsletter edition, I choose to concentrate on some tips to help generate business ideas. That by no means indicates that's the only driver of success, the unique idea no one else has thought about. Instead, it was about moving the brain to think differently. This article is piggybacking of that article, moving into the next stage validation. Often when we are launching a new business validation is on the mind and a topic of discussion. There seem to be a few camps on this at least from my short recollection. I have read the camp who suggests it is better to build an audience beforehand and the other camp who think it's best to launch a minimum value product (MVP) quickly and iterate based on customer needs. In this newsletter, I will be discussing validation and some strategies surrounding it. Why should we be concerned with Validation? Imagine spending countless hours on a business you were sure would succeed only to realize many months or years down the road it would fail. Think about the time you've spent and lost (not including and lessons learned along the way). Or perhaps the amount of money that was spent. Money spent can be a multitude of things like your salary or salary of overs, marketing, research and development and so on. These reasons alone make validation an important part of the puzzle when starting any business venture unique or not. What are some avenues early on to help validate my idea? Talk about your business, service, or product. See what friends, family, peers, colleagues all have to say about it. Keep in mind there may be some bias here in either direction positive or negative since most of these individuals know us quite well. Take note of their feedback or suggestions but don't take it as the end all be all just yet. In fact, you might hear the best feedback from people who want to be supportive and the opposite of others who don't want you to succeed. Jealousy is envy is a real thing, unfortunately. Write down and test your assumptions
Further to assumptions, there are 3 tools that we can use to help further validate our ideas. First Tool - The Buyers Utility Map is used to access the likelihood that customers will be attracted to your idea by filling out the table below. 📷 The 6 Stages of Buyer Experience Expanded
The above stages are described in a physical product context, but if you are on the tech side of things, try to think about how the stages would apply in that scenario. Second tool - The Price Corridor of Mass is used to determine the right price that attracts the most customers who will purchase your product 📷 Third Tool - The Business Model Guide helps to understand how to profitably deliver the idea at the targeted price point. 📷 Furthermore, understand your target audience. Where do they hang out? Google is your friend here! Are there any others who are also solving this problem? If there are, don't let that discourage you and use that as confirmation. Think about it, if there are other companies solving the exact pain point you are trying to solve, then there must be a market for it. The difference here is providing a better experience for future customers. A better experience can be faster to use, easier to understand, better design and speed, etc. How to decide on one idea over the others? As a component of market research, I believe a helpful way to decide which ideas to pursue is to create a 'scoring system' to apply in this scenario.
By following this exercise as honestly as possible this will help rate or rearrange projects based on the above factors. Then you can select the highest scored idea first and dive into further research or begin to plan out an MVP. Create demos or customer tests to further validate your ideas Once you have reached this stage you can begin to offer test runs for your product or service to customers. There are a few different ways to go about testing customers. Trial and error really is the only way to know what is successful for you and your business.
Now, these are just a few examples of how you can structure your pricing plan. These are a typical pricing structure of SaaS businesses. In summary, there are various metrics and strategies out there to assist you in confirming idea validation. The important thing to remember is to give your idea a chance. Don't get persuaded to stall, delete or move on from your idea especially if you are really passionate about it. It took Airbnb and companies alike years to become successful. I'm not saying this adventure is easy, on the contrary, hard work, perseverance are key as well. [link] [comments]  |
| Posted: 09 Feb 2020 12:21 AM PST Hi guys/gals, Have a situation where a product I've been working on has a similar name to a (very popular) product in the same category. I don't want to go into specifics - but any of you know what the legal ramifications of this would be (if any)? Would I run into trouble eventually? For example (hypothetically); if I build a product called "Pype" that competes directly with Skype, would that become an issue? Any input would be appreciated! Thanks [link] [comments]  |
| Have just been offered a great opportunity, best place to find an exp mentor? Posted: 08 Feb 2020 03:04 AM PST Hi All, I have been selling a 24hr protective hand sanitizer for the past 7 years. It's never really had much momentum and has just sort of ticked by because i've been focusing on my actual career. The santizer has been lab tested and provides protection against a multitude of viruses including swine flu, common flu, coronovirus and others. It's safe for human use. When used on a hard surface it provides protection for upwards of 14 days. When used on hands it lasts for 24hrs. My problem is as follows.. I'm one of three people who are in the company. The other two are much older and have tried and failed to launch this mainly due to inexperience and an old school mentality (both 60+). They've essentially given me the go ahead to do whatever i want with this. The split is 30, 30, 30 with 10% for a mentor or investor. Previously, there was interest from Reckitt Benckiser in taking over the company but due to a series of fuck ups from the other owner (who's now not involved) it fell over. Earlier this week we were approached by a chinese company who wanted to purchase 160,000 bottles (our entire stock) but i'm worried rushing this to market is the wrong thing to do. We have no more money to really pump into this and it's important to me to rebrand as the current design doesn't look very professional. My end goal is to market this to corporations as a product that will reduce days lost due to sickness absence. I feel like we only have one more shot at this and i really want to do it right. How do i find a mentor that can assist and help bring this to fruition? I know it's a great product, i use it myself every day. I want to rebrand and relabel and have a fresh launch. Cheers for any advice [link] [comments]  |
| Non founder developer compensation package? Posted: 08 Feb 2020 05:54 PM PST What would the typical equity compensation package be for a tech non founder? We are cash strapped and trying to offer what we can without giving away the farm. I have looked online but would like some feedback from actual people and not just a bunch of web pages. What is the typical offering, vesting schedule, etc? [link] [comments]  |
| Anyone ever had to fight the inventions clause? Posted: 08 Feb 2020 09:54 AM PST Some employers need potential employees to sign an invention clause as part of the employment contract. There are various ones out there and these days it's getting really common and hard to avoid since almost every employer has it. It's usually quite broad. Basically any thing you build, you helped build, and/or ideas you conceived during your employment belongs to your employer. Doesn't matter it's in your own time or with your own equipment. It also asks you to surrender all your future rights even if you did it after your employment ended and it can be traced back to your employer. Anyone had to fight this in court? Each state has some protection against such contract and it varies state to state. I'm wondering how enforceable is this. At the end of they day, there are only so many ways an IT specialist can solve the same problem. This clause seem to eventually deprive the individual from making a living and discourage tinkerers from making something new. Best analogy I can think of is cooking eggs. There are only so many ways you can cook an egg. To me this is akin to telling a chef that you made eggs a certain way here, in your next kitchen you can't use the same way to cook the egg. You have to come up with new ones or we'll sue you. Reason I'm posting in startup is because I'm hoping to hear experiences from founders/co-founders if they had to navigate something similar when they were first starting out. [link] [comments]  |
| Posted: 08 Feb 2020 05:05 AM PST Welcome to this week's Peer Support and Self Management Thread. This is a Safe Place to Vent, Seek Emotional Support, Share Self Management Techniques and Experiences, or Just Rant. The goal for this thread is to help one another manage mental and physical health so we can more easily find success. We all struggle sometimes and it is important to recognize that the struggle is part of the journey. The important thing is to learn how to overcome that adversity to grow and succeed. Be tactful and classy in how you vent your feelings and share your frustrations. Act in a mature manner. Ask questions, share experiences, and be there for one another. Practice empathy in giving advice and remember that what worked for you isn't guaranteed to work for others. Make suggestions, not demands of others. #Because this is meant to be a safe place to support emotional and physical health there is a zero tolerance policy in effect. Be KIND. Be sure to report any conduct that is in violation of that key tenet. You can also find more support using instant chat on the /r/startups discord. [link] [comments]  |
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