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    Startups Tuesday Operational Roundtable - A Forum to Ask About Legal, Accounting, Project Management, or How to Get Started

    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

    Posted: 24 Mar 2020 06:05 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.

    submitted by /u/AutoModerator
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    How to describe you and your startup in 60 seconds?

    Posted: 24 Mar 2020 05:01 PM PDT

    I am applying to an accelerator program that asked me to "Describe myself and my startup within 60 seconds" so I am curious if anyone else has had this question before or maybe know how to structure an answer properly?

    What is best to say or touch on within the 60 seconds and what is best to avoid.

    It's a small amount of time with so much to talk about, I am stumped.

    Looking forward to the help, thanks.

    submitted by /u/whatsnottoreddit
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    Seriously, how do you actually get passed the "solve a problem" phase?

    Posted: 24 Mar 2020 06:38 AM PDT

    I keep hearing the phrase "just start" but I am finding it impossible when you can't identify an actual problem. Around two years ago, I got really interested in entrepreneurship and internet-based businesses. I made it a goal to start a business, however I have failed to bring anything to fruition. I first started building apps that solve my own problems. (Time management, Organization, etc). Unfortunately, most of them barely got passed 100 installs and I realized that making consumers pay for anything is extremely challenging (especially on Android).

    Then I was browsing some other businesses on IndieHackers trying to get some ideas and I came across one that was popular in Europe. They built software that targeted care facilities. So I immediately did research and was excited when I found out the potential revenue and the fact that there's hardly any competition in the U.S. I spent a week drafting stuff, but kinda stopped when I realized that I have absolutely no connection to care facilities. Like I just can't walk in and start pitching to them. I don't even have connections to validate if this is a legitimate problem. Also, do I actually care about solving this problem?

    So is there any advice to approach this step in a more purposeful way? I feel like I need like a "hello world" version of a business.

    submitted by /u/movieboy711
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    Any tools/apps that can track all metrics in a dashboard?

    Posted: 24 Mar 2020 08:50 PM PDT

    Are there any apps that can track all tools/apps being used for what, metrics, kpi, goals, even document strategies, document tactics, maybe detail out processes, detail out style guides, themes and other core general pieces of info?

    Also on another note are there any apps that is like a total package, the only one I know of is salesforce which has it's sales, marketing, and other things in one package. Are there any apps that can store everything in one place? or am I better off with separate apps and just using my first idea that is an app that tracks everything in one app?

    submitted by /u/Seeking___freedom
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    What do you think about competition?

    Posted: 24 Mar 2020 11:29 AM PDT

    Do you know your competitors? Many startups consider it lucky that there are no competitors in their topic. Or weak competitors. I also thought that our startup had few competitors. But it turned out to be their darkness. From direct to indirect. From automatic to mechanical. And now, we have to fight everyone. If you don't know who you are fighting against, you will never win.

    submitted by /u/VladWhip
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    Starting a business - Incorporate or LLC

    Posted: 24 Mar 2020 03:50 PM PDT

    Hello,

    I want to start a business. I am an artist; I write and film.

    I am going to create some writing programs/modules and I offer directing/filming and editing services as well. I am thinking that perhaps I want to incorporate and have separate different businesses for different services.

    I am just getting started now and looking for any information, so anything will be helpful.

    Thank you!

    submitted by /u/dewyoukungfu
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    recommendations for LMQ packaging (like maulers/shippers/etc.)?

    Posted: 24 Mar 2020 08:01 PM PDT

    Packlane looks solid, and it was easy to design a box. Curious if anyone has any experience and recs with others?

    Trying to strike that balance of quality vs price vs ease of experience.

    While we're in this vein, any tips/tricks/hacks for printing labels and managing shipments?

    submitted by /u/HomerFolmer
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    Which is easier out of the two to succeed in..a software startup, or a physical product ecommerce startup?

    Posted: 24 Mar 2020 05:13 PM PDT

    I'm dead set on starting a business and working my ass off. I want a scalable business model but I know nothing about software but am willing to learn. Physical product ecommerce is more interesting to me out of the two but I'm wondering which of the two would be more likely to be successful in. Also how do you begin to find niches and problems to solve?

    submitted by /u/cinnabun8145
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    How to find an ambitious partner to brainstorm with online after I've been away for 3 years from startups?

    Posted: 24 Mar 2020 09:53 AM PDT

    I now have 10 years of experience in the startup world. As a business-oriented person, I've partnered with people to do websites, mobile apps and even an AI company but 3 years ago I sold my shares and made a significant amount with crypto that I can reinvest in a startup I would start.

    I've recently been wanting to go back into the startup world but not too sure how to go at it. I'm looking for someone who would be available full-time and be willing to brainstorm and work with ambition.

    I don't mind if it's someone business or dev, how would one find someone like that online these days with all the quarantines happening?

    submitted by /u/ritchlegend
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    How have you rewarded key parts of your management team?

    Posted: 24 Mar 2020 04:17 AM PDT

    I have a co-founder (been working together for circa 2 years), and they originally joined on an equity for time agreement. Business is about 4 years old.

    They're a key part of the business and run it full time with me, including being instrumental in bringing in capital.

    How have you guys rewarded existing co-founders? More equity doesn't feel appropriate at this stage, but I wondered if there are other ways to keep the motivation and commitment up?

    Interested to hear your experiences.

    submitted by /u/ggrove93
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    Approaching startup funding whilst young?

    Posted: 24 Mar 2020 03:33 AM PDT

    Hi guys/girls,

    I am a young man, 23, who is going to pitch in order to receive funding for a startup I am founding. The problem is, I do not have a reputation in the business world to fall back on or to use as an example of previous success, therefore gaining the trust of potential investors may be difficult.

    Even if I am first approaching friends or family, are there any steps I can take to prove that despite not having a history of successful businesses, I am the one for the task? How does one go about pitching an idea to F+F?

    Thanks for all your help!

    submitted by /u/PenilePolice
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    Can I use my BS Architecture degree into transitioning to Tech startup Career?

    Posted: 24 Mar 2020 11:47 AM PDT

    I'm a graduating architecture student right now and I am looking into joining a tech startup but I don't really know how can I use my architectural design training into the tech startup world. I'm thinking maybe I could transition into being an architect to software architect, or maybe in the long term I could practice both professions. Is there anyone out there trying to balance their work in the infrastructure industry while also running a tech driven startup or alike? I just want to know if I have a precedent on this venture I want to pursue in my career.

    submitted by /u/Rogue1997
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    For those of you with B2B Startups - what are you doing right now?

    Posted: 24 Mar 2020 11:47 AM PDT

    Hey everyone! I've been building a startup with both a b2b component as well as a consumer facing one.

    I'm curious to know what those of you with b2b startups are doing to land deals right now.

    I was getting ready to launch a massive direct mail campaign to the execs at these companies right before the virus shut everything down. I'm not sure what to do now

    submitted by /u/thesonofnarcs
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    Guidance for First Time Startup Employee - Equity and Comp Fiasco!

    Posted: 24 Mar 2020 09:46 AM PDT

    Please don't bash me - I already feel like an idiot for landing in this situation. I got bought into the company's vision, the product, and the CEO. You can't say anything worse to me than what I am already saying to myself but I really need help and guidance badly.

    Read on and be amazed by my absolute foolishness - and be glad you are not an idiot like me. And if you have any guidance - from telling me a lawyer that can help with this international mess.

    Here's my scenario.

    • I am a US citizen who worked for a UK Startup from Jan 2017 to December 2018 (2 years). The company also has a Delaware incorporated business.
    • The founder offered by 2% Equity (2966 standard ordinary shares of 142,391) and asked me to take a pay cut for the first two years. I decided to take the offer - as my partner was willing to support me for the first two years.
    • The first year was fine. He was paying me as a contractor - I would send an invoice for the days worked and he would pay me mostly on time (he said paying me as a contractor was easier since I was a US employee and the company was based out of UK).
    • The only problem was - every time I would ask him (every other month or so) about sending me the proper equity paperwork and contract - he would tell me things have been crazy and he would get back. I did have all of this in writing via an email though so I was not too worried. The guy genuinely seemed stressed and I was naive enough to trust.
    • This is when the trouble started. He asked if he could defer the already negotiated low amount for a couple of months as he was having trouble getting some funds released from Syndicate Room. I agreed reluctantly but at least we had our first couple clients and with the Series, A funding from a VC seemed to be coming in a few months. Figured I can help. He asked the same with another salesperson - but before all this mess happened - they parted ways (badly - both the CEO and the Sales Person's fault).
    • Other than that, there were a few flags that I dismissed - like him lying on the board meetings about the clients, lying about the version of the product and/or capabilities to clients. The main data architect and engineer (the brains/CTO of the company leaving) and the engineers - who were based in Poland - started showing frustration about how the current version was not completed/tested when he would force them to work on the next version, etc.
    • Fast forward to October of the year, and in a presentation to the future VC - he lied to the VC about the number of contracts signed and the version that we were on as well as about the CTO being full time with us. Long and short, November of 2019 the VC backs out - after they had finished done due diligence and the paperwork was getting signed the next morning. The VC learnt about this by chance - but obviously didn't take any legal action - except, backing out.
    • At this point, I haven't been paid since March and there is $123K in the total amount that he owes me. I am almost getting uncomfortable with the lies that were told to the VC - the way he is managing the tech team and the delay in product development.
    • We decide to terminate my employment - he agreed that due to all my patience - the equity becomes vested immediately (again have it in email) and he will just do a back payment of $2000/month until they get funding and then he will payback the rest. (again all of this over email).
    • Now in 2020, he has finally got a VC to do Series A. I have only gotten 26K of the total amount due and he still has not sent me (me asking every time and him saying - he is delayed and will send the equity paperwork eventually).
    • He sends me an email with a word document saying he will give me 2,966 Standard Ordinary Shares (the word document does not mention how much liquidity has happened in the past year - as he raised some more funds). Details that the total amount due is only $65K (and not $97K). The document states that if I sign this, I will release the company from "any/all obligations, except the $64K in payment and I forfeit any legal claim and right of action for compensation and forever discharge the company, its officers and employees from all and any liability in respect thereof."
    • When I protest the incorrect amount and the fact that the document does not mention any percentage of total equity - his email simply states "take it or leave it". But he will not update the amount and/or even update the equity amount.

    If you have suffered through reading all of this, my question is,

    1. What are my legal options here? I have all of this in email and his confirmation on both equity and total amount due.
    2. How do you even begin to find a lawyer who can help with this UK-US mess?
    3. I know the VC that is leading the Series A - do I/should I inform them that I am taking legal action? I also know one of the board members and investors - but he is definitely loyal to the CEO from day one.
    4. Anything I can do - should I figure out a way to reach out to other investors?
    5. Last but not the least, should I just sign this and take the $65K and forget about the rest.
    submitted by /u/StopDrifting
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    How to pull data through for ratings site/app?

    Posted: 24 Mar 2020 07:17 AM PDT

    Hi all

    Hoping you can help. I'm currently working ob the UX of a site/app for people to rate their favourite products/services and share recommendations.

    How do the sites - tribalist.io and yourstack.com pull in the data for users to select the movies, music etc to rate. Do they maintain their own database with a list of movies etc which they have to constantly update with a human moderator/community manager or do they scrape the data from the web or something along those lines?

    submitted by /u/2020visionh
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    Question for developers, possibly data architects

    Posted: 24 Mar 2020 04:04 AM PDT

    Hi All

    Hope everyone is doing well and staying safe.

    I am a non-technical founder working on a recommendations style site/app. Whilst not specifically trained in design I am currently doing the UI/UX design and overall planning/road map for it and figuring out user flow with some static mockups. Essentially users will be able to share their 'Top 3' across a variety of categories from music to movies, food and everything in between. They will also be able to share specific single products/services they are using which they love.

    My question pertains to the selection of categories/products/services when choosing to post/share something. I.e. how can I ensure that people are using a uniform system whereby they are all posting the correct product/service rather than having people using a variation of names, spellings etc

    My initial thought was just to update our product/service database manually with a moderator or community manager constantly adding new products/services. Could this be automated in any way? Could I have some kind of data scraping or parsing that could update the database?

    Alternatively, could it be crowdsourced - i.e. similar to Quora and many other sites, whereby when you select a category/topic, you start typing and a dropdown menu appears, which details the relevant categories and their respective follower base, which essentially shepherds people into the correct and correctly spelt categories.

    Hopefully, I've been able to articulate my question/problem well enough and would appreciate any help you can provide. Thanks in advance! :)

    submitted by /u/2020visionh
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