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    Friday, May 28, 2021

    Startups Major risks of software startups?

    Startups Major risks of software startups?


    Major risks of software startups?

    Posted: 27 May 2021 04:20 PM PDT

    I'm a 32 year old doctor, so I earn well and live very comfortably but I am starting to become aware that when your net worth is around 100-250k USD you are lulled into a false sense of security; you don't really want for anything but you're still a small fish that can be fried very easily by changes to the economy/your job status etc.

    But 100-250k is probably the height at which most jobs are going to take you, to get above this level by x4 or above your net worth you need to go outside of wage slavery and take risks... or just work and save until you're old enough to have a wife and kids who can enjoy it all while you continue wage slaving.

    I'm dabbling in investment but it's only really crypto that can 4x-10x your money in a year or two and that's essentially a casino so I won't be doing that with 100s of thousands of my savings.

    So instead I am soon meeting with 4 friends of mine; 2 programmers, 1 clinician and a small textile business owner. We are looking into starting up a medical software company. We have what we think is a very good 4-5 year roadmap with each step being practical and achievable.

    I just wanted to know if any of you guys have any stories of not just success but also major failures in software startups of this scale, so that I can figure out what are the main pitfalls to avoid?

    submitted by /u/CiaranDoherty
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    I'm a doer and not much of a talker. How do I go from zero to one as a salesman?

    Posted: 27 May 2021 07:16 AM PDT

    For context, this isn't my first rodeo. I'm a full stack developer, have worked at a YC company as employee #1, have co-founded in the past and raised, come from a dropout background and earned my chops building side projects and doing hackathons. I'm also an awkward nerd with a babyface who's not great at talking to strangers and has never found networking intuitive. Fundamentally, I'm not a salesman. I'm trying to start a new project, but finding it real difficult to get off the ground in terms of talking to users. I'm an old-fashioned hacker and am at my best designing and building things which I like to think I'm pretty good at, but this is not in my strong suit. The previous company I co-founded, I had no experience and stumbled into some credible-seeming talkers who I built the product for. It was a long story and we ran into some problems but the fundamental result is that I've never had to do this.

    I've identified a (very real) problem that large numbers of founders experience. I've done 6 customer interviews so far from my network. I've built a landing page. But now I'm a bit stuck. I need to refine my model but don't know how to get the conversations I need. What I need to do is get out and start selling to people, but I don't even know where to start. Looking like I'm barely out of high school doesn't help. Feeling super overwhelmed, advice much appreciated. I don't want to do the classic technical guy blunder of build build build without heed paid to users.

    Bad non-technical co-founder candidates are in high supply, but the good ones are rarer than gold.

    submitted by /u/Poo-et
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    how accurate is this post from 2016? "How much will you make in a startup? "

    Posted: 27 May 2021 11:29 AM PDT

    was some doing some research sand stumped on this post from this sub a while back. is it accurate?

    https://www.reddit.com/r/startups/comments/5v71lf/how_much_will_you_make_in_a_startup/

    first part copy pasted here

    How much will you make in a startup?

    Alright, did you get an offer to join a startup? Or maybe you are looking for a new career path. Are you fed up with years of wage slavery at huge corporations? Maybe you just graduated, looking for the first dent you'll make in the world. Perhaps you and a few friends are about to embark on a new voyage to discover a trove of digital treasures. So you're wondering if you should take that ever sought after leap of faith and join a startup? Maybe start your own?

    If you answered yes to any of those questions, one of the top concerns is the experience you'll have, and the things you will learn. But after that, the next thing you might think about is how much money you'll be making. And that's what we'll be talking about today.

    Startup Lifecycle

    Let's talk about the various phases of a startup. These phases will be very relevant to the total compensation you get from your startup endeavors. Startups go through lots of phases during their total lifecycle. Let's define a startup lifecycle as the following steps:

    https://i.imgur.com/ujCTtQP.png

    Your compensation will vary wildly depending on when you join, and when you leave through out the lifecycle. And of course, your role when you join the organization.

    There are many entry and exit points. The most ideal timing is you starting the company, growing it to a massive size, and then IPO'ing or selling it. If you can achieve this extremely rare feat, you will receive all the monetary gifts our society can offer. But this applies to less than 1% of the population. So let's look at how it plays out for most people.

    submitted by /u/94savage
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    Should I pay my target users to do interviews with them?

    Posted: 27 May 2021 03:21 PM PDT

    Hey, I'm still relatively new to user interviews and while ideally I'd like to be able to get 30-50 people without paying and just because they care about the problem I'm solving, I think it might be much faster for them to agree if I offer them a payment. (p.s. I don't have immediate contacts so I pretty much have to cold contact them).

    Is paying people whose problem you want to solve frowned upon? What is your experience? Did you find it easy to get people for free and how did you convince them out of cold-reach?

    submitted by /u/Existential-Pigeon
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    Advice on whether I should take money from my friends dad.

    Posted: 27 May 2021 09:56 AM PDT

    Me and my friend have been making apps and music together as a hobby for years. But it wasn't anything serious and we made stuff ourselves so it didn't cost us anything if it failed.

    Recently we've been planning on starting a startup that requires some amount of funding. So my friends dad decided to give us the money we need but he wants us both to sign a contract stating that we will give him a 20% cut from the profit. I'm a bit skeptical of taking money from the co-founder's father. Want some opinions from you guys.

    Edit: To clarify, he doesn't want amy ownership of the company or to loan the money. According to his religious views giving a loan and taking interest is forbidden. So he only wants 20% of whatever profit we have.

    submitted by /u/siam19
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    Tools for calendar and email reminders

    Posted: 27 May 2021 11:44 AM PDT

    I host some online events with friends/peers. I post the link on social media/blog and ask them to join it on a specific time and date(it is usually a few days ahead) As expected, there aren't many people turning up.

    I think a reminder will definitely help. If someone is interested in attending the event, is there a way for them to click on a link and and add the event to their calendars directly? Else, I want to collect their emails through a link/form, that will send them a reminder 30 minutes before the webinar starts. What tools do I use to make this happen?

    submitted by /u/UnitedTrouble
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    Calculate COGS for Hardware Rental

    Posted: 27 May 2021 11:26 AM PDT

    Hi there. I am creating a financial projection for a hardware rental business. I wanted to know how to build out the COGS for the income statement. Do I divide the total COGS by the lifespan of the product?

    For example, I buy a hat for $120 and rent it out for $20 a month with a minimum of a 1 year rental. If the hat only lasts one year and is thrown out after, do I put COGS as $10/month. What if I can rent the hat 3 times at the $20 fee? Divide $120 by 36 and add any maintenance, shipping or other costs to the monthly COGS? Thanks.

    submitted by /u/wheresthehottub
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    About to potentially start working in a small startup. It's my very first time. Any things that I should be aware of before hand ?

    Posted: 27 May 2021 05:22 AM PDT

    I'm an engineering student, currently doing my masters.

    The company advertised two 'trainee' positions. I applied to both because I am eligible for both, and also interested.

    Had my first interview today.

    They suggested that they might only hire one person, (me), because I can take care of both roles.

    I jokingly said does it mean 2x the compensation. They said yea that means 2x work, so we can discuss that.

    In terms of compensation, they don't wanna hire me, but want me to work as a freelancer, and then invoice them. It's because if they hire me, they need to take care of health insurance and stuff. So they wanna avoid that.

    They also said something about options. I think they meant stock options. What should I know about this before hand ?

    There is no certain number of working hours. I just have to deliver work. Not really sure if that's trainee level work or full time engineering level work.

    The company only has 4 people in total. I'm going to be the 5th one. They say that they will keep increasing team members, and by the end of year it might be double the team size as of now.

    I'm supposed to take care of the technical side. There's only one other guy that I think knows about this. He's the person who developed the prototype as part of his thesis. I'm supposed to work on that.

    I would appreciate any advice from you people. It's my first time and I want to avoid any possible pitfalls.

    submitted by /u/randomuser8654
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    FB Ads Tips New Company

    Posted: 27 May 2021 08:44 AM PDT

    We are launching a new company that is a scissor subscription service for hairdressers.

    We already have a company in a similar hair stylist niche, so we have a good customer list from that.

    Would you go with LLA of that customer list and Cold Interests at the beginning?

    submitted by /u/TrustedMarketing
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    Equity for for first hire (me)

    Posted: 27 May 2021 08:29 AM PDT

    I am juggling two job opportunities and trying to figure out if my startup offer is worth it

    Job 1: I would be the first real hire behind the 2 founders. They company has only been existed for 9 months but they are profitable. I would come in at the VP level with a guaranteed salary. In addition I would get up to 5% equity vesting over 3 years. Optional performance 20% bonus.

    Job 2: No equity but salary is 20% higher and also has a 20% performance bonus. Also coming in at the VP level and probably less stressful job.

    Just looking at the financials, which one would you take? Am I getting a reasonable amount of equity given I am going to be responsible for building a huge part of the company.

    submitted by /u/TheSwissArmy
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    How do you bootstrap a brokerage startup?

    Posted: 26 May 2021 05:52 PM PDT

    If you came up with an idea for a brokerage platform, whether it be crypto or the stock market, how would you bootstrap your startup considering the regulatory hurdles? What major financial commitments come with trying to launch and develop a FinTech startup in this sector? Do any of you have first hand experience with these industries or problems? Any and all help is appreciated :)

    submitted by /u/idiotbeartrader
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