Hi everyone! I recently started an e-distribution business in March this year with a friend who has multiple businesses in a (mildly) related industry. Capital is not really a problem. We have multiple clients already and are in the process of signing more. Business has been really good and exciting. Our share of financial investment is like 80-20, I gave 20 + the expertise. Our organization is functioning as a startup, very lean but as clients increase we are adding more people to maintain quality.
This started out as a side hustle for the first 5 months, then clients started coming in and approaching us. As I am the expert in the industry and we needed someone to focus on the business (cause he's running other businesses), we decided that I will work on the business full time.
My partner and I agreed that I will take a salary, let's say it is x amount. This is okay for me and will allow me to support my family and myself and also save up. We also agreed that in the first 4 months of me full time on the business, my salary will only be 75% of x amount. On the 5th month and so on, it will be x amount.
Sales is all good and well but I know that we havent breakeven yet. Because of this, I've been feeling guilty taking a salary and increasing the salary on my 4th month but I really need it because a family member is sick and Im supporting my brother's tuition payments. My partner is not worried as he told me this is how it really is in the beginning. This is my first.
How do you deal with this mentality and what do you suggest I do moving forward?
I'm the technical co-founder with my previous boss who has since sold his company (that I used to work for). He's the primary investor and industry connection (very well connected). We are launching a niche B2B platform. It was a commercial aviation parts broker business.
After leaving, I've worked in software & launched products / apps for startups, and fortune 100. I've picked up quite a bit of product management along the way.
Tonight, he ran across another site (not in our vertical at all but same industry) and he really liked the design and came back to me saying he loved it, started poking holes in the design I've been building for months now.
I told him we need to focus on differentiating features and getting market share / critical mass of users, and that the MVP can be iterated upon based on real user feedback. I might as well be speaking greek to him because he has zero product knowledge or experience. His previous business was a parts broker business, of which I created his brand (which ultimately was a differentiator in making his business stand out for acquisition).
His response was basically "yeah but we need to be super polished on launch,". Also, this "super polished" site he's referring to was made with a $ 79 themeforest theme and I have no clue how much (if any) revenue this site does.
I'm so frustrated that the thing I literally do for a living (build and manage the technical process of launching apps / products) is being questioned over a $ 79 theme forest theme.
I can throw a rock and hit 5 equity projects. I'm considering backing out.
Are these red flags?
I’ve a lot of ideas that I’m sure I wouldn’t be able to pursue in a million life times. There are a lot of us that cannot pursue a good idea for the lack of funds and a lot of us who have funds and are pursuing shitty ideas for the lack of a better one. I’m sure we can all benefit from sharing because ideas are only as good as execution. We can later create an honor system of payments if it seems useful
Good day to all.
Background, I cofounded and am the CEO of a tech startup.
Started the company almost 5 years ago, with the founding CTO having to leave due to an unfortunate illness from her daughter. With her blessing and help, I rehired someone new and took it from there to grow the company in the following years. We are around 20 employees today.
The past months (year?) has been a bit difficult for I'm sure may startups out there, as it has been for us, and I have been working tirelessly with the help of my COO and CTO, not to grow, but to survive.
Unfortunately, or the past couple of months I have been feeling a lot of frustration while working with them. While in the past years they would follow my leadership and decisions, nowadays it feels like the automatically want to rebuff any idea or suggestion that I may have.
Sometime it even feels like they want to fight the most trivial decisions or suggestions I make, just to make a point.
What I feel would take a day to decide and put people to work, now feels like days of constant going back and forth to find a compromise on the little details. It even feels they tag-team against me, even though they are employees and not founders/partners.
I feel tired.
My management style has always been the participation style, where I like to take input from the parties involved, and make a final decision. I feel however that they are taking advantage of this trust, and the fact that they know that in this current (financial) times it would be impossible for me to hire a new CXO team, with such specific tech and industry knowledge.
Sometimes I dream that I would just tell them to STFU and do as they are told, but I know that they'll do with the worst intentions and it is not the best examples of leadership.
I have thought about maybe letting go the COO, as I could take on the role myself, but it would probably mean that the CTO would leave, putting us in a difficult spot.
What can I do to regain respect without taking drastic decisions?
Thank you for your help.
This person wants to partner up with me but he told me he's suffering from depression and his lack of enthusiasm really shows. He has a negative outlook on things, not necessarily with the startup, but just with things in general. On the flip side, he's done a lot of professional work and has quality work. When it comes to this I know I can depend on him. I feel like it'd just really kill the mood to work with a Debbie Downer. Should I partner up with this person or not?
So originally when I first established my company it only specialized in one thing, oil changes. But now as my customer base grows, I'm finding my area of expertise needs to be more general, as it stands I'm being pigeonholed by my current name. As a result, I'm finding my original name of The Fake Name to be less effective and I'm needing to transition my name to match what I do so that it's easier for customers to identify.
My problem is the name I want to use, is associated with an Indian based company, and is the first thing that populates in a search through Google. They aren't doing business anymore it seems but it's still problematic because that could cause branding issues. Additionally, if customers type in just FakeName for example, instead of TheFakeName, it translates to a different website altogether. Am I better of just leaving my name as is or am I just overthinking it?
As it stands, I know my original name eventually will not be enough in the big picture.