Post: #1

Okay so i`ve finally decided after a lot of thinking what i wanted to do in terms of creating my own business. The idea is pretty good but i havent tested the market. I have no actual knowledge in web design but i think that i will need these capabilities for the growth of my business.

How do you find a good partner or at least a goos person that can provide the services that you need.

How confidential should you idea be (at this embryonic stage it could be replicated) and how much money should i invest before even knowing theres a real market for my business?

Post: #2

Unless you've come up with something so novel and life-changing that it will disrupt the world as we know it, you probably don't need to worry about secrecy.

I tell people my business ideas all the time and go into great detail to get as much feedback as possible. If they start it before me then good, that means I can work with someone else in my feild i already know who has figured out all the problems and issues.

Try starting it. Write out a business plan, do some research, and six months down the road you'll never think twice about keeping your idea secret.

As far as finding a partner, the best advice I've heard is that each participant knows and is 100% clear on their roles.

I also advise against business with friends, but maybe I just have crappy friends

Post: #3

(12-26-2015 12:17 AM)joecolombia Wrote:  Okay so i`ve finally decided after a lot of thinking what i wanted to do in terms of creating my own business. The idea is pretty good but i havent tested the market. I have no actual knowledge in web design but i think that i will need these capabilities for the growth of my business.

How do you find a good partner or at least a goos person that can provide the services that you need.

If you can avoid having a partner altogether, that's generally better for financial reasons, as you won't have to split profits 50-50 in the future.

Of course, having a partner can be valuable, but it might help us better in answering your question if you could be more specific about why you believe you need a partner and which service you need fulfilled.

Quote:How confidential should you idea be (at this embryonic stage it could be replicated) and how much money should i invest before even knowing theres a real market for my business?

There is literally no way that anyone here can answer this question.

We could give you the old advice "don't invest money that you can't afford to lose," but there are sometimes healthy risks worth taking. Without knowing which product you are creating, its really difficult to speculate about what degree of risk is reasonable.

Post: #4

Quote:The idea is pretty good but i havent tested the market.

How do you know you have a pretty good idea then?

[quote]I have no actual knowledge in web design but i think that i will need these capabilities for the growth of my business.

You pay cash for web design, not equity. Preferably on fiverr or something similar. You can pay for better web design if and when the market validates your idea.

Post: #5

(12-26-2015 02:05 AM)Peregrine Wrote:  

Quote:The idea is pretty good but i havent tested the market.

How do you know you have a pretty good idea then?

[quote]I have no actual knowledge in web design but i think that i will need these capabilities for the growth of my business.

You pay cash for web design, not equity. Preferably on fiverr or something similar. You can pay for better web design if and when the market validates your idea.

yes i could pay for a web design, but one of my friends is a web designer and i told him the idea. He was pretty interested in the concept but i dont know if having him as a partner is a catalyzer or will slow down my process since he lives pretty far away.

to start up a company that you project will be big, you need more that one wallet

Post: #6

(12-26-2015 01:39 AM)Suits Wrote:  

(12-26-2015 12:17 AM)joecolombia Wrote:  Okay so i`ve finally decided after a lot of thinking what i wanted to do in terms of creating my own business. The idea is pretty good but i havent tested the market. I have no actual knowledge in web design but i think that i will need these capabilities for the growth of my business.

How do you find a good partner or at least a goos person that can provide the services that you need.

If you can avoid having a partner altogether, that's generally better for financial reasons, as you won't have to split profits 50-50 in the future.

Of course, having a partner can be valuable, but it might help us better in answering your question if you could be more specific about why you believe you need a partner and which service you need fulfilled.

Quote:How confidential should you idea be (at this embryonic stage it could be replicated) and how much money should i invest before even knowing theres a real market for my business?

There is literally no way that anyone here can answer this question.

We could give you the old advice "don't invest money that you can't afford to lose," but there are sometimes healthy risks worth taking. Without knowing which product you are creating, its really difficult to speculate about what degree of risk is reasonable.

the thing is profits can be 50 50 but if the business dont suceed it will be looses of 50 50 too

Post: #7

(12-26-2015 09:16 AM)joecolombia Wrote:  the thing is profits can be 50 50 but if the business dont suceed it will be looses of 50 50 too

What losses? Sounds like the only thing you and your hypothetical partner have to put in is time. So put that time in yourself, and spend a few dollars on web design. Speculate to accumulate, or in this case, speculate to keep the profits to yourself.

Post: #8

I can assert from OP's skill with punctuation, that anyone would be lucky to be his business partner.

Post: #9

Formatting error above in my previous post. I want to stress that you have no idea whether an idea is good or not until you take it to market. The market is the sole arbiter of whether an idea is good. I recall Paul Graham saying the ideas he thought were great wound up flopping. Meanwhile, he almost didn't invest in one of his home runs (think it was airbnb, don't remember) because it initially sounded retarded.

Quote:to start up a company that you project will be big, you need more that one wallet

If you project it to be big, why would you want to potentially share profits just so you can offload half the losses? Read Felix Dennis' book and hold on to as much equity as you possibly can.

Post: #10

Don't be that guy looking for a "technical co-founder". Being a software developer myself I get offered business partnerships and always say no. Depending on the venture, you're almost always better off outsourcing the developement of your product, ie hiring employees or freelancers, versus giving away equity / getting a partner. Only partner with someone that has access to what you don't have: either capital or network, the rest can be outsourced.

Post: #11

okay, I might come out as an ass-hole but as someone with 10 years on the tech sector.

1. You don't have an idea. You think, deep inside, that you are special. You are not.

2. Your idea is worth exactly nothing. And rest assured, nobody is going to steal or implement it until it becomes successful. That's why we have 5,000 clones of candy crash.

3. Telling your idea to friendly-neutral people is close to useless. They'll all answer "Great".

4. Try pitching your idea to investors. And you'll realise how bad of an idea it is.

5. If your idea requires a web app, you'll need a competent software developer to have an MVP. A good MVP will cost you in the $50K-$100K range if the app is simple enough not to require any CS magic and geniuses.

6. If you don't pay for the software developer and except 50/50 equity. What the heck is your role/job? You don't become a CEO by having an "idea".

Post: #12

Everyone else's advice is top notch. I also don't mean to be an asshole, but better you hear the harsh truth here first before you find out from real life. Because real life is an infinitely harsher teacher.

(12-26-2015 03:54 PM)thisisright Wrote:  okay, I might come out as an ass-hole but as someone with 10 years on the tech sector.

1. You don't have an idea. You think, deep inside, that you are special. You are not.

2. Your idea is worth exactly nothing. And rest assured, nobody is going to steal or implement it until it becomes successful. That's why we have 5,000 clones of candy crash.

3. Telling your idea to friendly-neutral people is close to useless. They'll all answer "Great".

4. Try pitching your idea to investors. And you'll realise how bad of an idea it is.

5. If your idea requires a web app, you'll need a competent software developer to have an MVP. A good MVP will cost you in the $50K-$100K range if the app is simple enough not to require any CS magic and geniuses.

6. If you don't pay for the software developer and except 50/50 equity. What the heck is your role/job? You don't become a CEO by having an "idea".

Post: #13

(12-26-2015 03:54 PM)thisisright Wrote:  okay, I might come out as an ass-hole but as someone with 10 years on the tech sector.

1. You don't have an idea. You think, deep inside, that you are special. You are not.

2. Your idea is worth exactly nothing. And rest assured, nobody is going to steal or implement it until it becomes successful. That's why we have 5,000 clones of candy crash.

3. Telling your idea to friendly-neutral people is close to useless. They'll all answer "Great".

4. Try pitching your idea to investors. And you'll realise how bad of an idea it is.

5. If your idea requires a web app, you'll need a competent software developer to have an MVP. A good MVP will cost you in the $50K-$100K range if the app is simple enough not to require any CS magic and geniuses.

6. If you don't pay for the software developer and except 50/50 equity. What the heck is your role/job? You don't become a CEO by having an "idea".

Not quite like an asshole my man. Your advice is raw but eye-opening.

I think I will start by pitching my idea to investors, eventually I will try to invest my own capital if the business seems to be a sucessful idea.

The online businesses to me are pretty new, I will need further consideration of the variables before making a move.

Thisisright has a pretty interesting point of view. That and everyone above suggest going solo. This might well be the new course of my business idea..

Post: #14

It sounds like you want to hire a cook for free right now in exchange for future income share opportunity.
If you can't pay the cook right now, you shouldn't be in the business.

Btw, how much does it cost to hire a web design person? few grands to max $10k?
Just pay it if you are sure about the idea. you are not sure if it would be successful but you think your investors should believe it's a good idea? LOL come on man..

Post: #15

The right partner is like finding a girl worth spending time with; it's hard to find. I would advise against founding a business with friends, make friends through business, founding a business based on friendship unless you are both on the exact same page and willing to go all in is useless, and I've been burned by it. I disagree with some of the guys saying "if you can't pay the partner right now, you shouldn't be in business", thats a scarcity mindset and will get you nowhere. You will have to give up equity in the company, and they will get rich or they will go down with you; that's why it's hard to find a partner that will stick through the shittiness of starting a business.

You do not need more consideration, you need to act. An idea is worth $0, and a really good idea is maybe worth $10. Execution is everything. I didn't have the slightest clue how to start my businesses, I learned on the go. I jumped in and learned web design, I learned the financial aspects, I learned about taxation, I learned about every goddamn in-and-out on the fly. Nobody will steal your idea, because they don't know how to execute, and 95% of people will not execute because they are losers; talk about your business all you want it will 1. create awareness but it will also 2. cause you to talk instead of walk, which is counter-productive and should be avoided.

Investment wise, it's cheap to get into web design and getting a website online probably all in costs about $200. When it comes to complexity of building the site, then you may need to invest further, but in the early stages, there's a ton that you can do yourself, and I have learned a ton about coding and the applicable skills just with YouTube videos and forums. Investment early on is cheap, and includes advertising on google; I wouldn't go much further than that, and if nobody clicks on your ads, you don't pay a dime; it's win-win, you either know your idea will work with a few hundred dollars investment, or know you need to go back to the drawing board for less than $20 if your campaign flops.

Post: #16

My business has 3 partners:
A. Guy who has a network and is great with people
B. Guy who LOVES the technical part of the job and horrible with people
C. Guy who documents everything

Typical Strategy:
Guy "A" promises the world to customers
Guy "B" builds plans
Guy "A+C" execute plans
Guy "C" documents and charges clients

We all need each other:
Guy "B" is worthless without guy "A" (he cannot get customers/clients)
Guy "A" is worthless without guy "C" (he'd work free because he loves helping people)
Guy "C" needs guy "A" and "B" because he needs something to manage

Everyone has a role:
Guy "A" lives for the future
Guy "B" lives in the past/future
Guy "C" makes sure the business continues to run day to day--present via documentation and processes

Post: #17

I'm too much of an egomaniac to have a business partner.

These things mostly end in tears.

Post: #18

There are pros and cons. The biggest pro is that you have someone to bounce ideas off, and to take the reigns when you want some time off. If you find the right person, it will make life immeasurably better during those brutal early years.

However, the wrong partner makes the tough times even tougher, and will probably lead to you breaking up the company. Even if you have opposing skill sets, egos can get in the way of common sense. I had a partner who was technical, and shit with people and presentation. I was un-technical, but a good front man. My partner decided that what I did was more glamorous than what he was doing, and insisted on muscling in on my domain. It lead to him trying to 'win' over me in client meetings, and all sorts of stupid counter productive stuff. We lost a lot of business because ego got in the way of good sense. Where money is involved, these things can quickly escalate too. It ended in a nasty split that took a lot of recovering from.

My personal advice is that unless you are certain that you are going into business with an angel, who compliments you perfectly and with whom you can clearly delineate roles and be certain he won't encroach, then you are better off going it alone.

Post: #19

(12-28-2015 01:14 AM)TheFinalEpic Wrote:  The right partner is like finding a girl worth spending time with; it's hard to find. I would advise against founding a business with friends, make friends through business, founding a business based on friendship unless you are both on the exact same page and willing to go all in is useless, and I've been burned by it. I disagree with some of the guys saying "if you can't pay the partner right now, you shouldn't be in business", thats a scarcity mindset and will get you nowhere. You will have to give up equity in the company, and they will get rich or they will go down with you; that's why it's hard to find a partner that will stick through the shittiness of starting a business.

You do not need more consideration, you need to act. An idea is worth $0, and a really good idea is maybe worth $10. Execution is everything. I didn't have the slightest clue how to start my businesses, I learned on the go. I jumped in and learned web design, I learned the financial aspects, I learned about taxation, I learned about every goddamn in-and-out on the fly. Nobody will steal your idea, because they don't know how to execute, and 95% of people will not execute because they are losers; talk about your business all you want it will 1. create awareness but it will also 2. cause you to talk instead of walk, which is counter-productive and should be avoided.

Investment wise, it's cheap to get into web design and getting a website online probably all in costs about $200. When it comes to complexity of building the site, then you may need to invest further, but in the early stages, there's a ton that you can do yourself, and I have learned a ton about coding and the applicable skills just with YouTube videos and forums. Investment early on is cheap, and includes advertising on google; I wouldn't go much further than that, and if nobody clicks on your ads, you don't pay a dime; it's win-win, you either know your idea will work with a few hundred dollars investment, or know you need to go back to the drawing board for less than $20 if your campaign flops.

The business partner is not all about the earnings and/or losses, but of the simbiotic relationship that you create with them, and catalyzes the growth of your company. I`ve got no idea in web design skills, however I am bilingual and have great executive skills. The most certain to be my partner is a really good web designer and photographer.

Not only the help will come in terms of cash but of time and ideas. two heads thinks better than one.

At least that is my opinion and you`re right, as of jan 1st i will begin the business idea that currently is worth 0$

Post: #20

(12-30-2015 02:47 PM)joecolombia Wrote:  

(12-28-2015 01:14 AM)TheFinalEpic Wrote:  The right partner is like finding a girl worth spending time with; it's hard to find. I would advise against founding a business with friends, make friends through business, founding a business based on friendship unless you are both on the exact same page and willing to go all in is useless, and I've been burned by it. I disagree with some of the guys saying "if you can't pay the partner right now, you shouldn't be in business", thats a scarcity mindset and will get you nowhere. You will have to give up equity in the company, and they will get rich or they will go down with you; that's why it's hard to find a partner that will stick through the shittiness of starting a business.

You do not need more consideration, you need to act. An idea is worth $0, and a really good idea is maybe worth $10. Execution is everything. I didn't have the slightest clue how to start my businesses, I learned on the go. I jumped in and learned web design, I learned the financial aspects, I learned about taxation, I learned about every goddamn in-and-out on the fly. Nobody will steal your idea, because they don't know how to execute, and 95% of people will not execute because they are losers; talk about your business all you want it will 1. create awareness but it will also 2. cause you to talk instead of walk, which is counter-productive and should be avoided.

Investment wise, it's cheap to get into web design and getting a website online probably all in costs about $200. When it comes to complexity of building the site, then you may need to invest further, but in the early stages, there's a ton that you can do yourself, and I have learned a ton about coding and the applicable skills just with YouTube videos and forums. Investment early on is cheap, and includes advertising on google; I wouldn't go much further than that, and if nobody clicks on your ads, you don't pay a dime; it's win-win, you either know your idea will work with a few hundred dollars investment, or know you need to go back to the drawing board for less than $20 if your campaign flops.

The business partner is not all about the earnings and/or losses, but of the simbiotic relationship that you create with them, and catalyzes the growth of your company. I`ve got no idea in web design skills, however I am bilingual and have great executive skills. The most certain to be my partner is a really good web designer and photographer.

Not only the help will come in terms of cash but of time and ideas. two heads thinks better than one.

At least that is my opinion and you`re right, as of jan 1st i will begin the business idea that currently is worth 0$

Go to a 24 hour coffee shop near a college at night. Find yourself a young autistic programmer. Befriend him and make him feel important. Then pitch your idea(s). He won't have the social skills to see it through on his own and you don't have the technical skills to make this happen without him. It's win win for you both.