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/biz/ - Business & Finance

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1637383 No.1637383 [Reply] [Original]

Redpill me on starting a startup.

>> No.1637410

Don't do it if you're not willing to work hard.

>> No.1637411

If you're willing to work hard, do it.

>> No.1637436

>>1637383
Don't do it if you're not willing to work hard.
If you're willing to work hard, do it.

>> No.1637437

Do it if you're hard, work willing.

>> No.1637451

Don't hard work if willing do it

>> No.1637453

>>1637437
Willing do you're if it hard to work

>> No.1637523

If you're hard when you work, do it.

>> No.1637527
File: 1.07 MB, 1080x1920, tmp_24466-Screenshot_2016-09-28-16-56-01-1704819885.png [View same] [iqdb] [saucenao] [google]
1637527

Hey op your a lazy faggot without the will to work hard, I bet your next question is 'WHAT'S THE BEST SORT OF START UP TO FOUND I HAVE $200'

You will need to learn the will to work hard, and with willing hard work - work smarter not harder

>> No.1637896

Hmmmm... not OP but:
I'm willing to work hard. Hard and willing. Do work hard.

What do I need to know? How soon should I cut off my social life? How long into it should I quit my job? (haha, I'm on /biz/ I don't have a real job!)
How much of my own savings do I need?
Is a business plan really necessary? How many pages?
If I bootstrap is it wise to give equity to friends and family in exchange for cash? What about early employees, will that motivate them more?
Where do you recruit from: LinkedIn, do you put up classifieds, do you scour the relevant industry and cold call people?

>> No.1637902

you need people you can trust, actual friends and even family if possible.

here are few guidelines

>don't have stuff like bookers and secretary/managers/ideaguys its all cash sink, don't hire freeloaders.
>only hire people that know the skill you are looking for, as managers and such.
>make your company productive as possible
>start small with 1 or 2 people
>try to negotiate with the state on taxes

>> No.1637914

"Startup"

It's called a new company, or new business. Startup is almost as annoying as "touch base" and "synergy".

As for your question, um. Have you worked in a particular thing and have become good at it? If the answer to that is "no", you're not ready to open a business.

>> No.1637915

>>1637902
That actually seems like good advice.
At what point do you bring in a "manager"? Or should the founders just learn how to manage a company and spend that salary on someone with actual (revenue earning) skills?

>> No.1637945

That's too broad of a question and I feel like a detailed answer would be wasted on you.

>spent most of this year studying startups and lifestyle businesses

>> No.1638002

>>1637945
> lifestyle businesses
So is that stuff like fitness or is that more to do with like fashion and luxury brands?

>> No.1638006

>>1637383
employees in technology companies in many cases provide many many times their own value to the company for shit pay in comparison, only founders or owners see lots of profits.

>> No.1638143

>>1637383
Let's say you're willing to work hard: do it.

>> No.1638144

>>1637383

Most of it is faggotry with no substance.

>> No.1638146

>>1637383
Research if you're willing to work hard.
If so, do it.
And make sure you work hard

>> No.1638188

>>1638002
It's like making money from a blog (lowest common denominator, but there are quite a few people making over $100k) or getting products private labeled (ordering small batches, and making minor adjustments including a new label from the manufacturer) and selling them on Amazon, or giving a 'productized service' like accounting marketed toward entrepreneurs (Bean Ninja) / digital marketing for dentists (Firegang Dental Marketing) - check out this entertaining podcast to hear about Firegang's new CEO: http://www.financialsamurai.com/bankers-techies-and-doctors-youll-never-get-rich-working-for-someone-else/
>22 year old, started as a low paid apprentice and became their best employee. Wanted to leave for brighter shores and they offered him a job as their CEO with a renegotiation when he turns 23

..or outright getting products manufactured in China (the hosts of the podcast I just linked to made a business manufacturing valet podiums and portable bars - like for events. They also made these:
https://www.moderncatdesigns.com/
Which apparently never got much traction. They sold their 3 businesses as a package in a multimillion dollar deal a little over a year ago)

..or an email marketing software tool, sold as a SaaS (software as a service), like Drip (<-founder of StartupsForTheRestOfUs fame) and ConvertKit (<- founder made this as a 6 month challenge, which failed before he decided to double down on it. It's running 6 figures a month and just took a $1.8 million dollar investment. NathanBarry.com to read about it)
Nathan Barry had his start as a successful e-book author (apparently that's a thing as well)
Here's his talk that I like. It was given before ConvertKit took off: https://vimeo.com/95680313

>> No.1638190

>>1638002
And being a fitness guru is a lifestyle business as well, yeah.

Same with a date coach.

This type of thing kind of gets lumped in the 'lowest common denominator' pile imo, but I don't think it's a bad thing. I have a pretty good idea for date coaching that I might do tb h, lol

>> No.1638203

>>1638188
>>1638190
Cornucopia of info there man. Fuck! Thanks!

I've been seriously considering getting into a lifestyle business because 1. flows well with my skillsets 2. could parlay that into my dream job 3. Constantly get complimented on my outfits 3. Like you say: lowest common denominator so there's a huge market provided I can get a piece, 4. I feel like things like dating coaches or "life coaches" or any kind of advisory biz require minimum startup capital: but you have to be a really fucking good motivator though and a smooth talker.

>> No.1638806

>>1637914
thank you!!!!!!!!!!!!

>> No.1638951

>>1637411
>>1637436
>>1637437
>>1637451
>>1637453
>>1637523
>>1638143
>>1638146
>tfw I started this absolute beauty of a meme

>> No.1638983
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1638983

>>1637383
If you're hard. Do it.

>> No.1639461
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1639461

WORKING BUMP. HARD WILL. DO IT!

>> No.1639522

Hard work if you are willing do it

>> No.1639675
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1639675

>>1637383
startup cofounder here. some protips:

> 1 founder: hard and will take a long time
> 2 - 3 founders: perfect balance
> 3+ founders: time wasted over politics

> get Slack for team communication
> use a tasking website like Asana or Trello for delegation of work
> apply for VCs if you only actually need the money. if you can fund yourself, you run the show
> get an LLC (all your dinners are now business expenses)

The absolute most important:
> validate your idea early on. get feedback or run targeted ads. ensure the market is there for your niche.

>> No.1639679

>>1639675
>get an LLC (all your dinners are now business expenses)
>implying you need an LLC to write off business expenses
>implying you're allowed to use the entertainment deduction on yourself
>implying travel deduction without a legit reason

you're an idiot, but I suppose the IRS will explain

>> No.1639685

>>1639679
>tfw you just helped a liar improve his lies

>> No.1640526

>>1637383
Don't do it unless you can afford to boostrap it. Cucking yourself to VCs is basically taking a business loan while using the promise of making a multinational corporation as collateral instead of actual equity. Basically, they will force you to take your idea and shill it to maximum asswipe levels just to break even. Bootstrapping gives you full control over your business and guarantees that any VC money you take is on your terms, not theirs.

>> No.1640565

Don't do it, even if you're willing to work hard there is a 95% chance you will fail.

>> No.1640688

>I have a good buisness idea (at least I think so, I did some market research and presented to friends in the niche and other friend who has a company)
>I could afford leaving my current job and work full time on this since I don't pay rent for the moment (only bills and not many)

The problem is... I'm fucking alone. How do you find ppl to help you if you can't afford paying them a lot or at all?
>inb4 no friends
The idea is in the information security niche so it's pretty hard to even find skilled people working in that field

>> No.1640717

>>1640526
This.

I'm under the impression the only winners in the game are VCs and occasionally the foudners who managed to keep equity.

Personally, my dream is to have my 100% own business and NOT having to cuck myself to VCs. I talked to a founder who took 1M from VCs recently and now he has 2 assholes on his board and they get to vote on his salary. What's the point of starting a company then?

>> No.1640733

>>1640717
>I'm under the impression the only winners in the game are VCs
this impression doesn't square with /biz/'s belief that "95%" of businesses fail.

Why would VC's bet millions on something with a 95% failure rate? Almost guaranteed loss.

>> No.1640750

>>1640733
It's quite correct, they hope they get 1 Facebook/Google/Zynga whatever for every 10-20 companies they invest in.

That's their model anyway. Which I find a bit outdated to be honest.

>> No.1640770

>>1640750
>It's quite correct,
kek

no it's not.
it's high. failure rates are close to 80% over a ten year period but that's counting businesses that are bought as failures.

most successful businesses are not going to come anywhere close to Facebook or any of those. The reason VC's place money is because they know the real failure rates.

>> No.1640785

Try to avoid the one major mistake most entrepreneurs make. Check my blog for details.

>> No.1640818

>>1640785
Forget his blog, check my ten steps to make your entrepreneurial wet dreams a reality!

Don't forget to click on the sidebar fake news sites too. I make $40,000 a day off those!

>> No.1640822

>>1640750
>Zynga
Those guys are still around? Last time I heard that name, they were having a huge launch party for their fancy new headquarters.

>> No.1641690

>>1640770
The statistics of businesses failing in X years are very wonky in both directions. One of the largest shares are just simple shops and restaurants which usually have a half life of 5-10 years or so because many of them are run by morons.

On the other hand those statistics also include businesses that only exist as a legal entity which are very unlikely to fail at any time.

I own one construction business which is incorporated and has actual employees, nonetheless there are currently 7 active business entities registered to my name that make up the legal framework of this business and another 5 which are currently suspended.

>> No.1641691
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1641691

>>1638951
>happy about starting a meme
>hasn't started their own business
are we all doomed to be unsuccessful memers

>> No.1641695

>>1641690
Why would you need 7? Can you explain what those are for?

>> No.1641701

>>1637383

you need money for lawyers and IP rights

if this article is true, Uber doesnt even own its own intellectual property and its fucked lol:

http://seekingalpha.com/article/4026697-perfect-storm-see-uber-become-myspace-ride-hailing-apps

>> No.1641717

>>1641695
Sure, but I'm in the EU so keep in mind that things in the US might be different. I will try to keep the terms as general as possible:

>business partnership
This is the actual business entity with employees, registered as a partnership with (theoretically) unlimited liability.

>business limited
This entity is the only shareholder of the partnership and provides a contractual amount of equity to the partnership which in practise limits the liability to a fixed amount.

>business facility partnership
This partnerships owns all the land and buildings and rents them out to the business partnership, thereby further limiting the liability.

>business facility limited
Same as business limited but for the facility partnership.

>business energy limited
This entity operates a solar array on the rooftops (rented from the facility partnership) and sells energy to either the business partnership or to the grid

>business UK limited
A subsidy of the main business located in the UK, established for legal reason. Basically one office.

>other name limited
Another subsidy used for business transactions where I don't want competitors to associate the name directly with the main business, e.g. head hunting, procurement from competitors ect.

>> No.1641731

>>1639675
>validate your idea early on. get feedback or run targeted ads
Advice on running targeted ads?

>> No.1641739
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1641739

>>1641731
Depends on the demographic famalam, obviously you wouldn't run Facebook ads for a product geared for elderly.

>> No.1641754

hope your daddy has deep pockets, thats basically how Zuck and Gates were able to make it.

>> No.1641755

>>1641739
It's a product that would basically do automated security audits for software / automated software testing

>> No.1641756

>>1641739
It's actually kind of targeted at start ups.
It should be an alternative for companies that can't afford a solid QA or security analysis department. So, all companies aside from those massive ones like Lockheed Martin, Oracle, Siemens, etc.

>> No.1641759

>>1641717
>other name limited
Tax avoidence scheme detected, the authorities have been notified.

>> No.1641787
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1641787

>>1637383
If you're Willis, work in Die Hard.

>> No.1641894

>>1641759
Not avoiding taxes, just being cautious around competition.

>> No.1641951

>>1637527
>your

>> No.1641955

>>1637914
i made this point in a similar thread and someone said that a startup is a business specifically intended on quick expansion and intended to scale its customer base over a short period of time. much more so than a regular business. also usually includes looking for VC somewhere along the line.

>> No.1642286

>>1639675
Thank u for solid advice anon. I can voucher for this as I am 1 /biz down and 9 or less to go!

>> No.1642295

>>1639679
You don't have to be a cunt...

U need at LEAST an llc if you don't want a frivolous lawsuit to take everything u own and ruin u.

There is a saying I like. Something like

>pigs get fat and hogs get slaughtered.

There are a million meme tier tricks u can use that the it's will except.

Sadly this is a never ending discussion as the lays are black and white bit there is still a grey area. It all depends on your reasoning rather they will accept your write offs. Do it right and they smile. Do quite wrong move and u have a new roommate named Bubba.

>> No.1642301

>>1640688
>skilled people working in that field.

If you are serious I went to high school with the head it security guy of arguably the greatest tech company on earth.

He's always looking for a startup. Drop a dummy email and I will forward it to my bro.

>> No.1642302

Guy who owns an online fitness apparel company with a strong social media presence. It's a one man show and it's alot of work but easy. Looking to sell the company at the moment.

>> No.1642303

>>1640717
Lol. There isn't 1 unless it goes public and u can pull a Michael dell and kick that cuck the fuck out of your company.

>> No.1642304

>>1640750
True. Except good vc are ex entrepreneurs anyway so their odds are better than 1-20

>> No.1642305

>>1640818
Litter ally lol!.. water all over my dick faggot. I'm at work and it looks like I pissed myself. Thanks.

>> No.1642307

>>1640822
Not spelling Xynga correctly. Lol! Mfwbi was on social media when it was cool and u could voice your opinion without the sjw or your mom seeing it. ;( I kept a post monthly updated for over 15 years till they revamped it ;(

>> No.1642309

>>1641691
Hopefully both anon. Literally only here for the loss and the 1 chance a week for a conversation with someone like minded

>> No.1642312

>>1641717
Nice. Us is similar. This keeps 1 cuck from suing u and taking it all.

Not to mention separate tax strucktures.

Good on u anon.

>> No.1642315
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1642315

>>1641759
He doesn't know what a Nevada corporation is.

>> No.1642320

>>1641894
That and supreme Court rule in America deems u can pay minimum amount of tax. This requires several legal loopholes so the rich can take advantage and us dumb wagecuck and small biz fans give all of out money to uncle sam

>> No.1642886

>>1642302
How do you store the physical goods? Do you also do packing and shipping as well?

>> No.1642918

>>1642886
I do everything. For now my operation is small enough where I store inventory on a shelving system in a room of my house. I do ship and package. For shipping I use a mailing label printer and usps to ship.

>> No.1642965

>>1642320
Not really, as I said, located in the EU

>> No.1643480

>>1639679
LLC is to protect yourself from getting sued, dumbass. It also happens to be conveniently the reason behind all those dinners and travel ;)

>> No.1643537

>>1643480
>It also happens to be conveniently the reason behind all those dinners and travel ;)
like I said, you're retarded.

you don't need an LLC to deduct entertainment meals or travel. You aren't allowed to deduct "business meals" at all unless they're with a client or on travel.

any business can take business deductions, not just an LLC. Anyone that doesn't know this stuff is lying about owning a business.

>> No.1643582

>>1638951
Me too

>> No.1643660

>>1642918
On a slow week: How many hours a week does the shipping and packaging take you?

>> No.1643791

>>1642918
Probably 2-3 hours

>> No.1643929

>>1637383
working, don't willing, do: work it. If? Hard!