Startup

Has anyone here built a successful business that includes a team? I'm interested in learning what it takes to build a team and where you find the kind of people willing to work. Mostly a bootstrapped startup. I don't have money for employees but I could create a employee-owned company. On top of that it would be an achievement-based pay or royalties on the product when we finish and sell it.

Has anyone here started a company with startup incubators and are they worth it?

Yes, I have.

This is theorycelling/putting the cart before the horse.

You don't need a team. You just need yourself. A team comes when yourself is not enough.

If and when you need a team, you find good employees by being yourself, assuming you are an exemplary employee, manager, and human being. Like attracts like.

First off, you're on the wrong forum for this question my friend. While there are some heavy hitters in business here, you're not going to get the advice you're seeking.

Second, at this stage you're asking the wrong questions. You don't even have money for employees, so why are you worried about them? What you should be worried about is building a product/service for a customer that wants to buy it. Once you found that, you want to be worried about how to scale that, without employees, to gain the cash flow you need for employees. Until then, don't even worry about it.

Startup incubators are worth it for a particular style of company, paticuraly venture backed, hyper growth companies. If you have no plans of exiting or going public with company, in 3-5 years, then build a business the way everyone else has in the history of forever - sell more than you spend, have cash flow, reinvest the cash for growth.

Also be aware of the size of company you want. Mo' money = Mo' problems. You can build a very large private company without an incubator. You can also build a large lifestyle business without employees and have a kick ass life. All depends on your goals and what you want.

But first, worry about creating something people actually want to buy.

Bman said:

Second, at this stage you're asking the wrong questions. You don't even have money for employees, so why are you worried about them? What you should be worried about is building a product/service for a customer that wants to buy it. Once you found that, you want to be worried about how to scale that, without employees, to gain the cash flow you need for employees. Until then, don't even worry about it.

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I've seen documentaries of software companies like "id" and "valve" that are started with a team of people with little to no money. "Bootstrapping" with a team of people you get work done much more quickly than doing everything alone. I don't need to pay a team of employees when the company is a team of employee-owners who have a shared goal of making money off a product.

AmericanAndy said:

Bman said:

Second, at this stage you're asking the wrong questions. You don't even have money for employees, so why are you worried about them? What you should be worried about is building a product/service for a customer that wants to buy it. Once you found that, you want to be worried about how to scale that, without employees, to gain the cash flow you need for employees. Until then, don't even worry about it.

Click to expand...

I've seen documentaries of software companies like "id" and "valve" that are started with a team of people with little to no money. "Bootstrapping" with a team of people you get work done much more quickly than doing everything alone. I don't need to pay a team of employees when the company is a team of employee-owners who have a shared goal of making money off a product.

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OK. This is mental masturbation until you have a rock solid impenetrable idea. Vet your idea first, then worry about finding your team.

pancakemouse said:

AmericanAndy said:

I've seen documentaries of software companies like "id" and "valve" that are started with a team of people with little to no money. "Bootstrapping" with a team of people you get work done much more quickly than doing everything alone. I don't need to pay a team of employees when the company is a team of employee-owners who have a shared goal of making money off a product.

Click to expand...

OK. This is mental masturbation until you have a rock solid impenetrable idea. Vet your idea first, then worry about finding your team.

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I already have a notebook filled with ideas. A team of people brainstorming should be better than just one person theorizing. Also you're being disrespectful.

AmericanAndy said:

I already have a notebook filled with ideas. A team of people brainstorming should be better than just one person theorizing.

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Perfect. Then you have two options.

1) Make an MVP of one of your ideas and go try to sell it. Return in a month and tell us what you learned.

2) Go tell that idea to 100 people and see if you can get one who is so invigorated by the idea that they want to be on a team and help build an MVP of it. Then try to sell it. Return in a month and tell us what you learned.

Bman said:

AmericanAndy said:

I already have a notebook filled with ideas. A team of people brainstorming should be better than just one person theorizing.

Click to expand...

Perfect. Then you have two options.

1) Make an MVP of one of your ideas and go try to sell it. Return in a month and tell us what you learned.

2) Go tell that idea to 100 people and see if you can get one who is so invigorated by the idea that they want to be on a team and help build an MVP of it. Then try to sell it. Return in a month and tell us what you learned.

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Sounds good I'm looking through some startup and co-founder sites for networking.

Bman said:

Perfect. Then you have two options.

1) Make an MVP of one of your ideas and go try to sell it. Return in a month and tell us what you learned.

2) Go tell that idea to 100 people and see if you can get one who is so invigorated by the idea that they want to be on a team and help build an MVP of it. Then try to sell it. Return in a month and tell us what you learned.

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Things are looking good now. Making an app with a friend, yes I have a basic MVP of the app and I continuously edit, test and improve it.

Bman said:

First off, you're on the wrong forum for this question my friend.

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Just seen this @Bman - are there any forums for this kinda entrepreneury question that you’d recommend (that aren’t just guys doing dropshipping/get rich quick courses etc). Like I always feel like a forum would be helpful for me but i haven’t found one that isn’t just noise/highly scammy vibes - genuinely curious. Cheers

Antonio44 said:

are there any forums for this kinda entrepreneury question that you’d recommend (that aren’t just guys doing dropshipping/get rich quick courses etc). Like I always feel like a forum would be helpful for me but i haven’t found one that isn’t just noise/highly scammy vibes - genuinely curious. Cheers

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Honestly, not that I've found. Most internet forums are not great. I personally have never joined a forum except this one because it's the only one I've encountered with a real action being taken.

When it comes to business, I've found its best to get into circles of people that have done the business you're trying to do. Even if you think you have a brand new startup idea, you don't. Someone's done something similar before. To get in the high quality circles you either have to be diligent about building relationships and providing value to those people, or pay your way in.

Accelerators/ Incubators are usually pretty high quality for this, too. If its a startup with VC investors, they should be able to introduce you to peers and mentors if they are any good of a VC investor.

Most free places for business are a shark tank of people trying to sell each other some course on how to make courses or some crap.

Edit: Actually after thinking a bit more, anything from ycombinator is pretty good. So startup school or Hacker News. Indie Hackers is decent as well.

Bman said:

Honestly, not that I've found. Most internet forums are not great. I personally have never joined a forum except this one because it's the only one I've encountered with a real action being taken.

When it comes to business, I've found its best to get into circles of people that have done the business you're trying to do. Even if you think you have a brand new startup idea, you don't. Someone's done something similar before. To get in the high quality circles you either have to be diligent about building relationships and providing value to those people, or pay your way in.

Accelerators/ Incubators are usually pretty high quality for this, too. If its a startup with VC investors, they should be able to introduce you to peers and mentors if they are any good of a VC investor.

Most free places for business are a shark tank of people trying to sell each other some course on how to make courses or some crap.

Edit: Actually after thinking a bit more, anything from ycombinator is pretty good. So startup school or Hacker News. Indie Hackers is decent as well.

Click to expand...

I used to follow and read "fastlane millionaire" the book seems good I just need to put it into practice.