Confessions (page 14) — Startups Anonymous

Whenever I’m second guessing myself I turn to the Ferengi Rules of acquisition. They are actually pretty good pieces of advice for anyone starting a company!

Confessions·Mar 20, 20146

The “startup” I work for operates on just shy of US$4M/year. Over half of this goes to the sales team and upper management salaries. We’ve been around for almost a decade and only generate $750,000 in gross revenue a year.

Confessions·Mar 20, 20144

I have 3 weeks of cash and our updated product (we burned through our angel money on the first product which was well received by the press by didn’t get traction with our hoped for business base) going live in 2 weeks. I’m trying to raise some more but I may have to fire half the staff to keep the burn rate down. My co-founder says let’s fire now but I worry about the impact on morale. Am I just being indecisive or deluded that I will raise enough to avoid a crisis.

Confessions·Mar 19, 201417

My wife is a constant pain in my ass about my startup. Having her as the sole bread winner has cost me more than just my pride. It stresses me out every day. I can’t move forward quickly enough.

Confessions·Mar 19, 201413

A 50/50 founder split is a horrible idea! Don’t do it.

Confessions·Mar 19, 201413

I find the tech scene to be focusing on many smallish insignificant projects like foolish apps rather on ideas that really mean something. And VCs seem to be supporting such startups with money, while not investing in better more meaningful ideas.

Confessions·Mar 19, 20146

I’m terrified of taxes. I’m a partial/full owner of 3 different startups. Two of them have accountants on staff and the other one is on my own. The tax law is so complicated and I’m so scared that I will ruin my life by failing to report correctly.

Confessions·Mar 18, 201426

I got furious after a frustrating meeting with a VC who mentioned he wouldn’t invest in my startup, and I scratched his whole car with my keys. Now I’m a little embarrassed.

Confessions·Mar 17, 201414

I’m over this “god-like” mentality around tech founders of startups. There is a lot more that goes into building a company.

Confessions·Mar 16, 20148

I used to not hold a coworker accountable because I liked her. Now that I don’t, and hold her to the same level as my peers, I’m fearing backlash.

Confessions·Mar 16, 201419

I’m sleeping with one of my co-founders behind the other’s back. I’m afraid he’ll find out and get pissed.

Confessions·Mar 15, 201416

My Chinese parents said I don’t have the necessary genes and I should never try business

Confessions·Mar 15, 201413

I’m working writing code for a guy who I know is full of shit and has no chance of succeeding. Ever. But he pays well, so what the hell?

Confessions·Mar 12, 20144

I am afraid I won’t be able to find a co-founder, but I’m also afraid that I’ll find one and they will take over.

Confessions·Mar 12, 201411

My Co-founder is lazy as they come. He skips work twice a week to run errands for his dad. The other day he skipped a meeting to take him to the bank! One week before, he had disappeared for 2 days because he had “to take his gf to see the ocean”.

Confessions·Mar 12, 201412

I hate my coworker who gets paid double what I do for half of the work.

Confessions·Mar 12, 201411

I just got my round of funding and I am more terrified now that I have ever been. The expectations and risk of failure scares the shit out of me, but at the same time I can’t wait to see what happens.

Confessions·Mar 11, 201411

I think that Shark Tank is completely misleading the average person’s expectations of private investing. While entertaining, the show is doing more harm than good.

Confessions·Mar 5, 20144

I am losing faith in our CEO. Despite being an all-round nice bloke, the guy just can’t close frequently enough, is very very reactive, loves to work without a plan and an overall horrendous executor. Shit is going to hit the fan.

Confessions·Mar 3, 20142

I like to “google” my customers, I had a customer on Friday that is an attorney and for some reason I am freaked out by it. We are a small bootstrapped startup that has had a lot of ups and downs but puzzle pieces are finally starting to fit.

Confessions·Mar 2, 20148

I am working part-time for a foreign start-up for 2 years, opening a beach head in the USA. They now plan to cut me short of the reaping fruits. We have no signed contract. I am now working hard to build a competing brand. Excited, yet feeling guilty

Confessions·Feb 28, 201467

I have a full-time job, but spend nearly 100% of company-time working on my startup. My startup was covered by Ad Age, which my boss receives. He was in a meeting when the article hit, so I went into his email and deleted it.

Confessions·Feb 28, 20146

I’m afraid. Every day I feel afraid. I’ve learned to live with it, managing to shut the fear out and focus, but the beast eventually returns. Learning to live with fear has been so hard to do.

Confessions·Feb 28, 20142

Congress used the JOBS Act to advance crony capitalism and has yet to make good on the one section that it was intended for: equity-based crowdfunding for unaccredited investors. They’re gutting it first to prevent any real change from happening.

Confessions·Feb 27, 201416

I find that people who call themselves a CEO/CTO – when it’s only the 2 (or 1) of them – pompous. Title’s like Managing Director or (Co)Founder come off much less arrogant.

Confessions·Feb 27, 20149

I’m struggling w/o capital investment but feel that the conventional funding models for startup companies feeds the neo-classical capitalist machine. The “10x in 5-year” VC plan destroys the possibility for a stakeholder-driven, democratic org.

Confessions·Feb 27, 20149

Conspiracy Theory: Every massively overvalued acquisition of technology companies is a tax shelter play. Follow the money and you’ll find the same players on both sides of the deal.

Confessions·Feb 27, 20145

My equity breakdown with my cofounder has put me in a situation where I might not be fundable. I’m working on recouping the equity back but I don’t want to be one of those SnapChat assholes, ethics mean something to me.

Confessions

I went into business with someone who had money but zero morals. The results were disastrous.

Don’t go into business with friends unless you are willing to lose them.

Whenever I’m second guessing myself I turn to the Ferengi Rules of acquisition. They are actually pretty good pieces of advice for anyone starting a company!

The “startup” I work for operates on just shy of US$4M/year. Over half of this goes to the sales team and upper management salaries. We’ve been around for almost a decade and only generate $750,000 in gross revenue a year.

My wife is a constant pain in my ass about my startup. Having her as the sole bread winner has cost me more than just my pride. It stresses me out every day. I can’t move forward quickly enough.

A 50/50 founder split is a horrible idea! Don’t do it.

I find the tech scene to be focusing on many smallish insignificant projects like foolish apps rather on ideas that really mean something. And VCs seem to be supporting such startups with money, while not investing in better more meaningful ideas.

I’m terrified of taxes. I’m a partial/full owner of 3 different startups. Two of them have accountants on staff and the other one is on my own. The tax law is so complicated and I’m so scared that I will ruin my life by failing to report correctly.

I got furious after a frustrating meeting with a VC who mentioned he wouldn’t invest in my startup, and I scratched his whole car with my keys. Now I’m a little embarrassed.

I’m over this “god-like” mentality around tech founders of startups. There is a lot more that goes into building a company.

I used to not hold a coworker accountable because I liked her. Now that I don’t, and hold her to the same level as my peers, I’m fearing backlash.

I’m sleeping with one of my co-founders behind the other’s back. I’m afraid he’ll find out and get pissed.

My Chinese parents said I don’t have the necessary genes and I should never try business

I’m working writing code for a guy who I know is full of shit and has no chance of succeeding. Ever. But he pays well, so what the hell?

I am afraid I won’t be able to find a co-founder, but I’m also afraid that I’ll find one and they will take over.

My Co-founder is lazy as they come. He skips work twice a week to run errands for his dad. The other day he skipped a meeting to take him to the bank! One week before, he had disappeared for 2 days because he had “to take his gf to see the ocean”.

I hate my coworker who gets paid double what I do for half of the work.

I just got my round of funding and I am more terrified now that I have ever been. The expectations and risk of failure scares the shit out of me, but at the same time I can’t wait to see what happens.

I think that Shark Tank is completely misleading the average person’s expectations of private investing. While entertaining, the show is doing more harm than good.

I am losing faith in our CEO. Despite being an all-round nice bloke, the guy just can’t close frequently enough, is very very reactive, loves to work without a plan and an overall horrendous executor. Shit is going to hit the fan.

I like to “google” my customers, I had a customer on Friday that is an attorney and for some reason I am freaked out by it. We are a small bootstrapped startup that has had a lot of ups and downs but puzzle pieces are finally starting to fit.

I am working part-time for a foreign start-up for 2 years, opening a beach head in the USA. They now plan to cut me short of the reaping fruits. We have no signed contract. I am now working hard to build a competing brand. Excited, yet feeling guilty

I have a full-time job, but spend nearly 100% of company-time working on my startup. My startup was covered by Ad Age, which my boss receives. He was in a meeting when the article hit, so I went into his email and deleted it.

I’m afraid. Every day I feel afraid. I’ve learned to live with it, managing to shut the fear out and focus, but the beast eventually returns. Learning to live with fear has been so hard to do.

Congress used the JOBS Act to advance crony capitalism and has yet to make good on the one section that it was intended for: equity-based crowdfunding for unaccredited investors. They’re gutting it first to prevent any real change from happening.

I find that people who call themselves a CEO/CTO – when it’s only the 2 (or 1) of them – pompous. Title’s like Managing Director or (Co)Founder come off much less arrogant.

I’m struggling w/o capital investment but feel that the conventional funding models for startup companies feeds the neo-classical capitalist machine. The “10x in 5-year” VC plan destroys the possibility for a stakeholder-driven, democratic org.

Conspiracy Theory: Every massively overvalued acquisition of technology companies is a tax shelter play. Follow the money and you’ll find the same players on both sides of the deal.

My equity breakdown with my cofounder has put me in a situation where I might not be fundable. I’m working on recouping the equity back but I don’t want to be one of those SnapChat assholes, ethics mean something to me.