A business path that is different from VC support.
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Editor’s note: Entrepreneurship is endowed with a seductive aura, and when it comes to entrepreneurship, we tend to feel bloody. Start-ups, financing, high-intensity, fast-paced work, stress and risk are all intertwined. JotForm founder Aytekin Tank explores his own Bootstrapping entrepreneurship path in this article. It is also a business path different from risk financing support, and gives his own answers and suggestions on issues related to Bootstrapping startup. This article is divided into two parts, compiled from Medium, author Aytekin Tank, the original title “Bootstrapping Guide: How to Start a Business with No Money”.
Recommended reading: Do not take financing, self-reliant “Bootstrapping” entrepreneurial model (on)
Would you like to find a co-founder?
Investors like Paul Graham are often willing to invest in start-ups run by complementary partners, like Apple, which is co-founded by two complementary partners – Steve Jobs and proficient in sales Focus on technology by Stephen Gary Wozniak.
But if the co-founders are not very cohesive and the cooperation is unpleasant, it can be a catastrophic impact on start-ups. Graham once said: “The relationship between the development of a startup and the friendship between the founders is like a dog and a sock: if you can separate the two, you see the collapsed, broken scene. .”
According to research by Harvard Business School professor Noam Wasserman, 65% of high-potential startups are ultimately failing because of conflicts between founders. Wasserman conducted research and investigations on 10,000 entrepreneurs while writing The Founder’s Dilemma. He suggested that multiple founders can bring more skills to start-ups, but it is also easier to disagree on money, strategy, leadership, credit and other issues.
This should be well understood. In the process of advancing the pioneering sailboat, many founders can take the helm together, but they must agree on many issues, whether it is the destination, the back seat passengers or the best driving route. Many founders have always been free and comfortable, and if someone else screams at the moment, he will soon feel suffocated.
Accept co-founder mode
AngelList platform co-founder Naval Ravikan once said: “Choose a co-founder should be the most important decision you make. It is more important than products, markets and investors.” Not everyone thinks Partnerships are more important than products or markets, but entrepreneurship requires you to be fully committed. The co-founders you choose will not only share working hours with you, but will even enter your daily life. You need to discuss and reach consensus on the various details in the entrepreneurial process. This is no easy task.
However, if you can find a suitable partner, then the relationship between you will exert a powerful force. Working with the wrong person can make you feel tired, frustrated, and sometimes even hinder the operation and development of your company. It is precisely because of this that the establishment of the founder cooperation agreement should be sufficiently detailed. If you have decided to take the path of the co-founder, I suggest that you hire an experienced lawyer to sign the agreement as much as possible, including equity segmentation, shareholding, intellectual property, termination clauses, etc. If the partnership fails, make sure everyone understands the terms and conditions and that everyone’s rights are fully protected.
Start your own business
If you don’t have a suitable list of potential co-founders, you don’t have to ask for it. You can take your time and see how you feel about your business. Don’t bother with VC advice, especially if you are prepared to be self-reliant and don’t rely on external financing to start a business. Ravikan also said: “If you find that the co-founder needs you to make a compromise, then continue to find other suitable people. The company’s DNA is determined by the founder. The corporate culture is an extension of the founder’s personality. .”
Entrepreneurs who believe in themselves and ultimately start their own businesses usually gain complete freedom. For example, Spanx founder Sara Blakely did not rely on any co-founder or any outside investment to create such a global company. At the age of 41, Blakely became the youngest self-made billionaire, and she still owns 100% of the company. Among people from all walks of life, entrepreneurs should be the people who know the most important idea that “rules are used to break”. That is also the fun of entrepreneurship. Therefore, whether you are adopting the co-founder model or doing it yourself, you only need to follow your own way and suit yourself.
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