Nearly two years ago I was ‘released’ from a 6 figure career, and I remember at one point, even after multiple attempts at building a business, I thought to myself, this time I’m all in. I haven’t looked back since. About 8 months was spent learning my chosen craft: building a web platform, specifically a real estate web portal. Learning to code, learning about incubators, studying veterans in the field, funding structures, business models, distribution strategies, the works. I don’t have a million bucks in the bank, but I have a company cheque written out for a million dollars hanging on my wall. I love Lambos, but they pale in comparison to using that money to pay off my mother’s debt.
I’m writing this as a documentation of what worked for me along the way, cause and effect, things that need to get done in the business world that I have executed and that have propelled me forward. I’ve never sat across from so many successful multi-millionaires in such a short period of time, having open dialogues, and I am compelled to share some actionable advice that has changed my entire being. It would be great if this thread developed into a solid account of what has worked for entrepreneurs on this forum over the last year, and if all the superfluous chatter be left out.
This shit isn’t glamorous. I remember attending a meetup where Eric Ries of the Lean Startup was talking, and he stated: “Entrepreneurship is not cool, it’s excruciatingly difficult, and humiliating.” I couldn’t agree more, but I wouldn’t rather be doing anything else.
Incubators/Accelerators
Y-Combinator redefined what the educational system should be. An institution that pays you to be a part of the program. You’ll likely learn more in the 4 month term than you would ever learn in college. The presence of incubators has grown significantly, and can be one of the most pivotal elements in a startup’s life. The local equivalent where I reside is Launch Academy and Growlab. An office space with companies and entrepreneurs in residence with the likes of Microsoft, Facebook, and Business Development Bank of Canada. I joined the pre-accelerator side, which gave me these takeaways:
Time Efficiency – Everyone is familiar with the 4-Hour Workweek and Tim Ferriss discussing Parkinson’s Law: “The amount of time which one has to perform a task is the amount of time it will take to complete the task.” Things are different when you have a fixed period and a date to work towards. It felt like we accomplished what could typically take a year, in 4 months. Eliminating unnecessary features with the mantra of “F*ck it, ship it”. Being held accountable to uphold your reputation as an entrepreneur is a highly motivating factor.
Credibility – Namedrop without hesitation. I piggybacked off of others’ reputations for the sake of conveying my level of commitment to my venture. People take you more seriously when you bring up your interactions with top moneymakers in the industry.
Team Building – When you’re surrounded by entrepreneurs, investors, and programmers, if you leverage that by networking, you are always one email intro away from a co-founder, investor, or partner. I was able to get an intro to a former real estate developer who then became one of our co-founders, a die-hard real estate enthusiast, to join the uphill regulatory battle. This is where being able to sell the vision and making the virtue of freedom look more appealing than a cushy 6-figure income comes in handy.
Technical Co-Founder – By far the most important piece to the puzzle has been finding the engineering talent to architect the platform. This is a very common question: “Where/how do I find a technical co-founder?” One of my favorite founders is Jason Freedman, and in this video he states it perfectly: “You don’t find a technical co-founder, you earn one”.
The 8 months I previously alluded to where I learned how to code, was the single best investment I could have ever made for this particular startup. Companies can be built without learning this skill, no question, but at what cost. Do you have funding to carry a 5 to 6 figure salary typically earned by a good programmer? Do you have a programmer friend loyal enough to stick with you for an undetermined amount of time until you are self-sustaining? If not, learn how to code and prove your ability to hack together a prototype and sell your dream. You will be able to speak the language of your technical co-founder, and be highly involved with the building of the product. Another alternative is to determine the going rate of hiring a programmer, and paying him half in cash, and the other half in stock options.
Of all places, I found my now brother-in-arms through Craigslist. My headline read: “Seeking Rockstar Coder to Build on Real Estate Platform.” I got inundated with messages, and his was the only one that stood out for a few reasons:
1) He understood this was a startup, and it wasn’t going to be a cakewalk;
2) Payment inquiries came at the end of his email;
3) He saw the disruptive and opportunistic potential;
4) He had a Stackoverflow reputation, and;
5) He was someone I would have beers with.
Although he was half way across the country at the time, we had an initial interview through Google Hangout, and when I recruited him on the spot, he sent a follow up email with this GIF. Done and done. We subsequently communicated through Skype, and I entrusted him with my entire codebase for the prototype I had coded myself, and had yet to meet him in person. Like handing your newborn child over to someone you’ve never met, it was a gamble, but it paid off.
..continued
I’m writing this as a documentation of what worked for me along the way, cause and effect, things that need to get done in the business world that I have executed and that have propelled me forward. I’ve never sat across from so many successful multi-millionaires in such a short period of time, having open dialogues, and I am compelled to share some actionable advice that has changed my entire being. It would be great if this thread developed into a solid account of what has worked for entrepreneurs on this forum over the last year, and if all the superfluous chatter be left out.
This shit isn’t glamorous. I remember attending a meetup where Eric Ries of the Lean Startup was talking, and he stated: “Entrepreneurship is not cool, it’s excruciatingly difficult, and humiliating.” I couldn’t agree more, but I wouldn’t rather be doing anything else.
Incubators/Accelerators
Y-Combinator redefined what the educational system should be. An institution that pays you to be a part of the program. You’ll likely learn more in the 4 month term than you would ever learn in college. The presence of incubators has grown significantly, and can be one of the most pivotal elements in a startup’s life. The local equivalent where I reside is Launch Academy and Growlab. An office space with companies and entrepreneurs in residence with the likes of Microsoft, Facebook, and Business Development Bank of Canada. I joined the pre-accelerator side, which gave me these takeaways:
Time Efficiency – Everyone is familiar with the 4-Hour Workweek and Tim Ferriss discussing Parkinson’s Law: “The amount of time which one has to perform a task is the amount of time it will take to complete the task.” Things are different when you have a fixed period and a date to work towards. It felt like we accomplished what could typically take a year, in 4 months. Eliminating unnecessary features with the mantra of “F*ck it, ship it”. Being held accountable to uphold your reputation as an entrepreneur is a highly motivating factor.
Credibility – Namedrop without hesitation. I piggybacked off of others’ reputations for the sake of conveying my level of commitment to my venture. People take you more seriously when you bring up your interactions with top moneymakers in the industry.
Team Building – When you’re surrounded by entrepreneurs, investors, and programmers, if you leverage that by networking, you are always one email intro away from a co-founder, investor, or partner. I was able to get an intro to a former real estate developer who then became one of our co-founders, a die-hard real estate enthusiast, to join the uphill regulatory battle. This is where being able to sell the vision and making the virtue of freedom look more appealing than a cushy 6-figure income comes in handy.
Technical Co-Founder – By far the most important piece to the puzzle has been finding the engineering talent to architect the platform. This is a very common question: “Where/how do I find a technical co-founder?” One of my favorite founders is Jason Freedman, and in this video he states it perfectly: “You don’t find a technical co-founder, you earn one”.
The 8 months I previously alluded to where I learned how to code, was the single best investment I could have ever made for this particular startup. Companies can be built without learning this skill, no question, but at what cost. Do you have funding to carry a 5 to 6 figure salary typically earned by a good programmer? Do you have a programmer friend loyal enough to stick with you for an undetermined amount of time until you are self-sustaining? If not, learn how to code and prove your ability to hack together a prototype and sell your dream. You will be able to speak the language of your technical co-founder, and be highly involved with the building of the product. Another alternative is to determine the going rate of hiring a programmer, and paying him half in cash, and the other half in stock options.
Of all places, I found my now brother-in-arms through Craigslist. My headline read: “Seeking Rockstar Coder to Build on Real Estate Platform.” I got inundated with messages, and his was the only one that stood out for a few reasons:
1) He understood this was a startup, and it wasn’t going to be a cakewalk;
2) Payment inquiries came at the end of his email;
3) He saw the disruptive and opportunistic potential;
4) He had a Stackoverflow reputation, and;
5) He was someone I would have beers with.
Although he was half way across the country at the time, we had an initial interview through Google Hangout, and when I recruited him on the spot, he sent a follow up email with this GIF. Done and done. We subsequently communicated through Skype, and I entrusted him with my entire codebase for the prototype I had coded myself, and had yet to meet him in person. Like handing your newborn child over to someone you’ve never met, it was a gamble, but it paid off.
..continued
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