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I had one simple rule when launching my first company: do everyone's job first.
It was fun and a bit of an ego-boost at the time, but once I started practicing it I quickly realized how much time, money, and investment it has saved me over the last 12 months.
Here's how it went:
- Video pre- and post-production
I had never shot professional video before. So I did what any good founder does: YouTube'd the hell out of it. I researched lighting setups, the best camera equipment for our needs (person-driven training), backup devices, DP workflows, etc. Everything to pull off a shoot from pre-production to post.
My first videos were AWFUL. Everyone looked blue, the lighting was atrocious, the frame was out of focus, and you could see the lighting umbrellas in the reflected glass.
But I learned how to do it. I knew what it took to be terrible and to be good at it. And I kept practicing.
Fast-forward 6 months and I hired a full-time video crew. I knew what it took to get it right. I knew what I wanted. I could speak their language and tell the difference between being bullshitted and a crew who estimated honestly.
- Software Devlopment (full-stack)
I had never coded except for HTML/CSS and random projects, but I have always been a geek. I built my first computer at age 5 with my Grandfather.
So I dove in head first. I had 3 months to learn how to code and build our platform.
I learned Node, GraphQL, HTML5/CSS, React, Docker, AWS for hosting, API building, etc.
After 6 months, I found that I loved it . . . and was quite good. It comes naturally.
Fast forward 6 months and I hired my first developer. I spoke back-end and front-end. I knew what it took to build a quality app. I knew if it took 10 seconds or 10 hours to fix a bug.
I hired poorly. I wasn't ready, but I needed the help. My "developer" turned out to be incompetent and a waste of valuable resources. Oh, and pathological liar (fun stuff!).
I didn't make the same mistake twice. I then contracted out 2 front-end developers as that was my weakness. To this day I am still the only back-end developer on the project.
- Customer Service
Still the only person handling this, so I can't say if I have hired right yet. I respond to every lead, every client question, etc.
It takes a lot of time, but it gives me crucial information about what our clients love, what they hate, and what they are looking for. I won't hire for this until I'm drowning (which may be next month after launch!)
Lots more of these areas to cover, but I think you get the point.
Do the job yourself FIRST then hire. You must be able to discern between good work and mediocre work. You need to be able to step in to help out or fix problems when things get crazy (and they will!). And, perhaps most important, your employees will respect you for it. They know that you're not just managing them; you know how to do their job.
Never, ever, ever split equity evenly before you launch. It merely sets you up for resentment and internal fighting.
Our company started with 4 co-founders with a 25/25/25/25 split. The idea was I built the product (only technical founder) and they would fund and run the business side.
Fast forward a year. All but one of my partners (the only one remaining) actually worked hard and cared. The others wrote checks (and never on time). After a year of this, my team and I resented them. How can we do a fair split when only 2 are actually doing the work?
I learned this the hard way: the idea means very little. The involvement in the beginning means very little. What matters is the work it takes to create, promote, and manage the product. It's extraordinarily difficult and requires complete devotion from all founders.
Time demonstrates whether a founder is committed. In my case, they weren't. We then had to do the very (emotionally and legally) difficult action of reducing their equity and pulling them off as founding partners.
Don't do what I did: never split equity up front before founders have proven themselves. Rather, set a small equity allotment for investment or time committed (say 10%) and increase that as milestones are hit.
Successfully marketed and recruited for 6 months? Add the 10%.
Built the platform in the 3 months needed? Add the 10%.
Didn't do anything but just sat on your ass and drank cocktails? No more equity for you.
Be smart. Don't screw it up like I did.
We've been working on this company since April 2017. It's been perilous, exhilarating and depressing. I just discovered this page and want to help others learn from what we've done well -- and failed miserably at.
I'm CEO and Co-Founder and we officially launch to the public on January 31! One year after our original, closed-group launch.
We pivoted 3 times and have found a model that's working . . . but we're running out of users (we haven't let anyone in!).
It's make or break time, and I'm excited to share both the journey that led here and the journey that awaits.
To progress!
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