31–40 of 188 posts
The running back metaphor appeals to me. I wonder how far you can take it. Running backs pivot for something that will completely stop them. The fact that getting downfield will take a long time does not make them pivot. Does this analogy make a good rule of thumb for startup pivot decisions?
My accountant (with eons of experience): Worst thing you can do when founding a company is to found it as a partnership Take it as you will. My personal take is that, if partnership (among several founders) is really strong (friendship from this essay) - then it's certainly better than doing it alone - backed by high profile success stories. On the other hand, I've seen too much companies fall apart because of the pa…
Being intelligent in Silicon Valley matters about as much as the price of tea in China. It's not that being intelligent isn't important, it's that there is such an oversupply of intelligent people that being intelligent really doesn't add that much value or differentiate you. Especially since everyone you meet is more than happy to tell you what to do, along with the market itself.
Definitely finding a co-founder has been the hardest part for me. Not living in the valley currently, you don't have as big of a pool to find people. Also, the type of person that makes a great co-founder(smart, determined, etc.) usually have good things going on already. The people that I talked to that would have been great to work with were all doing great work currently and couldn't commit. It would be really awe…
It would be really awesome if YC put on some type of match-making event for single founders to find co-founders in person. Like a speed dating event for startups. I feel like that would be somewhat counter-productive for YC. They're looking for people who are going to be Flexible and Determined to make the startup happen, regardless of what obstacles get thrown in the way. Finding a co-founder is one of the first rea…
2 questions on the "friendship" issue: 1. How do you judge whether co-founders are good friends? I'm guessing a simple "how long have they been working together" test is a good indication, but anything else? 2. What level of feedback do you usually give teams that didn't make it? Especially teams that got to the interview stage but didn't make it through? I'm wondering if you've ever told a team your suspicions that…
My co-founder and I have been working for almost 1.5 years on our startup. We have gone through so many iterations, we can see into each others minds. When an issue comes up, I know exactly what he is thinking and vis-versa. This ability is invaluable during negotiations, meetings, etc.
I don't think of us being on a friendship level, but its something greater. Its been said, its almost like your married to your co-founder - an analogy which is pretty much true. Your futures are tied together.
My accountant (with eons of experience): Worst thing you can do when founding a company is to found it as a partnership Take it as you will. My personal take is that, if partnership (among several founders) is really strong (friendship from this essay) - then it's certainly better than doing it alone - backed by high profile success stories. On the other hand, I've seen too much companies fall apart because of the pa…
Consider that perhaps your accountant has a different perspective. Accountants don't get involved until the company makes enough money to need an accountant. So his perspective, which he may not realize, may be "Given that a company succeeds, it's better to have been started by a single person." PG has a different perspective. He's less concerned with questions which assume a company has succeeded; he's more concerne…
Actually, here in Croatia every form of company is obliged by law to have a licensed accountant (working for them or contract). You can't do your own paperwork - and TBH I wouldn't want to, it is too much liability if something goes wrong when filing papers.
Definitely finding a co-founder has been the hardest part for me. Not living in the valley currently, you don't have as big of a pool to find people. Also, the type of person that makes a great co-founder(smart, determined, etc.) usually have good things going on already. The people that I talked to that would have been great to work with were all doing great work currently and couldn't commit. It would be really awe…
I'm not aware of any examples of successful cofounders who hadn't previously worked together.
What about your current colleagues? Long lost friends from university? Neighbors?
My accountant (with eons of experience): Worst thing you can do when founding a company is to found it as a partnership Take it as you will. My personal take is that, if partnership (among several founders) is really strong (friendship from this essay) - then it's certainly better than doing it alone - backed by high profile success stories. On the other hand, I've seen too much companies fall apart because of the pa…
My accountant (with eons of experience): Worst thing you can do when founding a company is to found it as a partnership Take it as you will. My personal take is that, if partnership (among several founders) is really strong (friendship from this essay) - then it's certainly better than doing it alone - backed by high profile success stories. On the other hand, I've seen too much companies fall apart because of the pa…
He means that from an accounting and tax perspective, the partnership form is the most complicated business entity you could choose. The tax code on partnerships is complicated enough that you could get into serious tax trouble without even knowing (or having any reason to believe) that you're doing anything wrong. Also, partners in a partnership are not shielded from liability (i.e., for lawsuits, business debts, et…
On the other hand, LLC partnership setup here is easy to setup. 100% of company -> distribution to owners (1+). Liability is on CEO and accountant for paperwork. Worst case scenario is owners are liable for the amount of founding capital (minimum is low 3k Euros now, but soon will rise to 40k euros).