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The Co-Founder Equity Script for Two Students Still in School
The conversation about how to split equity between two founders is one of the more consequential conversations of the early startup years, and it is one of the ones most often postponed until the postponement itself becomes the problem. Two students building together will often work for months without ever formally agreeing on how ownership of the company will be divided, and by the time they finally have the conversation they have already accumulated enough asymmetries betwe
How to Hire Your First Person When You Cannot Really Pay Them Yet
The most important shift in mindset is to stop thinking of the first hire as an employee and start thinking of them as someone who is joining a venture, since the person you can attract without much money is almost never the same kind of person who would take a paid role at a bigger company. Their motivation for joining you is different, and if you understand what that motivation actually is you can structure an arrangement that works for both of you.
Building Systems Before You Think You Need Them
There is a predictable moment in the life of an early company, usually somewhere between the twelfth and the eighteenth month, when the work that had been running smoothly on the founder memory begins to slip out of reach. Magnific.com Customer requests get answered late or not at all, important conversations are forgotten because no one wrote them down, decisions are made twice because the original decision was never recorded, and the founder, who had felt in control of the
How to Hire Your First Person When You Cannot Really Pay Them Yet
The most important shift in mindset is to stop thinking of the first hire as an employee and start thinking of them as someone who is joining a venture, since the person you can attract without much money is almost never the same kind of person who would take a paid role at a bigger company. Their motivation for joining you is different, and if you understand what that motivation actually is you can structure an arrangement that works for both of you.
4 min read
Pricing Your First Version When You Have No Idea What to Charge
Pricing is one of the parts of an early startup that founders avoid for the longest, partly because the question feels uncomfortable to think about and partly because the available advice is so contradictory that it is easier to not decide than to risk being wrong. Some sources tell you to charge nothing in the early days, some tell you to charge from the first user, some tell you to follow your competitors, and some tell you to ignore competitors entirely. Magnific.com The r
5 min read
Finding Your First Ten Users When You Have No Network
Photo credit One of the harder truths of starting something while still in school is that you usually do not have the network most launch advice assumes. The articles tell you to email a warm list of contacts, to introduce yourself to your investor base, or to use the audience you have built over years of writing online, and although those are real strategies for founders further along, they describe a launch that is not yours yet. For a student founder, or any founder withou
5 min read
What Minimum Really Means in Minimum Viable Product
Almost every student founder I have met has spent too long on their first version, showing up with three months of work, a polished interface, and a long list of features, only to ask why no one is using it, and the honest answer is usually that they built a product before they had a question, which means the version they shipped was not minimum at all but only an early one. The phrase minimum viable product has lost most of its meaning over time, because founders use it to d
5 min read
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