9 ms·

First timer, need advise.

2 points by newbreeze 16y ago

Hello, I would like to ask a question. I am about to start a new internet startup. I have talked to a person who's interested in joining the new venture and helps out with the blogging and forum stuff. I did mention about financial commitment even though it's not a obligation and there is a possibility that he is not willing to invest any money except his time for blogging and scouting the forums. Up until now I am the only owner and foot all the bills but he's a talent and probably will help a lot with sale later on. We will have a first face to face meeting next month so I want to be prepared. Should I consider him a co-founder, partner? What offers would I bring to the table? If you offer a person any title, what kind of incentive? Equity, percentage on net profit...? Please advise. Apology for my broken English and thank you.

code 16y ago
If it's your very first face to face meeting, don't worry or think about potential co-founder or partnership at this point or what you need to bring to the table. Take your time getting a feel for him as a person, how well you two might work together base on chemistry, and what he's bringing to the table skill wise. I would save the discussion for potential cofounder or partnership and what offers, etc... for another day.
- newbreeze 16y ago
  It can't be true than this. I will follow your advise and have a feel for him. Thank you very much!
mariust 16y ago
I would agree with what code wrote, but please be explicit that you can not pay him at this time. It's better for him to know that he is going to do this for equity, evaluate your business and think about how much value is he going to bring in, then do the math about how much equity should he get and under what terms. I would do some terms that would keep him at work, so that after 2 months you will not see him flee. Meaning that the terms should state something like: 2 articles / week in order to have x% of the profit or company.
- newbreeze 16y ago
  Thank you for your reply! It's always good to be honest and straight up front and that's what I did. I told him about risks we have to take and rewards if the business takes off. I am sure he's aware of all that. The true is when I started this venture last June, day by day I realized that I can not do this by myself and I am feeling overwhelming already. This is an excellent advise to attract a potential partner/co-founder.

2 points by newbreeze 16y ago

code 16y ago

If it's your very first face to face meeting, don't worry or think about potential co-founder or partnership at this point or what you need to bring to the table. Take your time getting a feel for him as a person, how well you two might work together base on chemistry, and what he's bringing to the table skill wise. I would save the discussion for potential cofounder or partnership and what offers, etc... for another day.

newbreeze 16y ago
It can't be true than this. I will follow your advise and have a feel for him. Thank you very much!

mariust 16y ago

I would agree with what code wrote, but please be explicit that you can not pay him at this time. It's better for him to know that he is going to do this for equity, evaluate your business and think about how much value is he going to bring in, then do the math about how much equity should he get and under what terms. I would do some terms that would keep him at work, so that after 2 months you will not see him flee. Meaning that the terms should state something like: 2 articles / week in order to have x% of the profit or company.

newbreeze 16y ago
Thank you for your reply! It's always good to be honest and straight up front and that's what I did. I told him about risks we have to take and rewards if the business takes off. I am sure he's aware of all that. The true is when I started this venture last June, day by day I realized that I can not do this by myself and I am feeling overwhelming already. This is an excellent advise to attract a potential partner/co-founder.