Posts Tagged ‘Business’

Looking for a Co-Founder

June 18th, 2010
A 19th century architect at the drawing board
Image via Wikipedia

As many of you know, one of my more prominent side projects of late has been HapiMoney, a financial planning site aimed at young professionals. For the last few months, I’ve been developing the site, mostly on my own, on nights and weekends whenever I can find free time. Development has been slow considering I’ve had to teach myself html, css, and php – and now, I’ve reached the limits of what I can reasonably do by myself.

For this reason, I’m looking to scale, and I’m looking for, well, for lack of better words, a “rockstar”. While the term “rockstar” has been incredibly overused over the last few years, it really describes who I want – someone so disgustingly good that it makes you want to be their groupie.

Who (or what) you should be

  • Someone with demonstrable code – a site or side project that you’ve developed.
  • An affinity for design – you’ll notice that HapiMoney isn’t great, and it needs to be improved!
  • Expertise with html, css, mysql, and php for now. Ruby or Django would be a huge plus.
  • Someone who takes pride in clean code and fast prototyping.
  • You should have a brokerage account, and know the basics of personal finance.
  • You should be genuinely interested in personal finance!

Time requirements are very flexible. This is not a full time gig (yet) so if you are looking to just get your feet wet, this might be perfect for you. We all know that selecting a co-founder is a delicate process, so let’s get together over a beer and talk.

If you are interested please email me at alex@hapimoney.com or find me on twitter @alexanderking.

If you know someone who might be interested, please forward this on!

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TechStars startup AccelGolf and yours truly

March 24th, 2010
Image representing AccelGolf as depicted in Cr...
Image via CrunchBase

Since leaving WebNotes a few months ago, I’ve been on the lookout for another fun startup to help out with. For months, I was a networking whore, meeting as many of the best and brightest as I could in the Boston startup community. During my search, I was lucky enough to encounter William Sulinski, CEO and founder of AccelGolf, a recent TechStars graduate company.

As luck would have it, AccelGolf is in need of some marketing assistance, and William was kind enough to offer me the gig.  Over the next few months, I’ll be helping out with some strategic planning, implementation and customer development work.

I’m still keeping the day job for now,  but I’m thrilled to be working with another startup, especially one as well positioned as AccelGolf.

For those of you who haven’t heard of it, check out this great golf tool. It’s a cellphone app that functions as part rangefinder (so you always know your yardage), part statistics machine, allowing you to understand your game at a whole new level.

I’ll keep you guys posted on how things go.

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Thoughts on Elance – Outsourcing to India

February 15th, 2010
India

Image via Wikipedia

For the last 3 weeks, I’ve been working with a firm out of India to help me with the design of my financial planning site.  So far, things are going relatively well, but there have been some bumps along the way. For those of you interested, here’s what to look out for.

Elance, for those who don’t know, is a site that connects freelancers with people in need of professional work.  I was able to post some basic specs, and a whole host of firms were able to bid on this work.

Choosing a Contractor

This really is going to be highly dependent on what you are looking for (and will seem a little discriminatory).  Keep in mind that you get what you pay for, so the better developers are  going to cost you more than $20/hr. As per some basic discrimination, avoid all developers in the US who charge $20/hr or less -cost of living alone in the US is phenomenally high compared to developing countries such that a similarly priced US and foreign firm will tell you something about what you will get back.  And if you are looking for something extremely high quality, avoid India and Pakistan.  Developers from this region are looking to cut corners and put something out as quickly as possible, regardless of quality. Something you also need to consider will be your own technical and product management skills. If you haven’t overseen a developer before, you might want to consider shelling out some more moolah.

Elance also provides samples of work from each firm, customer reviews, and a skill-set testing system so you can get a basic idea of what each firm can do. Before choosing a firm, make sure that the firm has taken Elance’s tests (instead of self rating which obviously is going to lead to arbitrarily high scores), and has received high marks from previous customers.

So why did I choose India?

Because the developer had ton a TON of work previously completed via Elance and had received mostly positive reviews. Also, per my own advice, I am getting a very alpha version out as quickly as possible so that I can test before I spend too much money. I’ve spec’d out what I consider a minimum viable product for initial feedback, and only once I feel we’ve developed a sustainable idea will I find a higher quality firm (or co-founder). Moreover there’s something to be said about having worked with Indian firms before, and having worked extremely closely with a wide variety of highly skilled developers here in the States.

My dream firm was this studly Ukrainian team that unfortunately would have cost me about 3 times as much. They were responsive, technically savvy, and honest about their qualifications and time needs. Sadly, for now I need something cheap and dirty, and am willing to sacrifice quality for cost effectiveness.

The Bumps

So far, communication has been the largest issue so far.  After I first selected the firm, when my project was being handed over from the marketing team to the developers, the firm stopped responding. Flat, cold stopped responding. I basically had to threaten to take my work elsewhere before someone got back to me and a flurry of activity began.  Luckily, the initial mockups of the homepage were of high enough quality to justify sticking with them.

My other issue with communication is around dialogue. I’m used to asking developers a question and getting an answer with a few options as well as a recommendation. This doesn’t occur with the Indians – instead, I ask “would this navigation work better horizontally instead of vertically?” and a day later they just respond “we have changed the navigation tabs”.

My last issue is one of quality. You can tell that some of the aesthetics are rushed, and often I have to ask for 4 or 5 iterations before something looks like it should’ve the first time. The code looks clean enough so far, mostly because I think they are using 3rd party open sourced plugins.  I’ll see how the custom code ends up looking, and hopefully that will be clean as well.

Final Thoughts

I’ll definitely follow up on this after the project is done, but so far so good. Here’s what I’ve learned:

1) Micromanage, micromanage, micromanage: you have to be on top of these guys day in and day out. Every week begins with me asking what the plan for the week is, and then for every iteration I critique and immediately send back my feedback. Typically, I hate to micromanage as I think it is hugely inefficient, but this is one of the exceptions to the rule.

2) Everything takes twice as long as you plan for: the typical adage is that it should cost twice as much as well, but this is a fixed bid. We’ll see about how much follow on work costs.

3) Know EXACTLY what you want: You can’t assume that the firm will go above and beyond to wow you, so you must have your project perfectly specified and planned.

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Why I love “Tabatha’s Salon Takeover”

February 11th, 2010
A Facial mask.
Image via Wikipedia

Yes, you read that right. My testicles apparently didn’t show up for this post. Perhaps the snowstorm scarred them away, but regardless, today I watched a marathon of Tabatha. She’s this slender, brash Simon Cowell wannabe who takes over failing hair salons and turns them around in a week – and it’s a great crash course in business.  It’s a consulting biz and I highly recommend checking it out. Here are the ABCD’s of Tabatha.

Aesthetics Count
Your clients notice when your office is dirty (or website for that matter), and what they view should be pleasing to the eye.  It’s really incredible what good design can do, and Tabatha goes in and guts their salons for better version.

Be Professional
Personality is great, but if you aren’t professional, then your clients won’t respect you and you certainly won’t be able to charge premiums for your service. So far I’ve seen Tabatha demolish people who start arguments with coworkers or yell across the salon, wear unbecoming clothing, or treat their clients with disrespect.

Customer Service, Customer Service and, oh yeah, Customer Service
Get out of the backroom and start talking to your clients.  Welcome them, make them feel comfortable, entertain them, and understand them.

Don’t Suck
There’s no excuse for you to do something you suck at. If you offer a shoddy service, you deserve to fail, or in Tabatha’s case, be fired.

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Startups are a Science Experiment

January 24th, 2010
Prof. Dunn, reading book and posed with stoppe...
Image by George Eastman House via Flickr

The good thing about failure is that it allows us to learn, so I suppose it’s a good thing that I’ve failed quite a bit, especially at my last startup. One of the things I eventually learned is that startups are to be treated as a science experiment. But first, let me describe a tremendously dangerous mentality that all startup founders have.

First, you come up with an idea which you think is pretty good. You talk to your friends and family, and everyone seems to think its a good idea. Thus, you jump into development of this idea, wholly believing in the premise that this is a good idea…after all, you wouldn’t be developing it if it wasn’t. But your product takes a while to develop, months go by and you don’t want to release  a shoddy product, so you work on perfecting it – bugs could kill you, scalability could kill you, bad UI could kill you…

The problem is, your idea sucks. Or at least it’s untested and the market hasn’t had time to tell you whether or not it’s a great idea. At my last startup, we fell into this trap, and it took 2 years before the first beta version was released to the world. Think about that – developing in a vacuum for 2 YEARS before there was any market feedback. We released a stable, mature, scalable product which promptly received very little usage.  I brought hundreds of thousands of visitors to our site through PR, advertising, SEO and word of mouth, yet active user growth stagnated, and churn was nearly 100%.  We felt pretty ridiculous.

That’s when I realized that we had developed a technology with no awareness for our market, and by the time we realized our mistake and launched into full scale market research, it was nearly too late.

I’ve said it before, but Peter Drucker has a great quote about how business has only two functions: marketing and innovation.  And one without the other fails.

As such, the most important component of any early stage startup is to: 1) determine if your technology can be built and 2) determine if people want your product.  The end result is what most people call product/market fit.

Startups as a Science Experiment

Every science experiment has 5 components:

  1. Research
  2. Problem
  3. Hypothesis
  4. Experiment
  5. Results

You will use each of these steps to test your market and technology.

Research: What products are currently available. How are people using them? What problems are they having? What needs are unmet? You will establish a broad understanding of the market and technology options available.

Problem: What specific problem will you attempt to solve?

Hypothesis: Here is when you establish the who/what/when/where/why/how of your startup. It must be testable and more importantly, measurable.  At my last company we should’ve said something like “lawyers who research case law need annotation tools to generate reports for their clients (and are willing to pay for this possibility)”.

Experiment: If you have an enterprise startup, this is when you hit the pavement and start talking to your end users before you’ve written a line of code. Determine if your particular technology implementation is valuable to them.  Do they have this problem? Do they KNOW they have this problem? Have they actively tried to find a solution? If you can answer yes to all three of those questions, you’ve hit the jackpot. If you have a consumer play, the easiest thing to do is build what you consider to be a minimum viable product (buggy as all hell and literally only a way to capture data), then release it. Follow the creed, “release early, release often”.  This is not a time to be a perfectionist, this is a time to collect data, so if you find yourself building a product to do anything other than prove the technology works, STOP.

Results: Compile all of your data, look it over, and see if you need to collect anything else. What does your data tell you? Did you prove or disprove your hypothesis? If you’ve disproved it, hypothesize and test again.

Moral of story, stop building for perfection and start testing your market.

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Moving On

December 20th, 2009
Office Space: Motion Picture Soundtrack album ...
Image via Wikipedia

This past week was a big week for me: I’ve officially left WebNotes and am searching for the next big thing in startup land! It was an amicable break up, so no feelings were hurt, and WebNotes is moving to the West Coast for a much needed restart.

In retrospect, it was a frighteningly fast sprint this past year and a half and I learned an amazing amount about entrepreneurship, software and marketing.  Now that I am no longer the head cheerleader for the firm, I will be trying to do a bit more teaching on this blog, instructing other wantrepreneurs (entrepreneur wannabe’s) how to be more efficient in their execution.  We made a ton of mistakes, and I hope you all can learn from them.

I wish the WebNotes guys the best of luck out in Cali, and I hope they are able to turn things around. And if you are a startup in the Boston area and are looking for some help in marketing, shoot me an email and we’ll grab a coffee to discuss.

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Getting drunk with Venture Capitalists

October 27th, 2009
Wine and cheese tasting @ Strewn Winery
Image by Vincent Ma via Flickr

Last Thursday, I had the immense pleasure of doing a little drinky drinky with some of the financial titans of industry at the 4th annual New England VC Wine Tasting. Dana Samuels of TUGG was kind enough to provide me with a complimentary ticket (they normally range about $150), so I was much obliged.

Luckily, I happened to know quite a few people who showed up. There were about 6 people from fama PR whom it was awesome to see (Keri, Keith, Marta, Whitney, Zach, and Liz). If you don’t know fama and you’re in the tech inudstry, you should.  I also ran into Healy Jones of Startable fame, and the new VP Marketing at Pixily, who’s one of my more recent acquaintances.

From there I met an absolute hodge podge of characters ranging from VC’s who were bidding on $5000 dollar cases of wine, to a clean tech entrepreneur who had just sold his $200 million dollar business and miraculously had the chutzpah and energy of an 18 year old. In all, everyone was rather convivial and jolly, no doubt lubricated by the libations, and making random introductions was hardly a problem.

By the end of the night, I had probably consumed about 8 to 10 glasses of wine with nary a bite of food, so my memory gets a bit hazy,and as such, my desire to network diminished accordingly. All in all, it was a phenomenal time and a rather enjoyable experience…I hope to be at the next event. Good luck to Dana Samuels, Jeff Fagnan, et al. and of their aspirations with TUGG.

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Ethics of Business

October 30th, 2008

Nietzsche

Last night I attended an entrepreneur meetup in downtown Boston. It was a delightful little event with some free wine, interesting people and good conversation. There was, however, one part of the discussion that got me thinking: our discussion of business ethics.

The problem with business ethics is that ethics has been debated for thousands of years with many different models or views precipitating over the course of time, and unfortunately, American business is just not the best forum for solving such a connundrum.  Capital Markets typically do a very good job of asset allocation and assigning monetary value to various goods or services, but do a bad job of deciding what philosphical model correctly engenders “right”. Yet, we continue to teach business ethics (typically a bastardized form of the deontological model (never treat people as a means to an end) with an emphasis on some watered down form of Kant’s Categorical Imperative) and we are continually surprised when people operate under different ethical paradigms such as utilitiarianism/consequentialism (greatest good for the greatest number) or pragmatism (do that which works).

For instance, last night, a businessman noted that early in his career he lied in order to get business from vendors, equipment, etc. Under the assumption that there was no other way, he stated that he had every intent to pay people back, but needed to lie in order to make a business for himself. He’s now quite successful and clearly doesn’t need to lie to potential customers or vendors. Under traditional “business ethics” his original lie is viewed as clearly wrong and a violation of basic principals, but this clearly ignores every other model out there. Utilitarians might argue that his creation of a successful business (and an ecosystem around this business) has generated more benefit to society than the minute amount of harm done from the original lie. Nietzsche (image above) would honor this man’s “will to power” and suggest he did the best possible thing in attempting to get ahead.

Clearly, ethics don’t allow us to decide whether or not what he did was right or wrong (presuming laws aren’t being broken). Instead, I argue that “authenticity” should used to judge the merit of an action (instead of ethically right or wrong).  Does an individual’s actions ring true to the person’s intents and character?  All of our actions should be authentic and portray to the world the person that we want to be. Now it’s hard for me to explain exactly what authenticity is, but much like pornography for the Supreme Court, I know it when I see it.  And in a way, authenticity goes well beyond ethics in that not only does it tell you what NOT to do, but it also tells you what TO do. Go out and start engaging with your customers authentically and your customers will respect you more and give you more business.

Want more advice on how to engage in authentic business? I suggest you start reading Seth Godin’s blog.

[image courtesy of wikipedia]