CTO · CTO search

Advice for the first time entrepreneur

Anonymous

August 10th, 2017

Hi All,

I would like to share my journey till date & challenges i have faced; looking for expert advice on my doubts. Here it goes....

First: CTO
I wasted 3 months & met more than 20 developers who showed interest in my idea. In the end we finally got a guy who said yes to join me. in a months time he asked 3 lacs rupees to develop the website (both mvp & website - version 1). When i asked why he need this he said he'll be needing 4 developers under him & he will just guide them, upon which i asked why he'll himself not be coding he said "he has his job & get very less time" so we finally decided to keep search going for cto.

after few more meetups we met a team of two (One UI girl & and a cto) both are childhood friends & be 24/7 together they call me to their place (I travel to their coworking 20 kms) & only meet after their freelancing jobs (Meetings only after 6:30pm once in a week as per their preference). They also are not willing to meet outside or do frequent sessions on the product, especially the guy does as the girl says. its been a 2 months now since we discussing & all they want to pivot the model and has not started single thing interns of development. When i asked the girl she should at least start deciding theme, fonts, color palettes or should start with some sketches, she says I will do it when it will be required. same goes with the tech guy I asked him to at least live the blog, same story.
They are also asking for the Cofounder agreement before work / equity too & directorship too.

So I'm confused shall i sign the cofounder agreement with them? or shall i give it to a agency / or shall i hire a developer & take a office space & ask him to come there & build. Me & my cofounder both are not from tech. what to do? Its High time now for me.

If i give it to Agency i'm afraid of below things
I have Idea & few sketches I know i dun have a roadmap or process flows and the screen by screen layouts. So we can tell them what we need but if they play clever with us we will never be able to understand the catch.
If we hire the developer again as i told you we both are not from tech background so we can face the same issue here too.

Second:My Cofounder
We both are friends from 8 years & i have always cared of him as he is 5 years younger to me. When i started he was not interested after he lost his job he said he is ready to join me. I was happy not to be alone now. Initially i incurred all the initial expenses, gave him place & food too. He also never let me down. But ....
He has joined a job now. Even i have incurred loss & i'm already some debts, I'am married too & interest on me, if i join a job everything stops there & then.

So i asked him a new preposition
Lets take a flat in delhi, hire a developer get few interns & lets work round the clock if we want this thing to get live & running (9am to 6pm), cuz he never receives call before 12noon (so idea is every one to be in office at 9am sharp in order to increase the efficiency of all)

what he says now. "That i'll not leave my job, i will give the extra time of mine, I will pay some amount in the company monthly contribution & i'll also not live in the flat too"
I thought we both take flat so we would be saving cost on space thing. I'am giving my 100% to this.
So my question is if he lets say starts putting some amount also, he will not get time to work in company timings, secondly he will earn so he can pay equal contribution & i have to arrange from my parents for the same. & even now company expense have to bear space too. so in short what should be done.
Is it I need someone who can take hard decisions like me? or am i lacking on something.

I'm really in trouble
Help me
Thanks :)

David Yeng Give me a product and I'll build a business

August 10th, 2017

To me, sack them. Period. Your family's welfare should be top of your priority. VCs will advise you the same if they hear your story. So best is to move on

Wilson Foo 1 Project Per Year.

August 11th, 2017

I strongly advise you to postpone the project for a few strong reasons:


1) If idea stage has proven to be tough, it will only get tougher when business kickstarts.


2) If you have already chose your friends wrongly, you will choose your team wrongly.


3) Debt doesn't allow you to focus as it shifts your life priorities.


4) You don't have a firm business plan.


5) Come back to start the project when you're in a better state of emotions, financials and absolute clarity on the different pillars needed to support a growing business.




Peter akash Sah CEO

August 17th, 2017

Yeah Bro first search investor who would invest money in your idea. Not only that make team who knows more about your ideas and setup plan for making your project. I am also studying software engineering. I have a good team .first u have to share your idea with your team meets then only start work.