Founder / Entrepreneur / Business Owner Thread

[Vegas64 676]

I searched and didn't see one. Especially for first time founders, do we have one? I'd love to read through people's experiences as a first time going through things like pitch decks, VC-meetings, resources and websites or consultancies that helped, legal, cap tables, incubators, the whole thing.

I know being Austin-focused probably half of us have started something, at some point in time, and I realize that times are tough now compared to the heady days of pre-2022 for starting something, but general wisdom is the best time to start a new business is during a downturn in the economy?

 

[StassneyHorn 6581]

I want to hear from Uber drivers and OnlyFans models

[KennyPowders 331]

I founded my ass in mexico trying to get my shit back to the major leagues. Met some hombres on the way, some mujeres as they say in mexico. I am doing a lot of founding and exploring. 

[Tailgate 3022]

Try and stay away from VCs as long as you can. If possible use your own money and/or friends and family if you really believe you have something good. 

[wackawacka 179]

Company raised a small round from a local Austin VC a few years ago. Thankfully, we have always operated conservatively. Market is really challenged right now in VC but it takes a lot of effort even in strong markets to raise from VC. As others have said, the less you raise then the better position you will be to control and scale the business.

With that said, most VCs are just trend watchers so even if dumb follow the broader market trends in pitching. I have found the number of SaaS companies that have rebranded to AI is hilarious yet effective.

It takes an extraordinary amount of effort to fund raise so plan it taking 3-6 months. We get a lot of inbound to invest in our company. While not looking to take outside capital, it takes an significant amount of effort to prep for those meetings to ensure it goes well. To give orders of magnitude, most funds that reach out to me now to invest have approx ~$1b AUM.

[texashorne 1178]

I didn't think this warranted another thread.. But what do you use as a password manager? We have 2 banks we interact with( one business and one personal) and currently store these in 1 place.. If that ever got hacked the results would be devastating. 

[Loop 1604 227]

On 2/20/2023 at 11:33 PM, KennyPowders said:

I founded my ass in mexico trying to get my shit back to the major leagues. Met some hombres on the way, some mujeres as they say in mexico. I am doing a lot of founding and exploring. 

[wackawacka 179]

20 minutes ago, texashorne said:

I didn't think this warranted another thread.. But what do you use as a password manager? We have 2 banks we interact with( one business and one personal) and currently store these in 1 place.. If that ever got hacked the results would be devastating. 

We use keeper security but have a big team (40+ people).

Previously, we used 1password which I like better but unmanageable with a bigger team.

[MonkeyDoughnut 10253]

1 hour ago, texashorne said:

I didn't think this warranted another thread.. But what do you use as a password manager? We have 2 banks we interact with( one business and one personal) and currently store these in 1 place.. If that ever got hacked the results would be devastating. 

We use BitWarden and like it.  If for 6 users or less go with "Families" plan instead of business plan as is much cheaper and is same thing if you don't require SSO integration.

[Frieda’s Boss 181]

So, who do you all bank with?  Happy with them and feel good about stability given current environment?