12 comments

  • Paul MacgregorPaul Macgregor, over 4 years ago

    Some great advice in here...

    Now if only I could find some proper time to turn my side projects into actual start-ups.

    4 points
  • Stephen GraceStephen Grace, over 4 years ago

    Watch that ego.

    Amen.

    Looks up author's site.

    http://www.riklomas.com/

    ...

    4 points
  • Rik LomasRik Lomas, over 4 years ago

    Hi everyone, I wrote this article, if anyone has any questions, I'll be on here today to answer them!

    1 point
    • Henrique Alves, over 4 years ago

      Very useful advice Rik, thank you! I have one quick question: How detailed is your business plan? I find this part to be a bit odd compared with US. Last time I spent too much time writing down the document and planning, by the time I finish it I had lost the timing LOL. I tend to walk away from those people who ask detailed documents mainly when you're trying to push a product/idea that isn't there yet. How do you handle that?

      0 points
      • Rik LomasRik Lomas, over 4 years ago

        It depends on who you're trying to get money from. Tech investors would rather see a working prototype over a 10 page business plan, but say you're trying to loan money from a bank, they would prefer a large business plan.

        Personally, I can think you can get away with a one or two page business plan which details what the aim of the business is, what you're going to do with the money you're trying to raise and what aims you have. As you're a UI Engineer, I would suggest spending more time either designing or mocking up a clickable version (without back-end) to show potential investors - it's more visual and powerful for them to see.

        0 points
  • Sam Pierce LollaSam Pierce Lolla, over 4 years ago

    If you want to read more about starting companies, try following along with this lecture series. Altman is the president (?) of Y Combinator, the most prestigious startup accelerator, and a founder himself. Highly recommended.

    0 points