Posted: 7 October 2016
Insert Quote by Famous Person
I guess you get the gist. There are just so many quotes by so many famous people that I can’t possibly list them all. It’s okay to fail, but you have to learn from it. I document all my failures here as they come.
Finding a co-founder in EF.
Well this isn’t really a failure, but it’s more of like what to look out for in a co-founder. This question gets asked a lot in EF and honestly there’s no good answer to it. I’m really happy with my current co-founder and we get along really well. I think the rule of thumb is to be honest and maintain the team norms (go for lunch together, sit beside each other, check-in with each other, feedback).
13th January 2017 Update: My co-founder decided not to move on. It’s quite a bummer, but I’m working hard to bounce back from this by immediately scheduling 2 meetings on 14th January with potential co-founders. I’m open to joining other ideas too. I learnt 2 main things from this. Firstly, doing a start-up requires one to be able to deal with uncertainty. It’s like being able to get into a car with some direction of where it’s going and not needing to know the entire plan (rest stops, toilet breaks, nearest car workshop, etc.). Secondly, as Alex has mentioned many times before. You need to feel lucky that you have your co-founder. I guess both of us didn’t feel really lucky we had each other as co-founders. More specifically, there wasn’t trust, and that’s really important.
Untargeted cold emails are not a good idea.
This will be sort of contradictory with the next point. My co-founder and I basically crawled email addresses from LinkedIn manually (with some help from extensions) and then sent all these people a nicely formatted email. The thing is that we emailed almost everyone in a company and everyone forwarded it to their supervisor. So the supervisor was kinda like “it’s not necessary to email everyone”. I agree with that, as people won’t respond you if you’re just spamming everyone. Nonetheless, we had some positive hits.
Untargeted cold emails are a good idea.
We basically sent 50 plus emails to a certain company. One replied. That’s awesome. This is justification that it works. But you might annoy people. I’m actually more for the targeted approach.
Targeted cold emails are a good idea.
We looked for specific people we wanted to talk to from various companies and industries and sent them emails. We secured 5 meetings with this approach within a week. Pretty decent results actually!
Targeted cold emails are not a good idea.
Well, I guess this process is slow, but you annoy less people. That’s about the only downside to do this.