Give a Professional Athlete Startup Advice!
Bryan Jasmin, a professional athlete, reached out for advice on his startup idea.
I really enjoy giving back the knowledge that has enabled me to build a multi-million dollar business with 450,000+ users, raise millions of dollars in financing, and empower people in 118 countries to make millions of dollars for themselves by creating new and incredible products easily! :)
I’ve recently been asked to be a Mentor @ Alchemist Accelerator and I want to make sure that I can give the best possible advice back to entrepreneurs. I dedicated some time to listen, ask questions, and then give feedback to Bryan. Please feel free to comment with any ideas on what I could do better or anything in general.
It was awesome speaking with you and learning more about you today. I hope our talk was enlightening and that you’re more knowledgeable and excited now than before we talked!
My understanding is that you have an idea - An app - “Uber for Personal Training.” You’re an experienced, professional athlete, know a problem that exists, have an idea of how to fix it with app technology, and want advice on next steps. However, you do not have the technical skills to build it, only the product knowledge, experience, and passion for the space and idea. Here’s some ideas on where to start:
Step 1. Market Research
Research ALL the potential competitors on iOS, Android, and Web. Fully learn the market! Do not skimp on this step! The more you know, the smarter you can plan your future!
Step 2. Make a Decision
- Your idea doesn’t exist, and you think you have an “unfair competitive advantage,” then go for it!
- Your idea does exist, don’t go for it and think of another idea :)
- Your idea kind of exists, so you have to analyze and make a decision
- Maybe you build a different and better version of what exists?
- Maybe you team up with an existing company and get in early so you can make a significant impact?
- Maybe you decide not to do it because too many others are doing it and they have better resources than you do at the moment
- Think deeply about your “unfair competitive advantage” and make sure that it can’t easily be replicated
Companies are usually 1 of 2 formats:
- Solo Founder - Facebook - Mark Zuckerberg - Product Vision AND Technical ability to build his product
- Dual or More: Apple - (Product Vision / Sales ) Steve Jobs CEO & Co-founder / (Technical / Builder) CTO & Co-founder Steve Wozniak
You’ll need to think about getting your “Steve Wozniak” or joining a team that may have 1 or both of the players that you need.
Remember, the world needs more great early employees! You may be able to find a company that’s already doing your idea or something similar and you may have the opportunity join a company that already has a "Steve and Steve" and be totally happy! That’s for you to think through!
Great founders enjoy living and breathing their business. You’ll have to make many personal sacrifices that ordinary people think are insane and don’t want to make. Make sure that you’re mentally, economically, and physically ready for something like that.
- You might want to think of giving up to a significant percentage of equity to a “CTO & Cofounder” at an early stage if you truly need the other person to build what your company will be
- Market rate for good/great full time developers/engineers: (junior) $60k-$90k, (mid) $80k-$120k, (senior) $100k -$200k / yr (or more) + equity
- Bigger companies will give $250k-$1m / yr packages to great engineers
If you have a small amount of money $20k-$50k, you might be able to start someone or a web contracting company, but beware of lesser expensive options because they could build bad code that may not be “tweakable” or scalable and may only work with a pre-defined scope.
Great Movies to Watch
- Social Network (Facebook movie)
- Jobs (Apple movie) - https://www.youtube.com/watch?v=3tDHH1eXKmA (trailer)
- The Founder: http://123moviesfree.com/watch/the-founder-2016-online-free-123movies.html or http://cmovieshd.com/movie/the-founder/watch/
Advisor or Mentor
Get an advisor or mentor in your area that enjoys your idea! Some may be willing to help you for free, some may want a small % of equity to give you their time and expertise. I have several and they are typically compensated with equity. Alternatively, if you are able to land solid investors, you can develop good relationships with your investors and they can become good advisors.
Marketplaces are tough!
They are 2 sided - sellers and buyers, think about both - always understand that getting enough supply and demand is one of the biggest struggles when building a marketplace!
Resoltz - fitness platform - Eugene / Guy, if you want intro, let me know.
If you get a budget and want to be introduced to engineers, I can make a couple of intros
Bryan Jasmin Merchandise!
Let’s talk about this - https://www.rageon.com/products/bryan-jasmin-a-legend?aff=z8er
Let me know if there is any way I can help you build awesome merchandise for you, your friends, or other professional athletes!
I hope this was helpful Bryan! Please keep me in the loop on what you end up doing! Feedback along the way will help me learn how I can help other entrepreneurs best! Enjoy!