I am not good at writing just wanted to share experience, If you can bare with my poor writing continue reading :)
I am Vignesh from Technology background like many people i too have an interest in starting my own business, Quit my job in IT started my own company and failed many time.
Then i realize i do not have skills in Sales so took a break and started working as a community manager for Co-Working Space in Bangalore. This is again a startup company which provide Co-Working space to startups. My earning was less but i know i will learn more in this role eventually i gained more knowledge which is worth more than i was earning from IT.
When we started startup community events only two or three people come to our event but with in two months time we build strong community most of our events had full house and people were standing on our events. All this have happened due to the quality content we provided and association with external community which helped us to dive more traffic to our community.
I was enjoying my time learning about Startups, Hosting Startup Events, Attending Events and Meeting New Entrepreneurs and Listing to Copycat Ideas every day :)
This Co-Working Space was started by three co-founders, all three meet in a business training event and saw similar interest to start a business related to startups in bangalore.
All there started Co-Working Space in HSR Layout initially business was dull but with Google Adword and Simple lead generating process helped to generate more visits to our co-working space and our community building activity supported to convert leads to clients.
Now there is an issue with one co-founder who wants to run this space alone or want his investment back. This is very crucial stage for other two co-founders to pay the invested money on Growth Stage then things gets messed up between founders they started arguing daily and started fight in Co-Work Space.
I was so dumb whenever they argue i though they were discussing seriously about starting new branch.
To bring the things normal other Two Co-Founders gave his investment plus the BRAND.
These are the reason they have give back his investment immediately with brand.
1, No Documentation.
Most of their agreements are not documented, This is the major drawback when they were discussing about settlement. I think it's mandatory to write all the terms and sign between founders with revision date.
2, Equity vesting and Exit strategy.
They divide shares equally and started working on their idea without deciding on vesting time and Exit strategy. I Prefer to share equity between founders considering invested amount plus the work done by founder. Stock should be vested over the time by founders performance review.
3, Fight vs Debate .
Startup founders should have an undivided focus and discipline, when it comes to business it's always good to have debate between founders to take right decision. It's bad not pointing mistakes thinking about other person felling and postponing situation ends up in fighting .
Founders should debate inside conference room and have a chill conversation outside conference room.
I Don't want to mention the old brand name, now this space is re-branded to Invertree Shared Offices and operating from the same space, Hope again there is an opportunity to build new startup community.