Dealing with partners

In my new venture, I have a partner. I don't know him very well, but I trust him about as much as I can trust someone I just recently met.

So far, I've done alot more of the work load than he has. Much of this is due to the nature of the work. Still, I've sorta assigned something relatively simple to him just recently, and no real results yet.

Now I'm not complaining yet. He seems committed -- it's something he's been kicking around for awhile. And he sorta quit his (good) job to do this yesterday.

I may just be impatient about this since it's the first real thing for him to do, plus we both have expressed our desire to hurry. So I guess that makes me ponder whether he has the commitment (he is a quasi-socialist after all) , and business relationships overall.

This venture was his idea and I feel lucky to get the opportunity. My partner had mentioned it to me in passing and I thought it was worth exploring. It mushroomed from there.

We're set to file our LLC papers soon, based on an LLC operating agreement template that I found on the web and modified. It may be somewhat risky to go into business with someone without having fully thought through and codified our responsibilities...but there's always time to revisit the issue later. Easier said than done though, I'm sure.

I suppose there is alot more I could write that would head off some inevitable (and logical) questions from any readers. But I'll leave it here.

Tech and biz

Has anyone else ever thought it redundant to have a technology and a business section? Very little goes on in tech that isn't also business -- at least what gets reported. Sure some of the tech news is going to be government funding related

Even if you're only interested in business, it's a good idea to read the tech section. Technology changes so quickly these days that it's important to keep up with tech. Your competitors are reading about tech. They're trying to harness the power of tech evolution so that they can beat you.

Krispy Kreme, part 2

More from the same WashPost article:

Krispy Kreme closed some stores because it couldn't sell enough doughnuts to keep up with the company's automated doughnut machines, which churn out 270 dozen an hour. (You don't slow down a doughnut production machine.) New machinery that makes 65 dozen an hour will make it possible to open smaller, lower-volume units that can operate profitably without excess capacity, the spokeswoman said.

I know that the marginal cost of a few donuts probably isn't that high, but...?

It baffles me that they didn't think of this earlier. Managing supply of the product to meet demand seems like a pretty basic strategy.

Later in the article we find out that KK had expected to sell excess supply by the dozen in supermarkets. Apparently that business is sharply down, which is why excess supply is such a problem for them right now.

Which doesn't surprise me. I'm not a big fan of Krispy Kreme, but I do know that most KK fans place a high premium on getting their KK hot and fresh.

Worst Excuse Ever?

In an attempt to explain why Krispy Kremes Q2 profits plunged 56%:

Gasoline prices have gotten so high that people are no longer willing to drive to the doughnut shop, Krispy Kreme executives said in a conference call with investors Thursday.

Sorry, but I don't think that's it.

And sure, I know the reporter probably took this out of context. But this is just prepostorous and I'm surprised the execs said it in a conference call.

Test

Another test post. 2 out of 4 posts are test posts so far. That's not good.

The moment in between

If you've ever started a big undertaking that required substantial financial and time commitment, you probably know the moment I'm talking about. It's the moment in between planning and decision.

You've been planning a new entrepreneurial venture: you have dreams of success and plans to make those dreams reality. But there's the moment in between planning and commitment. You just aren't quite sure that this is really the time when you want to take that risk. You only have a certain number of years and a limited amount of capital. Is this what you want to do? Are you sure?

What do you do? Do you forge ahead by palpably committing yourself to the venture? Do you take some time and think about it? Or do you jump in?

Well, of course I'm writing about it because I'm at that moment now. I've got a new venture that has come up suddenly. It's a remarkably small investment, but has a higher risk than Dingo's would have.

To quote Seth Godin:

So stop thinking about how crazy the times are, and start thinking about what the crazy times demand. There has never been a worse time for business as usual. Business as usual is sure to fail, sure to disappoint, sure to numb our dreams. That's why there has never been a better time for the new.

So I'm jumping in! There's no time like today. I believe in the idea, I believe in my abilities, and so there's no time like the present.

la importancia del castellano

¿El Español será algo importante por este negocio? Depende donde lo ubico. Si se radica en un lugar al parte este de la cuidad, puede ser que sí. Pero si es así, entonces tengo problem, porque escribo mejor que hablo.

Two months later:
Dingo's Calzones isn't dead, but it is definitely on hold. I couldn't find a location, and I was picky. Dingo's -- pizza pockets/calzones targeted at college students who want something different, particularly late at night -- came about because I found a product I loved. As cheap (some might say stingy) as I am, this is my favorite food, and a definite winner on a college campus. No doubts in my mind.

My first attempt at entrepreneurialism might have fallen short, but I'll be back -- maybe even with Dingo's. So in the meantime, I think I may catalog my thoughts as I go down this road, as well as comment on any business news.

Potentially, I have some ideas in the pipeline already, so my next venture might be close at hand.