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Running a Business, Demystified by Todd Kaufman Building a business is both mysterious and hard. We can't do much to make it easier, but after 6 years running Test Double, we can make it less mysterious. This talk is a slow-motion Q & A: submit a question to http://testdouble.com/business and we'll build a slide deck that gives as many practical (and colorful) answers we can fit in a 45 minute session. This talk is for anyone whose interest in starting a software company has ever been held back by fear, uncertainty or doubt. It assumes no knowledge of business jargon and will strive to explain each financial concept covered.
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In the talk titled "Running a Business, Demystified" presented by Justin Searls and Todd Kaufman at RailsConf 2018, the speakers aim to clarify the complexities of starting and managing a software development company by sharing their experiences from running Test Double. The presentation is structured as a Q&A session where the audience submits questions beforehand, allowing the speakers to address numerous relevant topics. Here are the key points discussed: - **Founding Motivation**: The founders, Justin and Todd, started the company to create a better software consulting experience after encountering issues in their previous roles, such as poor compensation structures and toxic work environments. - **Timing for Launch**: They suggest not necessarily quitting a day job to start a business immediately but rather ensuring a steady financial runway and validating customer interest in the product or service. - **Hiring Strategy**: The founders discussed their approach to hiring at a steady pace, focusing on sustainability rather than explosive growth, and emphasized the importance of aligning developer expectations with client needs, leading to cautious yet effective growth. - **Remote Work Dynamics**: Their decision to maintain a remote-first company structure was driven by necessity, which they found fosters flexibility in hiring and operation while also presenting challenges like tax complications across states. - **Client Acquisition**: They highlighted the significance of building meaningful relationships and networking rather than cold calling or pitching, suggesting that strong connections result in client referrals and opportunities. - **Internal Branding and Culture**: They shared how their quirky brand identity developed over time through conscious and organic efforts, contributing to a strong company culture that reflects their values and mission. - **Management Challenges**: The discussion touched on the evolution of their management style, emphasizing the need for clear roles as the company scaled, leading to a more structured approach to accountability and support. - **Diversity and Inclusion**: Justin and Todd acknowledged their early missteps regarding diversity in hiring and discussed the importance of proactively diversifying their recruitment network moving forward. - **Advice for Entrepreneurs**: They concluded by noting that starting a business is a continuous learning process, and embracing imperfections is vital for long-term growth and satisfaction. The main takeaway from this talk emphasizes that while starting and running a business can be daunting, it becomes less mysterious through shared experiences, careful planning, and an emphasis on creating a supportive and inclusive workplace culture.
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