Get it On Paper

I’ve often noted that, in any partnership, both partners believe they do two-thirds of the work.

Interesting, then, to see Ben Franklin’s advice on this front, in his Autobiography:

>Partnerships often finish in quarrels; but I was happy in this, that mine were all carried on and ended amicably, owing, I think, a good deal to the precaution of having very explicitly settled, in our articles, every thing to be done by or expected from each partner, so that there was nothing to dispute, which precaution I would therefore recommend to all who enter into partnerships; for, whatever esteem partners may have for, and confidence in each other at the time of the contract, little jealousies and disgusts may arise, with ideas of inequality in the care and burden of the business, etc., which are attended often with breach of friendship and of the connection, perhaps with lawsuits and other disagreeable consequences.

Relatedly, it appears Ben was also an early angel investor (seriously), backing young printers in other cities by putting up the capital to buy their equipment in exchange for 50% of the profits:

>The partnership at Carolina having succeeded, I was encourag’d to engage in others, and to promote several of my workmen, who had behaved well, by establishing them with printing-houses in different colonies, on the same terms with that in Carolina. Most of them did well, being enabled at the end of our term, six years, to purchase the types of me and go on working for themselves, by which means several families were raised.
>

“The entrepreneur takes risks but does not see himself as a risk-taker, because he operates under the useful delusion that what he’s attempting is not risky. Then, trapped in mid-mountain, people discover the truth—and, because it is too late to turn back, they’re forced to finish the job.”
– [Malcolm Gladwell](http://www.newyorker.com/arts/critics/books/2013/06/24/130624crbo_books_gladwell?currentPage=all)

Complements to the Chef

[Ed. note: yes, friends and family who wrote in to correct, I know that the phrase is ‘compliments to the chef’ with an ‘i’. This was an attempt at cleverness – entrepreneurship being a complement to cheffing – that apparently wasn’t so clever after all. Tough crowd.]

Recently, I’ve started to notice how many entrepreneurs are interested in both cooking and photography. Which makes a lot of sense.

Entrepreneurship is basically the art of slogging daily through nebulous victories and vague defeats, for years and years at a time. Successful startups are those where the victories at least slightly outpace the defeats, consistently enough for the edge to compound gradually. Even in today’s world of lean startups, of building minimal viable products and iterating fast and always shipping, the process of slogging and compounding moves excruciatingly slowly. It takes a long time to see anything happen, and an even longer time to see anything incontrovertibly significant – anything big enough to impress your mom or your non-entrepreneur friends.

Like entrepreneurship, cooking and photography are about making something from scratch, and about sharing it with others. Unlike entrepreneurship, they also let you do so exceedingly quickly. Over the course of an afternoon, you can create something that never existed before, yet that’s still good enough to be appreciated by family, friends or the broader world. And it’s not just the immediate validation – that appreciation (or lack thereof) also provides fast and clear feedback to quickly guide iterative improvement.

After a long day of slow slog, it’s hard to explain how very gratifying that can be.

Practiced

About a year back, I joined One Medical, a startup-esque medical practice that’s quickly spread from San Francisco to New York, Washington D.C., Boston and Chicago. Recently, Jess joined too. This past week, both of us went in for flu shots.

The experience at One Medical is so good that I actually find it slightly confusing each time I’m there. How can they be making money doing this? Why aren’t other medical practices like this, too? But, at some level, I don’t really care. For a fairly low fee ($199 a year), I can make doctors appointments online, often for the same day; I can email with my doctor about medical questions; appointments start on time (and I mean really on time – Jess’ doctor was twelve minutes late for her 5:00pm appointment, and gave her a Starbucks gift certificate by way of apology for being ‘so behind’); and the doctors (at least the three I’ve seen so far) are knowledgable, friendly, and extremely competent. They happily take insurance. And because they collect information when you make the appointment online, I breeze in and out without even stopping to fill out the standard clipboards full of forms.

They’re not an Outlier portfolio company. But they are, to me, exactly the kind of company that’s exciting to me and Outlier. They take a common experience – going to the doctor – that’s clearly broken, and improve it so much that, as Jess did to me after her first appointment, you want to text someone just to say wow.

Apparently in need of glasses, the staff of DuJour Magazine describes me as [“5-foot-6, with a lean, athletic build developed from years of working out regularly — picture Bruce Lee”](http://www.dujour.com/2012-12/728/crossfit-the-wall-street-workout).

I did [a Q&A with Finnish CrossFit software company WODConnect about lessons learned running CFNYC](http://blog.wodconnect.com/post/38141285911/affiliate-lessons-learned-part-2-joshua-newman).

Oh Say Can You RNC?

As an owner and board member of several companies, I find a lot of the political rhetoric around ‘job creation’ very confusing.

When I’m thinking about whether we need to hire more people at a company, here are the things I consider:

– Is demand for the business’ product or service growing?
– Is the current team having trouble keeping up with that growing demand?

And here’s one that thing that I’ve never even remotely considered:

– What’s my personal income tax rate?

Fellow business owners, are you honestly telling me your marginal income tax rate is what drives your hiring decisions?

[*The New York Times*: ‘A Military Regimen: Bring the Pain’](http://www.nytimes.com/2012/06/03/nyregion/crossfit-a-military-regimen-with-geek-appeal.html?_r=1&ref=nyregion&pagewanted=all)

In 2005, though, there were no CrossFit gyms in the state. Joshua Newman recalled doing CrossFit workouts with friends at the Arthur Ross Pinetum Playground in Central Park while children and their parents stared in bewilderment.

“We got kicked out of Equinox, New York Underground Fitness, Peak Performance, Trainer’s Place,” said Mr. Newman, 32, a former mixed martial arts competitor who runs a venture capital firm in Manhattan. “The owners complained that we were too loud and crazy.”

When Mr. Newman founded CrossFit NYC in 2007, with a paltry 22 members, their informal motto was “They can’t kick us out of here.”

Today, the business is one of the largest affiliates in the world, with more than 1,100 members and two sprawling spaces in the Flatiron district totaling around 24,000 square feet. (The rent is $60,000.) It is seeking a third space in Manhattan to accommodate its growing clientele.