Starting and staying in business with friends

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Starting and staying in business with friends발음듣기

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My name is Dave Gilboa, co-founder and co-CEO of Warby Parker. I'm Neil Blumenthal, co-founder and co-CEO of Warby Parker.발음듣기

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[Dave] We started talking about this idea in the computer lab when we were at school with our other two co-founders Jeff and Andy and I think all four of us, we couldn't stop thinking about this idea.발음듣기

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We each were e-mailing back and forth at three, four, in the morning.발음듣기

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We're so excited by the potential to do something different and special.발음듣기

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The next day at school I was like, "Hey this was a really interesting discussion yesterday.발음듣기

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I think this is a really powerful idea.발음듣기

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Later that night we all went to a bar and around the table we committed to each other that "Hey we're going to bust our butts and work really hard."발음듣기

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(laughs) We didn't know if we were going to be successful, but at least we said we were going to do it.발음듣기

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The more we learned the more excited we got and then the next step was, okay this is a good idea we're spending time on it are we willing to put our money where our mouth is?발음듣기

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[Neil] We actually all put in the same amount of money and we're all equal partners.발음듣기

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We thought it was going to be really difficult at the beginning to say, "Hey you're worth x and you're worth y."발음듣기

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So we just figured, hey if this thing works out it's going to change all of our lives.발음듣기

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[Dave] The next step was, let's set up a vesting schedule that gets us to graduation and if for any reason one or more of us wants to do something else they'll get credit for time served but the people that continue building the business will be compensated proportionally for spending more time.발음듣기

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Turns out all four of us were incredibly excited and so none of us dropped out of the process but we wanted to be thoughtful about setting up those mechanisms ahead of time.발음듣기

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We knew that it was risky starting a business with friends, and there were people far smarter than us that had started businesses as friends and then quickly sort of become bitter enemies.발음듣기

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So one of the things that we started doing was going back to the bar that we decided to launch the business out of and on a monthly basis we would just sit around the table and talk.발음듣기

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We'd put people in the hot seat. We'd have those honest conversations.발음듣기

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If there were any issues, they would bubble up, and we would discuss it, and we would resolve it before it exploded.발음듣기

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We really made this firm commitment to each other that our friendship and treating each other fairly and well was more important than the success of the business, and that's been something that I think was absolutely fundamental to the success of the founding of the company and something that we've really tried to infuse into the entire organization now that we have over 300 employees.발음듣기

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We create a culture where feedback is the norm.발음듣기

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[Neil] And I think that really set the tone for a healthy working dynamic and, ultimately, for a very collaborative company culture.발음듣기

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[Dave] We've tried to stay pretty close to UPenn's campus and the students there, and every time we're there, we'll go grab a drink at the bar, Roosevelt's.발음듣기

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And actually, one of our first frames and one of our most popular selling styles in called the Roosevelt, because of that bar.발음듣기

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