That you’ve been on. Actually, I want to talk about one of those agencies. I feel like these days everyone seems to run their own agency, whatever that definition of agency is. That’s another topic for another day.
But I want to talk about running an agency because you’re a co-founder, right?
Yeah.
I’ve had a few.
Yeah, yeah.
There’s always a discussion about whether it’s better to have a co-founder or be a solo founder. Obviously, there are pros and cons for both of them. I know you’ve had some interesting moments on your way, so I want to hear from you. Co-founder or no co-founder? What’s your thoughts on it, and what were your experiences?
Yeah, I think co-founder or no co-founder, there’s pros and cons for everything. I think it’s just about knowing what you want and what you need. I think it’s really as simple as that.
My first agency had four co-founders, me included. I was one of them. It was all gravy, it was all good for a little while, but what happened was normal.
Our first business was an app that would let people borrow and swap clothes called Pink Wardrobe. I was a sole founder then, but I had investors and people who were part of my team. That was great, and that was my first experience of entrepreneurship as a sole founder.
But for me, it was lonely. It was lonely, man. I ended up getting my fingers burned by taking a chunk of money off VCs too soon and giving away ownership of my business. Then it all came crashing down. I had a lawsuit over my head, and I had to deal with all of that at the age of 26 or 27.
If I had a co-founder at that point, that would have been great just to have someone help me navigate through that mess with someone. I just had friends who didn’t really understand and my mom, who was scared because she thought her house was going to be taken away because I was in so much debt with the company and it was registered to her house.
Yeah, it was just a mess.
But even not a co-founder, just anyone who understands business, any fellow entrepreneur who could warn you that VC funding is not the be-all and end-all.
I think so many people just think, “Oh my God, I need a backer. I need funding.” They don’t realize how much equity they give away, and actually they give away control as well. That’s what they don’t understand.
You have to go back to why you became an entrepreneur. Yes, money is great. When I got that investment, there’s a few things that I thought was, “Oh my gosh, someone believes in me. Someone believes in my idea. They care about it as much as I do and they want to see this succeed.”
Sometimes that can be true. A lot of the time it’s not. Everyone has their own agenda, and often that agenda is with themselves and putting money in their own pocket, not making your dream become a reality and you fulfilling it.
Honestly, check your investors. Do your research. Meet people. Have conversations. More than one. Trust your gut feelings. I didn’t go with my gut feeling. I was desperate. I took the money. I gave away too much equity. I lost my company. It broke my heart. It broke my life.
I went through a massive identity crisis. I was like, “Who the fuck am I?” after pouring four years of my life and every single penny I had into this business, which was about twenty-odd grand of savings.
I was back at my mom’s, very lucky to have my mom there and be able to go back into the room I grew up in, where I came up with the fucking idea. But it was a really hard, heavy, sad, and lonely.
Then I started my second business, an agency here in London, where I was one of four co-founders. That was different. I was buzzing. I was excited because I had people to be on the journey with you.
But it wasn’t fair. It wasn’t fair from the get-go.
I am the kind of person that if I have an idea, very similar to you, I’m going to make it happen. I’m going to give it my absolute all, especially if I care about it and want it to exist in the world. I’m gonna do it.
I’m a fucking hustler. I’ll work my absolute ass off to make it happen if I really want it to exist.
I feel like that energy and my tendency to show up and make things happen has been abused by people in the past. I’ve let that happen, so that’s definitely on me. But it’s on them too. It’s a two-way thing.
At the beginning of that relationship, I only had 7.5% of the company.
What? Seven and a half percent of the company? There were four of you.
Yeah. Two of them had the majority share because their other company bankrolled it. They had the name and brought me and another member of the team into a meeting and basically said, “Do you want to be a co-founder? We’re giving you an opportunity.”
It was that whole, “This is a great opportunity for you.” If you hit a certain amount of profit, I think it was £100,000 or £150,000 revenue in the first year, then we’ll give you more shares.
We smashed that. I brought in a massive client, a quarter-of-a-million-pound client. It was a company I had met while working at a previous company, and I’d been nurturing that relationship for years.
Then suddenly they were ready to buy, and at that point I had an agency.
Fast forward a little bit, and I just felt like my co-founders women—two white middle-aged men and another guy who this was his first business I’d obviously been in a business before I did feel there was times where I actually didn’t feel seen there were times where I really didn’t feel heard there was times where i didn’t feel respected at all by this people.
I felt emotionally abused. I felt like they took the piss out of my talent and my energy.
I got that company off the ground and brought money into it. By the end of it, I was burnt out. COVID hit. I had to make my team redundant, and I was on a Zoom call crying my eyes out literally just like this is an absolute mess.
Clients had stopped spending. There was no money coming in. I couldn’t pay my team. I’m very emotional on a zoom call.
One of my co-founders said, “Amanda, now isn’t the time to get emotional.”
I saw red.
That was all I needed to hear to think, “You know what? Fuck this. I’m out.”
I literally closed the laptop. I was shaking so much. I cried. I sobbed and bogy coming out of my like literally honestly like bogy’s just everywhere it was not sexy.
I mean Ryan was like, “Babe, what’s happened? Someone’s literally died.” Honestly that someone had literally died.
He’s like hugging me while I was crying so hard I couldn’t breathe.
That’s how it felt. It was madness. It was intense.
That’s the buildup of all that disrespect.
Consistently coming to the table with ideas and bringing your best, and then not being appreciated.
Years of buildup.
To have this moment, it sounds like one little moment. People think, “You’re just being emotional,” or “You just snapped” at the moment how like you know fragile are you.
But actually, that’s years of buildup. You just took that emotional abuse and disrespect in the business scene.
People don’t get what that’s like. Of course you’re going to feel that way.
You know what? It happens all too often. I speak to so many women who experience this. Obviously, it happens to men too, but from what I’ve seen, it happens more prevalently to women in terms of how they are respected.
Now that you’ve been through all that, what advice would you give to other women listening or watching this podcast who feel mistreated by co-workers, co-founders, or anyone else? How would you recommend they deal with that?
Call them out.
If you’re feeling like someone’s taking the piss, someone talking over you, someone you know you present some you’ve done all this work and they are dismissing it, and or yeah like talking saying oh I actually know that I did actually what about the like.
You can tell by the tone. I think it’s a lot of it is if you’re feeling like there’s like that it’s a competing or they’re just not support you with emotional support that you need like
“How’s it going? like “just checking in” “how are you feeling?” like “Is there anything I can do to support you or help you?”
Like I mean co-founders, founders, leadership—whatever it is—it’s a team, right?.
If at any point you don’t feel like you’re in a team, there’s a problem. A big big problem.
You cannot move a business or a dream forward without a team. Like literally you cannot.
If I could go back to that Amanda, I would have said something earlier.
I let it build up to a point where I completely exploded.
It happened the way it was meant to happen, but I still haven’t had those conversations with my ex-co-founders. I’ve never spoken to them, “Do you know how you made me feel? Do you know what you did?”
Yeah, it’s really hard.
That’s why it took you so long. People listening will hear you say “call them out” so confidently, but they’re probably thinking, “I wish I could.”
It’s hard, man. It’s hard.
The problem is I think that like you said you blew up because even though it’s the right thing to do, you didn’t do it and because it is difficult but somehow you have to get to that point; otherwise, it’s just going to continue and get worse, right?.
Yeah, it’s going to get worse. The only person you’re hurting is yourself. The only person you’re hurting I mean is yourself you know like that’s the only person.
It’s like you know if you’re dating someone it’s like a or you know you’re in literally in an abusive relationship but on emotional level. It does happens in business all the time.
I do think the more we talk about it, and I haven’t really spoken about this very much especially not publicly I don’t speak about this publicly one because
I’m still you know connected to my ex-co-founders. I’m a big believer in don’t burn bridges.
We’ve all done stupid shit. I’ve done lots of stupid shit in business and in just in personal life and just in life it doesn’t matter like business life whatever it’s just we’re humans. We’re all going to stupid shits we’re all gonna learn from that stupid shit, hopefully, some of us and yeah it is what it is.
I also believe that sometimes we have to go through different versions of ourselves to to get a version of ourself who is obviously stronger, wiser, braver all that kind of stuff.
I believe that I had to go through all of that.
Then I started another company with one of my co-founders. We grew that got to a year and then I was like you know what “this isn’t working for me” it was like I just woke up one day and I was like this isn’t working for me it’s not feeling good for me anymore.
I dug a little bit deeper and said to him let’s do a day like get together strategy—a strategy day.
I came with all this preparations all these questions I completely like designed the whole workshop that we are going to do I was like I got this I’ve got this and I was as literally went I was like right I just want to about getting on the same page about where we want to go with this business, like what we’re feeling what we’re enjoying what’s bringing us joy, what problems are we seeing here and feeling and how can we address those and also where we want to go with this business what’s the vision that we both have, what’s our shared vision what’s our shared values, what’s our shared experiences, what’s our shared beliefs.
I came out of the whole session one feeling exhausted because the whole time I was the person asking the questions.
I never got asked a question once.
That was a massive alarm for me.
Literally I was like, “Whoa. I’m in a 50/50 business relationship with someone.”
No, I’m not. And even previously, no I’m not.
It was toxic because that was one of the you know it just followed me.
I had to get out.
It was you know the guy was he’s a nice guy nice enough guy. But it just it didn’t feel fair.
Again this word Fair it didn’t feel Fair.
A business relationship has to feel fair.
If it doesn’t, if someone’s doing more like if you’ve got a 50/50 split inequity, you both need to be doing 50/50 like sometimes it’s not going to be possible.
Because sometimes you’re going to feel like a 20 I’m going to bring 20% of my energy in time and stuff today, and actually so but that’s okay you communicate that right but I’m just meaning in terms of like the whole of the experience of being a founder and entrepreneur you’ve got to ring it the the work you got to bring it in equal measures.
Otherwise, it just gonna feel one-sided, lopsided, and it’s going to fall apart it’s going to fall apart because you’re not aligned.
Overall, I feel like this is a common theme with co-founders. Usually, there are different personalities usually one person is a go get out there doing all this stuff, exactly and then there’s others who don’t but they can bring things in other ways and that’s the thing you could have complimentary personalities and skills and they can be doing something else for example that’s why I’m a so because obviously like I said I just I’m all in it all the time all the energy was out there but I’d love to have a co-founder even if they weren’t doing that obvious stuff.
But they were doing operational stuff and maybe they were like maybe doing the finances adding and making stuff you know keep a flow behind closed doors and the things that I’m not necessarily good at.
I think there are those complementary things and
unfortunately, it seemed like you know they were the right people for you. But as you said, all those things happened for a reason. They brought you to where you are today personally you are today.
Now you’re showing up as the Amanda founder of Five Stories, bringing your methodology to the world and inspiring leaders to do this.
I want to talk more about that today.