Many founders don’t consider this one until it’s too late. The excitement and adrenaline of getting started leads to a “kumbaya atmosphere” where all things are equal. This spills over into salaries. Sooner or later, the amount of time, effort and energy expended by the partners is no longer equal, but their salaries are. Tensions begin to rise.
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How to protect yourself and your business startup when the partnership falls apart.
A fair number of really smart, well-prepared entrepreneurs get tripped up, stumble around and eventually fall to the ground when they make their startup funding pitches to the Angel Investment Group that I am a part of.
How do we get there? Remember that your organization’s vision is the destination.
There has been a trend to try to create one overarching company mission statement. However, they often become “wall art” hanging in the office of little practical use in operating the company.
It is essential to understand your organization’s dreams for the future, prior to coming up with the pretty words you put on paper and hang in conference rooms. So, how does an organization create an effective vision statement?
“The single biggest problem in communication is the illusion that it has taken place.”– George Bernard Shaw
Ultimately, the fit is as important to the advisory board candidate as it is to the entrepreneurs and the company. If it is learned that the fit doesn’t exist after the advisor has been on-boarded, it will likely turn out to be a waste of time for everyone.
Angel and venture capital investors may receive hundreds or even thousands of executive summaries each year. With their time being limited and the competition for their attention intense, it is extremely important that the entrepreneur provide executive summaries that “Wow!”
You can be a successful entrepreneur. You’ve just graduated and are ready to put all of that knowledge and energy to use. Admittedly, a great deal of your practical knowledge was picked up outside the classroom – like the time you broke into the Dean’s office with.. how long ago was that? Nevermind, the statute of limitations hasn’t passed.