You are launching your startup! After reviewing the legal structures available, you decided on the LLC structure for your venture and have filed your Articles of Organization with the state. Now what?
How to Build a Winning Team
How to Create a Strategy, Vision and Mission
How to Create an Advisory Board
How to Get Funding
How to Improve Your Company
How to Improve Your Pitch
How to Start Your Company
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Greek historian Herodotus once said, “Great deeds are usually wrought at great risk.” The great company you are building will not come easy. It may require you to go “all in” (and take a prudent risk) to make it work. But what does that mean and when do you undertake such a risky action?
Efficiency, the ability to accomplish a job with a minimum expenditure of time and effort, is one of the most important ingredients to business success. Startup companies must be ruthless in this pursuit.
I am amazed at the number of privately held business partnerships that do not have a formal buy-sell agreement in place. This one is absolutely essential. When forming your business, you chose your partner; make sure you have some rights when it comes to who your partner will be as time goes on too.
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.
If you can’t feed a team with two pizzas, then the team is too large. – Jeff Bezos. Investors want to invest in people more than products, because people make products.
A big company bench can allow you to scale rapidly, but excess payroll costs can also drag you down…fast. On the other hand, you can’t be too timid or slow, the market waits for no person. So how do you handle this dilemma?
To be an entrepreneur is to be challenged everyday. Often times, you will be pushed to your limits, but the payoff can be one of life’s greatest pleasures. To help you through the entrepreneurial journey, here are 10 quotes all entrepreneurs should live by.