Starting a scalable company is a daunting task. This will challenge even the most experienced management team. The team’s success requires a complete understanding of the issues and risks it faces in its quest to succeed.

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.

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 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.

Average and Marginal costs are both important concepts. However, pricing your product according to these costs mechanisms can lead to dramatically different results. Understanding what this means for your business is critical to your success.

“The single biggest problem in communication is the illusion that it has taken place.”– George Bernard Shaw

Advisory Board compensation is an important consideration. How much is right? Does this change over time? Is there a vesting period?

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.

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.