The curse of the entrepreneur: you have this great idea and it looks like it will do really well. The problem? You lack the capital and the skill to build it. What’s the solution? Giving Away Startup Ownership.
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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One of the most important decisions an entrepreneur must make is the selection of advisory board members for their startup.
Strategic thought requires thinking “conceptually” as opposed to “sequentially.” Sequential thinking weighs the pros and cons of each step against its immediate surroundings. Conceptual thinking requires that each step be measured against the larger goal. Perhaps this is best understood with an analogy. Imagine going on a trip from point “A” to point “B.”
As a founder, you should ask yourself, “What is the final, desired outcome of my company?”
“Sweat equity is the best kind of startup capital.”— Mark Cuban
This is a huge question for startup founders. If you are a founder, you know what I am talking about: how much of my startup should I give away?
How do we get there? Remember that your organization’s vision is the destination.
There are a tremendous amount of “time-saving” options available to the entrepreneur. Sometimes, they are; Sometimes they are not; and sometimes, the old ways of doing things can be more efficient.
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?
“We filter out half of these qualified interviewees in the first minute.”
Avoid the purgatory of being non-fundable. Find out the investor’s view and structure of their balance sheet in an “investor friendly” manner before submitting an executive summary to startup investors.