Entrepreneurship Tips

Here is a short list of others, because there are hundreds: Assuming you can raise capital before you have a product, most cannot. Not building a team of 2–3 founders who can work for cheap or free for a year. You need this to build an MVP. This team needs marketing, sales and technical skills, not just product development, as the vision needs to be complete with a sales and marketing plan that requires senior expertise. Not doing sufficient market research and competitive intelligence to understand the target market and customer. Many are so paranoid of their idea being stolen...

  According to this source, resources needed from the planet will be exceeded by human demand this August. I guess this means more people starve and suffer soon. I find most corporate ESG initiatives to be all PR and no real meat or commitment. What are you doing to reduce the human footprint on the planet?  So many easy things every individual can do. Interestingly, I learned today from a related chart you can see at link below that almond milk uses 40.9% less water than cow's milk. And my doctor recommends it for less cholesterol, too. These easy choices...

Sure, as long as they own 100% of the stock, they can do pretty much anything they want, within tax laws of course. They can pay themselves any salary, issue dividends, make a loan to themselves, etc.  However, the minute one other person owns one single share of stock, this changes dramatically. Now they have what is called “A fiduciary duty” to the other shareholder(s) to do only things that are in the best interest of the company. This has a very high legal standard called “Utmost good faith”. And if you violate this principle, then you can be sued...

Raising money is very difficult and only possible for companies that can grow large and provide a nice return to investors that warrants the risk. This is for “Equity” or stock sales. Debt can be used with home equity loans, credit cards, friends and family though if you are just starting and have no product or team. I recommend you do not start a company without at least 6 months personal expenses in the bank. Most of your input to create value (so shares can be sold for something over $0.00) will be from sweat equity. This “bootstrapping” creates value...

You cannot grow a company without some investment in sales and/or marketing. The question is really your time versus capital and which would generate the best results (ROI, speed, quality of leads, etc.).  If your business model and products are sound, you should likely raise some capital, as it will be needed for more than marketing.  It is nearly impossible to build a significant business without some capital and/or sweat equity invested.  You cannot create something out of nothing.Social media allows unpaid marketing and is the most obvious strategy. This can be time-consuming but is also rapid to measure and...