Starting a business can feel like a roller coaster ride. Learning from the successes and failures of fellow entrepreneurs can help you cope with the highs and lows of business development. Here are a few helpful tips.
1. Take a “one day at a time” approach. The big picture can be overpowering in the early stages of a new business. Focusing on singular tasks and the smaller picture will help you stay encouraged as you confidently lay the bricks for down the road success.
2. Don’t be afraid of failure. Letting others know about the bumps in the road along the way has a humanizing effect. The ability to laugh about your missteps and required course corrections shows that you are confident about your future success.
3. Get help and be helpful. Enlist the help of other like-minded entrepreneurs that have the skills you need to grow your business. The incentive for these individuals is getting in on the ground level of a new endeavor. Business maturity dictates that you offer to help them with their endeavor in return for their support. Doing so can prove quite lucrative.
4. Ask for advice. Admit that you need guidance in certain areas. People enjoy giving advice and, although experiences differ, many think they have discovered the best of all best practices. Admitting that you do not know how to do something in the presence of an expert can inspire them to share their knowledge. Unless pertaining to a criminal act, shared knowledge of business “how-to’s” is rarely a bad thing.
How to Classify Employees as Exempt or Nonexempt
When hiring employees, a company should ensure it is complying with applicable federal, state, and local laws regarding employee minimum wages, withholdings, and other applicable requirements. To ensure compliance, employers must first determine whether an employee is “exempt” or “nonexempt.” Nonexempt employees are entitled, among other things, […]
How to Prepare for an Equity Financing
We have covered in past FTTWs how to value your startup and how much capital to raise. Once your startup decides to pursue equity financing, you should start to prepare for the investor due diligence process. On the business side, you will need to prepare a business plan and should take steps such as obtaining management references, interviews and background reviews, customer/user references, technical/product reviews, financial statements and business model reviews.
What Every Startup Needs to Know
On Wednesday, June 26th, Perkins Coie’s Palo Alto office hosted the startupPerColator event, “What Every Startup Needs to Know.” Lowell Ness, a Perkins Coie partner in the Emerging Companies & Venture Capital (ECVC) practice, moderated a panel which included Herb Stephens of NueHealth, Thomas Huot of VantagePoint Capital, Jennifer Jones of Jennifer Jones and Partners, Yuri Rabinovich of Start-up Monthly, and Olga Rodstein of Shutterfly.