Gust

DECEMBER 1, 2013

By the time many big-company executives are ready to go out on their own as an entrepreneur, they have forgotten what it’s like to fly in coach class, buy their own health insurance, or having to deal with running out of money. The result is a startup with an exorbitant burn rate, and a very unhappy entrepreneur. There is a difference.

Entrepreneur 182

Entrepreneur Burn Rate Salary Lean 182

Gust

JANUARY 13, 2013

Many believe that entrepreneurs are born, not made. While I agree that successful company builders usually have a natural inclination to be entrepreneurs, a good education helps polish that apple. We can all point to examples of successful entrepreneurs who dropped out of college, but still went on to make a big impact.

Entrepreneur 180

Entrepreneur Seed Money Social Network Business Plan 180

Gust

APRIL 20, 2014

This is a fancy title for a personnel manager in a large corporation who keeps track of all the hiring and firing, and has a staff to build job descriptions and personnel policy documents. Invested Interests C-level entrepreneur startup titles' Chief Human Resources Officer (VP Personnel).

CTO Hire 171

CTO Hire Fractional CTO Angel Investor Public Relations 171

Gust

OCTOBER 5, 2014

For startups, the time to do the people filtering and fit analysis is before the hire. Invested Interests corporate executive entrepreneur startup' In startups, you have to drive multiple initiatives concurrently or the company will stand still. Well defined and well documented processes don’t exist to guide you.

Startup 165

Startup Early Stage Technical Review .Net 165

Gust

JANUARY 12, 2014

Too many entrepreneurs confuse actions with momentum and results. During the early start-up phase, most of the momentum in a new company derives from the entrepreneur’s own commitment and self-sacrifice. Invested Interests entrepreneur fake work momentum startup' Image via CEOAfterLife.com.

Entrepreneur 70

Entrepreneur Hiring Employee Operations 70

Gust

AUGUST 22, 2012

I mention challenges and opportunities in the same breath here because it’s axiomatic among entrepreneurs that if something were easy to do well profitably at scale, it would have been done already. For example, in an area known for a high crime rate, security guards can be hired and other measures taken.

Technical Review 172

Technical Review Egypt Morocco Russia 172

Gust

OCTOBER 26, 2014

I grew to understand this approach much more when I interviewed a popular serial entrepreneur, Rich Christiansen a while back, who has done almost 30 businesses wholly by bootstrapping. Every outside hire increases your cost and risk. Hire experts, not help. Invested Interests bootstrapping entrepreneur startup'

Bootstrapping 176

Bootstrapping Startup Merger Salary 176

Gust

DECEMBER 22, 2011

This is often referred to in the creative community as a “ work-for-hire agreement.”. IP Assignment Agreements with founders, employees and consultants clarify ownership of all IP created going forward (the work-for-hire concept described above) and cover many other bases related to preservation of IP rights going forward.

Intellectual Property 149

Intellectual Property Technical Review Software Review IP 149

Gust

NOVEMBER 16, 2014

Top entrepreneurs spend more time putting the right team in place to accomplish their objectives than they spend on any other components of their job. Some entrepreneurs are so in love with themselves (narcissistic) that they insist on answering every question, and making every decision. Don’t let your ego get in the way.

Entrepreneur 195

Entrepreneur Hiring Partner Networking 195

Gust

DECEMBER 29, 2013

Some entrepreneurs can’t decide if they want to be a Limited Liability Corporation (LLC) or a C-corporation, or they don’t have the money, so they put off doing anything until the first venture capital round, or until the first lawsuit occurs. Be quick to hire and slow to fire. Only hire people who like you or think like you.

Startup 183

Startup Intellectual Property LLC Burn Rate 183

Gust

JULY 22, 2012

As an entrepreneur, it’s never too early to start selling yourself and your idea. I’m definitely not lobbying here for promising things you can’t deliver, or hiring a publicist before your first programmer. I’m definitely not lobbying here for promising things you can’t deliver, or hiring a publicist before your first programmer.

Elevator Pitch 158

Elevator Pitch Startup IP Public Relations 158

Gust

JANUARY 5, 2014

I still see too many entrepreneurs who build a product and spend lots of money because THEY are in love with the idea or technology. Don’t assume that only “fast talkers” are good salesmen, or that you can hire a good salesman at the last minute to sell your product. Invested Interests business model entrepreneur startup'

Business Model 171

Business Model Sales Customer Distribution 171

Gust

SEPTEMBER 2, 2012

If you are a first-time entrepreneur, I recommend that you team with a co-founder with experiences, connections, and a skill set that complements, but doesn’t duplicate yours. Even experienced entrepreneurs need a partner to back up each other and improve fundability. Hire a lawyer. Start the search with business networking.

Cofounder 170

Cofounder Silicon Valley Non-Compete Startup 170

Gust

DECEMBER 9, 2012

Zigging and zagging amongst the obstacles is the fun part of being an entrepreneur, and it’s what sets you apart from the average worker who knows exactly what he or she has to do every day to get paid. There are certain foundational elements that every entrepreneur must build on to succeed, as well as some critical tools we all need.

Elevator Pitch 163

Elevator Pitch Startup Bootstrapping Entrepreneur 163

Gust

OCTOBER 2, 2014

It’s what life was like as an entrepreneur. But this is nothing like the stress of being an entrepreneur. What’s it really like being an entrepreneur? You probably follow some high-profile entrepreneurs on Instagram and Twitter and see conference pictures of them in Davos, Mexico, Monaco or wherever. And so it goes again.

Monaco 122

Monaco Cofounder Chicago Mexico 122

Gust

JULY 29, 2012

One of the biggest myths I still see in the community of new entrepreneurs is the assumption that “All I need is a good idea, and some investor will give me the big money I need to build the business.” Starting your business with a very low investment is called “bootstrapping,” and these entrepreneurs usually have the most fun.

Bandwidth 155

Bandwidth Bootstrapping Equity Startup 155

Gust

JULY 25, 2012

Fred Wilson of Union Ventures writes Entrepreneurs Have Control When Things Work, VCs Have Control When They Don’t on his AVC blog. This is one of those ideas that seem completely obvious but only after I’ve heard them. Whether we’re founders or investors, we focus on terms and percentages as determining control.

Term Sheet 105

Term Sheet Founder Hiring Entrepreneur 105

Gust

JANUARY 20, 2013

Changing the culture and mindset in an existing businesses is difficult and slow, so this becomes another “opportunity” for smart entrepreneurs and startups to excel. That means hiring help, rather than helpers, and providing the resources they need to stay current. Equip everyone with core skills to solve problems now.

Startup 180

Startup Social Media Cloud Customer 180

Gust

DECEMBER 8, 2013

The only true outside board or advisory members are not family members, not current investors, but are experienced entrepreneurs with deep knowledge and connections in the relevant business area. They should be asking to speak to you if you are a potential investor or a superstar hire. Who is a real customer that I can talk to?

Due Diligence 174

Due Diligence Sweat Equity Intellectual Property Burn Rate 174

Gust

OCTOBER 31, 2011

Every partner and employee can kill your success potential in a heartbeat, so don’t take shortcuts on your hiring and training practices. Their perspective is that these entrepreneurs need only to sell themselves, but shouldn’t need capital up front for product development or manufacturing.

Angel Investor 143

Angel Investor Venture Capital Partner Networking 143

Gust

NOVEMBER 23, 2011

Talented entrepreneurs are nothing if not resilient in the face of change: Market forces, competitive threats, technological shifts, you name it. Technology companies in particular, which often grant stock or options to every employee, can easily pass the 500 mark if rapid growth results in rapid hiring.

IPO 110

IPO Prospectus SEC Intellectual Property 110

Gust

DECEMBER 16, 2011

And, a bit misty-eyed, this old war veteran can actually remember the glory days: Venture capitalists would commit tens of millions for a startup to buy expensive infrastructure; hire sales and marketing teams as products were still being built; and lease out big slugs of office space for the coming hiring spree.

IPO 87

IPO .Net Social Network Mobile 87

Gust

NOVEMBER 4, 2011

Entrepreneurs and investors who have spent any time dealing with convertible debt seed financing transactions are likely to have encountered the subject of valuation caps. Valuation caps can come into play in settings other than seed-stage convertible note financing rounds. of MySpace, Inc.

Valuation 98

Valuation Pre-Money Valuation Merger Vesting 98

Gust

OCTOBER 8, 2014

Recently, I met with an entrepreneur to discuss her financing strategy. First-time entrepreneurs frequently ask my advice about when they should start meeting with prospective financiers. Andrew Weinreich is a serial entrepreneur based in NYC. Don’t expect them to give you a check before you leave the meeting.

Venture Capital 163

Venture Capital Finance Early Stage .Net 163

Gust

SEPTEMBER 23, 2012

Most entrepreneurs think that risk is just an “occupational hazard” that can be minimized or eliminated by a smart businessman. Lowering the risk by hiring the cheapest, or counting on family members, is a bad risk. That way of thinking is simplistic and wrong. Build your team from the best and brightest. Lead rather than follow.

Forecast 188

Forecast Viral Social Network Business Model 188