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12) What are the indicators of knowledgeable?
- Going from bullshit product to companies to product to SaaS product. (Corollary: The reverse is novice hour.)
- Reducing prices on daily basis.
- Promoting on daily basis, each minute.
- When you’ve got a billion in revenues, staying targeted. When you’ve got zero revenues, staying unfocused and arising with new concepts on daily basis.
- Saying “no” to people who find themselves apparent losers.
- Saying “sure” to any assembly in any respect with somebody who’s an apparent winner.
- Understanding learn how to distinguish between winners and losers (which is the topic of a complete different put up, however in your intestine, you understand – belief me).
13) What ought to the CEO’s wage be?
Not more than 2x your lowest worker if you’re not worthwhile. This even assumes you might be funded. If you’re not funded, your wage must be zero till your revenues pays your wage final.
Necessary rule: The CEO’s wage is the final expense paid in each enterprise.
14) When ought to I’ve intercourse with an worker?
If you love her and the sensation is mutual.
15) Ought to I ever fear in regards to the information or the financial system?
Completely not. The most effective companies are began in horrible economies.
16) What occurred to all of my mates?
You don’t have any extra mates.
17) Ought to I spin off this unrelated concept right into a separate enterprise?
No. Make one enterprise nice. Throw every thing in it. Do DBAs to determine completely different concepts.
18) I made a mistake. Ought to I inform the consumer?
Sure. Inform him every thing that occurred. You’re his associate. Not the man that hides issues after which lies about them.
19) I undercharged. What ought to I do about it?
Nothing. Cost the following consumer extra.
20) I’ve loads of site visitors however no revenues. What ought to I do?
Promote what you are promoting. There’s just one Google. (Effectively, there are two or three Googles: Fb, Twitter, and many others., however none of them are you.)
21) I’ve been in enterprise now for six years, and my enterprise doesn’t appear to be rising. It’s even slowing down. What ought to I do?
Provide you with 10 concepts a day about new companies what you are promoting can supply. Attempt to get a buyer for every new service.
I do know one enterprise on this state of affairs that refuses to do that as a result of their VCs are telling them to focus extra. You’re going to exit of enterprise in any other case.
22) How do I market my app?
Pals after which phrase of mouth.
23) Do I hearken to enterprise capitalists?
Sure, in fact. They gave you cash. However then don’t do something they ask you to do.
24) Ought to I care about margins?
No. Care about revenues.
25) When ought to I rent folks full time?
When you’ve got revenues.
26) C Corp or S Corp or LLC?
C-Corp in the event you ever need to tackle buyers or promote to a different firm.
27) What state ought to I incorporate in?
Delaware.
28) Ought to founders vest?
Sure, over a interval of 4 years. On any change of management, the vesting accelerates.
29) Ought to I patent my concept?
Get prospects first. Patent later. Don’t speak to attorneys till the final potential second.
30) Ought to I require enterprise capitalists to signal NDAs?
No. No person goes to steal your concept.
31) Ought to I’ve a technical co-founder if I’m not technical?
No. In case you don’t have already got a technical co-founder, you’ll be able to all the time outsource know-how and never quit fairness.
32) Ought to I barter fairness for companies?
No. You get what you pay for.
33) Ought to I construct a product?
Perhaps. However first see if, manually, your product works. Then take into consideration offering it as a service. Then productize the generally used companies. Too many individuals do that in reverse after which fail.
34) How a lot dilution is an excessive amount of dilution?
If somebody needs to offer you cash, then take it. The previous saying, “one hundred pc of nothing is value lower than 1 % of one thing” is true.
35) What if no one appears to be shopping for my product?
Then change to a service and do no matter anybody is prepared to pay for utilizing the abilities you developed whereas making your product.
36) If a consumer needs me to rent their pal or they received’t give me the enterprise (e.g. like a bribe) what ought to I do?
At all times do the moral factor: Rent the pal and get the consumer’s enterprise.
37) What do I do when a buyer rejects me in a B2B enterprise?
Keep in contact as soon as a month. By no means be offended.
38) In a B2C enterprise?
Launch quick. Add new options each week.
39) What if my consumer asks me to do one thing not in my marketing strategy?
Do it, or discover somebody who can do it, even when it’s a competitor.
40) Ought to I ever speak badly a few associate or an worker though they’re terrible?
By no means gossip. At all times be straight with the wrongdoer.
41) I’ve numerous concepts. How do I decide the suitable one?
Do as many concepts as potential. The proper concept will decide you.
42) Ought to I get an workplace?
No, not until you’ve got revenues.
43) Ought to I do market analysis?
Sure. Discover one buyer who DEFINITELY – for sure – will purchase a service from you. Word that I don’t say purchase your product, as a result of your preliminary product is all the time not what the shopper wished.
44) Ought to I pay taxes?
No. It is best to all the time reinvest your cash and function at a loss.
45) Ought to I pay dividends?
See above.
46) When ought to I hearth staff?
When you’ve got fewer than six months’ burn within the financial institution and also you aren’t getting revenues rising quick sufficient.
47) For what different causes ought to somebody hearth an worker?
- Once they gossip.
- Once they don’t over-deliver always.
- Once they ask for a increase as a result of they assume they’re making beneath trade normal.
- Once they speak badly a few consumer.
- Once they have an perspective.
48) When ought to I give a increase?
Hardly ever.
49) How large ought to the worker choice pool be?
15 to twenty %.
50) How a lot do advisers get?
One-fourth of 1 %. Advisers are ineffective. Don’t even have an advisory board.
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