LEGAL OFFICE HOURS with Verified Lawyers – LIVE RIGHT NOW on our Discord

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If you have any questions about the legalities of your startup, this is your chance to get some support from verified lawyers.

If this submission is still up, Office Hours are still in session. GET OVER THERE!

submitted by /u/GaryARefuge
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Startups – Rapid Growth and Innovation is in Our Very Nature!

What’s the right team task management / planning tool for us?

Hi All,

We need a team management tool that will grow with us. There is currently 4 of us.

Well use it for

  • Weekly planning
  • Team task management
  • Creating our marketing plan
  • Creating product roadmap

I like to use Kanban for task management. We’ve been using Trello up to this point and it’s been working ok.

We’re currently looking at Asana, Monday and Trello.

Thoughts?

submitted by /u/jturner1234
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Startups – Rapid Growth and Innovation is in Our Very Nature!

6 Ways To Calibrate Your Fit To The Right New Venture

right-new-ventureBeing an entrepreneur seems to be one of the most popular lifestyle aspirations these days. According to most definitions, anyone who starts a business is an entrepreneur, but most people don’t realize there are many startup types out there, and picking the wrong one can be just as disastrous as being stuck in a cubicle at work, or doing things with no interest and no skills.

In my view, this mismatch of motivation to your business model is the primary reason that 90 percent of startups ultimately fail, and a shockingly high 80 percent of employees are dissatisfied at work. Thus it behooves every entrepreneur to pick the startup model that best matches their real motivation. Here are six considerations to get you started on the right startup:

  1. Invented a solution to a painful existing problem. You have proven that you can create an innovative product, but creating a business is a whole new challenge. The old adage of “if we build it, they will come” doesn’t work anymore. Every business needs marketing, distribution, a positive revenue model and intellectual property to survive. You won’t be a successful and happy entrepreneur if you aren’t motivated to build a business.
  1. Aspire to be in control of your own domain. There are many business types that don’t assume any new invention or service, such as franchising, multi-level marketing (MLM) or freelancing. These do require business management and execution skills, as well as the discipline to manage yourself. Just don’t look for an investor to fund your efforts here, since investors will likely be tougher bosses than corporate managers.
  1. Looking for a path to dramatically increase your income. This is a tough one, since most of the overnight startup successes I know took six years or more. Franchises and consulting businesses have an earlier and higher success rate, but typically have a lower return. With new products and services, you can hit the jackpot, but many struggle or fail.
  1. Trying to fulfill family or peer expectations. Don’t try to be an entrepreneur just to prove something to a loved one, friend or sibling. There are no business types that work well here, except maybe an existing family business that is already successful. If you must proceed, at least pick something you love, or a social cause to benefit society.
  1. Seeking a new career challenge to follow an existing success. If you have a comfortable position from a previous success, and are not looking to retire, a great business is to share your expertise and experience through consulting. Another great learning opportunity and win-win deal is to co-founder a new high-tech startup team.
  1. Fulfill your legacy and responsibility to society. Environmental startups and non-profit businesses are just as challenging as the next disruptive technology startup, and just as likely to change the world. Leaving a personal legacy is a great motivator to switch to entrepreneurial work, if you have that passion and determination.

No matter which of the entrepreneur business models you choose, don’t expect the work to be easier than a corporate job. In fact, most successful entrepreneurs would argue just the opposite. Success in any entrepreneur role requires a serious commitment, determination and learning from setbacks. Switching business models is not usually a shortcut to success and happiness.

I often recommend to aspiring entrepreneurs that they first take a job with another startup in the same realm as the one they envision to get some practical insight into the challenges, make contacts and learn more about their own motivations. Then take the big step of starting your own business, with fewer surprises, some good connections and likely more accumulated savings.

Overall, it is important to remember that happiness breeds success more often than success breeds happiness. Every aspiring entrepreneur should play to their strengths and interests, rather than listen to all the well-meaning advice you will hear from friends and experts. The exciting part about being an entrepreneur is that you can tailor the role to match your real motivations.

Marty Zwilling

Startup Professionals Musings

Office Hours on our Discord – LIVE RIGHT NOW – All Things Fundraising

Currently taking place on the /r/startups Discord: https://discord.gg/XzB7m8DeWu

January 15 – Friday

  • 1:30pm PST / 4:30pm EST – All Things Fundraising with Mungo#4197 (Andrew)

submitted by /u/GaryARefuge
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Startups – Rapid Growth and Innovation is in Our Very Nature!

Advice on determining the right compensation for pre-seed startup employee

Im a recent graduate working on my OPT in US. I landed a job with an early stage startup and they gave an amazing position for a starter like me (head of AI). However, they are pre-seed and I'm just getting paid minimum salary. They specified in my offer letter that once they raise capital, they'll give me market salary and stock options though no figures were mentioned. They have an annual revenue of around a quarter of a million dollars so far and according to what they have told me, majority of this goes into operations cost and none of the founders are drawing salaries. I think I'm the first and only salaried employee in the firm (and I guess that kinda shows that they value me too). Work from home makes it extra difficult to connect with other people in the firm to get any more details. But given the structure of the company and my position as tech head, I believe what they're saying. Anyhow, the thing is I'm gonna develop some major IP for them, which is atleast foundational to them if not generally innovative in the field. So I'd like to have my assurances before I put in that kinda work. It's been only 3 months so far. 2 things – a) I'd like to up my salary coz I really can't make ends meet with this b) I'd like to have the figures locked in and have appropriate compensation for the stuff I'm developing. Can anyone please advise me on how should I proceed? Can I ask them to give me a revised offer letter with figures now and an equity document? What are my best options? What are the terms I should know, research, lookout for in the offer doc and negotiate with them? Can I claim any royalty rights to the IP? Is it fine if I ask for more pay? Not exorbitant but liveable. Please note I don't have any work experience and I'm extremely nooby with this stuff. And this is kind of a make or break scenario for me when it comes to staying in the US. So kind members, please help me out. I'm researching on my own, but if you could help me with the best practices, I'd really appreciate it.

submitted by /u/Far-Technician-1771
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Startups – Rapid Growth and Innovation is in Our Very Nature!

Legal Office Hours are RUNING RIGHT NOW on our Discord

Jump on to our Discord right now!

Come ask your legal questions to our mentors that are verified lawyers.

Currently taking place on the /r/startups Discord: https://discord.gg/XzB7m8DeWu

This thread will be removed once the Office Hours have concluded.

submitted by /u/GaryARefuge
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Startups – Rapid Growth and Innovation is in Our Very Nature!