THREE THINGS AN ENTREPRENEUR SHOULD KNOW ONCE THEY’VE DECIDED TO PURSUE THE STARTUP LIFE

You have a great idea, and you know you can turn it into a profitable one. But taking the step into startup land is a big deal, and there is a lot that separates the initial seed of your idea and your first sale. With that in mind, here are three tips for entrepreneurs looking to launch their first startup.

1. Get On the Same Page With Your Co-Founders

Co-founders can be key to your startup’s success. Not only do co-founders provide moral support, but they also allow you to build a small, trustworthy team with a diverse skill set. However, sometimes co-founders end up going their separate ways, or find out that they are not quite on the same page as they get further into the process.

It is crucial to have clear conversations in the early stages and an understanding of what will happen if a co-founder pulls out. In particular, it should be clear what will happen to their shares in the company (this is where a Shareholders Agreement comes in). Great communication from the get-go will help to ensure you do not end up in a messy, emotionally-charged situation down the track. Read more

James Harkness - Dynamic Business - 30 Apr 2018