The Ultimate Cheat Sheet For Starting And Running A Business
I found the following post on The Altucher Confidential a fascinating read. For those of you skipping down the start-up path….it’s worth a read, bookmark and a stick of C4. In total, there are 100 tips; here are the first five:
” No joke. This is going to be a bullet FAQ on starting a business. If you’re a lawyer, feel free to disagree with me so you can charge someone your BS fees to give the same advice. ”
1) C Corp or S Corp or LLC? C-Corp.
2) What state should you incorporate in? Delaware.
3) Should founders vest? Yes, over a period of four years. On any change of control the vesting speeds up.
4) Should you go for venture capital money? First build a product, then get a customer, then get friends and family money (or money from revenues which is cheapest of all) and then think about raising money, But only then. Don’t be an amateur.
5) Should you patent your idea? Get customers first. Patent later. Don’t talk to lawyers until the last possible moment.