Some interesting links we found across the web this week:
Who the Hell is Running My
Startup?
Entrepreneurs are known for their passion and drive. They believe
in their idea and will do whatever they can to turn that idea into
a successful business. However, this does not necessarily mean that
all entrepreneurs know the best way to organize and manage their
new startups. This article by Medium explains the basics
of building the right executive team and board of directors to
effectively run and oversee the new business. It highlights what
type of people should be on that executive team and when the best
time to organize the board of directors may be. The article also
discusses the important roles of advisors and mentors that can
always step in and help too. A business starts with an idea, but it
becomes successful when it has the right leadership behind it.
5 Ways Contracts are an Entrepreneur's
Best Friend
Some entrepreneurs shy away from lengthy, negotiated contracts as
they believe most of the language is boilerplate and will never be
fully read anyway. This Entrepreneur article highlights
the many benefits of putting deals and agreements into writing,
such as providing certainty in professional relationships and
obligations or considering the consequences of unforeseen events.
When you are trying to focus on your daily business activities, it
can be nice to know that there's a piece of paper that has the
unasked or unusual questions already resolved.
Understand Your Venture Capital Term
Sheet!
When the time comes to raise money for your startup, you want to be
prepared to understand what your potential investors are offering.
Read this Medium article to understand some of the common
key terms of an initial term sheet to know what you are really
getting out of your new financing.
The Founder's
Commitment
Dedicating yourself to your startup can be extremely challenging,
but also extremely rewarding. The ups and downs of that commitment
may sometimes force you to rethink your role as the founder of the
company, which one of the founders of Soundcloud has done. This
article by AVC highlights Eric Wahlforss' commitment
to Soundcloud for the past 11 years and how his recent reflections
have led him to step down to an advisory role. It is very important
for founders to remain committed to their role through the chaos of
building a company, but it is equally important for those same
founders to take moments to step back and determine what is best
for them individually. Stepping down can be difficult, but it never
discredits the years of dedication and hard work that the founder
put into his or her company.
Tongue Twisters for Tech
Startups
Disrupting a market as a new, exciting tech startup can be great,
but it also brings many challenges. Check out this article in
The New Yorker for some humorous tongue twisters
for those wanting to get a glimpse into what it's really like
starting a tech company. For those who have already ventured to do
so, hopefully these twisters can provide a quick laugh into some of
the daily woes of running a business.
Links compiled by Jenny Moore.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.