http://fundersandfounders.com/how-funding-works-splitting-equity/
Infographic: Splitting the pie with investors
Here's the link to a neat infographic, and thorough explanation, about how the pie gets split among all the founders, friends, family, and investors in a hypothetical startup:
http://fundersandfounders.com/how-funding-works-splitting-equity/
http://fundersandfounders.com/how-funding-works-splitting-equity/
A startup is like throwing yourself off a cliff...
LinkedIn cofounder Reid Hoffman says that starting a company is like "throwing yourself off a cliff and assembling an airplane on the way down." So he just told Bloomberg Television's Emily Chang.
Video here:
http://www.bloomberg.com/video/reid-hoffman-discusses-founding-linkedin-P6pT1HPQQaSQqcRZ7SPeZA.html
Video here:
http://www.bloomberg.com/video/reid-hoffman-discusses-founding-linkedin-P6pT1HPQQaSQqcRZ7SPeZA.html
I totally agree, but with one addition:
"... without the instructions!"
The Walk of Wisdom, Revisited
Last year I offered the opportunity to share some insights with aspiring entrepreneurs, no charge,* while walking some of the more interesting paths in Del Mar. Here's that post. The plan was to help others while I helped myself to some fresh air, sunshine, and exercise. I like Leverage, producing more results with less work.
Today a TED talk appeared in my email, less than 6 minutes, addressing this Walk and Talk idea. It's certainly not new. You may have read of Steve Jobs similar habit, and how he shared it with Mark Zuckerberg, and now Mark does this too.
The offer of a Walk and Talk still stands. Who's next?
(Wheelchair friendly routes available)
*this free offer is for new clients only
Here's the TED talk:
http://www.ted.com/talks/nilofer_merchant_got_a_meeting_take_a_walk.html
Today a TED talk appeared in my email, less than 6 minutes, addressing this Walk and Talk idea. It's certainly not new. You may have read of Steve Jobs similar habit, and how he shared it with Mark Zuckerberg, and now Mark does this too.
The offer of a Walk and Talk still stands. Who's next?
(Wheelchair friendly routes available)
*this free offer is for new clients only
Here's the TED talk:
http://www.ted.com/talks/nilofer_merchant_got_a_meeting_take_a_walk.html
Step One: What do you want?
"The indispensable first step to getting
the things you want out of life is this:
decide what you want."
the things you want out of life is this:
decide what you want."
Ben Stein
I do CEO coaching. I love it.
I wish I had a coach when I was dealing with all of the stress and challenges of the businesses I started over the years.
Being a CEO is a tough job not just because of all the responsibility involved but because you are so alone at the top of your pyramid. There's really no one you can talk with. Your wife/girlfriend can lend a sympathetic ear, but they are probably not qualified to give you advice based on a lifetime of experience going through what you are dealing with. You certainly can't discuss your fear, uncertainty, and doubt with the people in your company. They need you to be the strong, confident leader who always has a plan.
That's where I come in. Been there, done that. Made lots of mistakes, and that's where the real learning happens. We don't learn as much from our successes as from our mistakes. So that's a big part of my job is to help my Protégés plan to avoid the big, ugly mistakes.
But the biggest part of my job is to help with seeing the future clearly. Goal setting is probably the most important thing a CEO can do, not just goals for the business, but also personal goals. Unfortunately, almost nobody does it. In fact, it has been said that less than 1 in 30 people write their goals down. Of course, if a goal is not written down, then it has no power at all.
Occasionally, a CEO will hear about my coaching services and express an interest in starting up with me. I don't advertise at all. So anyone who comes to me is a referral, and that's the way I like to keep it. I'm not going for Global Domination, I don't do speaking engagements, book signings, or panel appearances. I prefer to work with a small number of highly motivated people, one-on-one. When I find that they are not sufficiently motivated, I let them know what they need to do to earn my continued attention, and if they don't, well, I stop working with them. This isn't a game with me. Life is too short to waste time.
After doing this sort of work for more than 10 years, I have learned a few things about CEO coaching and how to select the best prospects from the many who apply. The first and best indicator of how a person will do in the future is how they respond to the challenge of goal setting. Most people just don't do it, and that eliminates 97% of the pretenders. The ones who do take up the challenge show that they are serious, and depending on their goals, then maybe I can help them.
The book I recommend for learning how to set goals is Stephen Covey's First Things First. (click the link to check it out on Amazon.com) I like it because it is well written and complete, addressing the various roles we have as individuals as well as business leaders.
The first recommendation I now make to aspiring CEO coaching candidates is that they read this book, then write their goals and get committed to them. Do this, and you will automatically be well on your way to achieving the life you have imagined. Then we can talk!
The Art and Science of the Modern Marketer
The marketing profession is changing. The Mad Men-style era of marketing, which prized creativity above all, has evolved as technology provides new opportunities to track performance and create data-driven marketing campaigns. While many view this shift from creativity to data as a battle between two distinct and separate ideologies, the truth is that marketers can’t afford to pick sides.
The modern marketer needs to be multifaceted, with one foot planted in art and the other in science. The daily responsibilities of a marketer are not conveniently divided into quantitative and creative tasks and marketers that truly excel in today’s environment are those that can shift effortlessly between these two mindsets. Marketers need to become part artists and part scientist. We have put together the infographic below to help highlight the tremendous assets marketers can bring to the table if they are able to find a balance between the two.
See the infographic below, or at this link:
Motivation: What Science Knows vs. What Business Does
Dan Pink's TED talk highlights an extraordinary disconnect in what we know about Motivation and what we are doing. And what we do seems to be counterintuitive and counterproductive! Enjoy...
The link: http://www.ted.com/talks/dan_pink_on_motivation.html
Now that you're hooked, check out this playlist of 11 TED talks on the topic of "Work Smarter":
http://www.ted.com/playlists/60/work_smarter.html
The link: http://www.ted.com/talks/dan_pink_on_motivation.html
Now that you're hooked, check out this playlist of 11 TED talks on the topic of "Work Smarter":
http://www.ted.com/playlists/60/work_smarter.html
What makes us feel good about our work?
Innovative research shows how we react to different kinds of work, with insights into how we can improve the quality of work and our reactions to it.
Here is the link to this excellent TED talk video:
http://www.ted.com/talks/dan_ariely_what_makes_us_feel_good_about_our_work.html
Here is the link to this excellent TED talk video:
http://www.ted.com/talks/dan_ariely_what_makes_us_feel_good_about_our_work.html
-1+3.tiff)
The Ten Timeless Principles for Managing a Successful Business
The Ten Timeless Principles
for
Managing a Successful Business
for
Managing a Successful Business
I. Think Straight
Maintain a detached point of view.
Reduce stress with exercise, nutrition, breathing, meditation, and rest.
Think big, start small. Think, plan, do, repeat.
Reduce stress with exercise, nutrition, breathing, meditation, and rest.
Think big, start small. Think, plan, do, repeat.
II. Travel Light
Minimize the number of founders, investors, board members, and executives
to those who can agree on, and contribute to, the goals of the business.
Terminal conflict is likely when key people disagree.
to those who can agree on, and contribute to, the goals of the business.
Terminal conflict is likely when key people disagree.
III. The Customer is King
Define the business in terms of Who buys What, and Why.
Create incentives to attract the most profitable customers.
Remove the risk of buying. Make products and services easy to buy and use.
Create incentives to attract the most profitable customers.
Remove the risk of buying. Make products and services easy to buy and use.
IV. Write It Down
Execute the written Plan that shows Who does What, by When.
Unwritten intentions make communication uncertain, and execution unreliable.
Poor execution results in a poor payday. Do it, document it, delegate it.
Poor execution results in a poor payday. Do it, document it, delegate it.
V. Hire Experience
Recruit people with proven records of success at doing what needs to be done.
Hire in harmony with the culture and goals defined by The Plan.
Always be recruiting. Hire slow; fire fast.
Hire in harmony with the culture and goals defined by The Plan.
Always be recruiting. Hire slow; fire fast.
VI. Motivate
Reward superior performance.
Define the minimum level of success for each team member; pay more to get more.
Build systems for success. People don't fail, systems fail.
Define the minimum level of success for each team member; pay more to get more.
Build systems for success. People don't fail, systems fail.
VII. Conserve Energy
Concentrate resources on achieving two or three specific objectives at a time.
With limited resources, the winning strategy is a focused market Positioning.
Prioritize. Use Leverage. Work on the business, not in the business.
With limited resources, the winning strategy is a focused market Positioning.
Prioritize. Use Leverage. Work on the business, not in the business.
VIII. Let There Be Cash
Keep cash and credit available for the unexpected.
Survival is determined daily by the cash account, not the financial statement.
Sales solves all problems.
Survival is determined daily by the cash account, not the financial statement.
Sales solves all problems.
IX. Be Not Greedy
Expand methodically from a profitable base toward a balanced business.
With limited resources, sequential growth over time is the wise path to success.
Make managing a competitive advantage.
With limited resources, sequential growth over time is the wise path to success.
Make managing a competitive advantage.
X. Test
Improve continuously.
Measure and Learn from every action. Increase the speed of the Feedback Loop.
Do good now, make it better later.
Measure and Learn from every action. Increase the speed of the Feedback Loop.
Do good now, make it better later.
Word Cloud of The Ten Timeless Principles for Managing a Successful Business
The Ten Timeless Principles are a rewrite of
The Ten Commandments of Managing a Young, Growing Business,
which were originally published in 1983.
The Company Library
I'm helping a friend build his startup. This was one of my first priorities, sent in an email today:
Our new business brings together people who have not previously worked closely with each other, and therefore are not really talking the same language. Needless to say, it is essential for success to be as effective as possible in communicating not just among ourselves but also with the customers.
"The danger of communication is the illusion it has been achieved."
(GB Shaw)
The most effective way to establish this essential Lingua Franca is to build a "Company Library" of books that clearly define the nature of our company as well as our processes and policies.
We will continue to add books as we build our company but, to start, I recommend the following 3 books:
Click the links to buy on Amazon.com
It is strongly recommended that the principals of our company read, study, discuss, and adopt the principles in these books. This is a major priority. It is also strongly recommended that others in the organization as well as independent contractors and consultants do the same so that they know who we are, our priorities, and how we work. Of course all people who come into the company after this point are also strongly encouraged to read these books.
"Thank you for the opportunity to be of service."
:)
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