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Most people start their first company while they still have a day job. It makes sense: You don’t need loans. You don’t need funding. And if you “fail,” all you’ve lost is time.
But you’ve also placed yourself in a hazardous – potentially legally ambiguous – situation. If managed improperly, you’re unnecessarily risking lawsuits and worse.
Entrepreneurs can benefit from seeking to be paired for a fee with a mentor who provides guidance and support, says the author, who pursued such a formal mentorship upon the founding of her second venture. With new skills to learn in an operating company as opposed to her previous professional-services concern, this entrepreneur reports developing company-building tactics as well as respect for mentoring itself.
First-time CEOs may find it daunting to establish their first board of directors. This topic expert details a four-step process to building boards that can help growth companies thrive.
Adaptation to change is a top priority for the founder of a fast-growing company that provides information-management solutions for home-care agencies. Leadership sets the standards for performance. But the bottom line is the bottom line, especially in tighter capital markets. The best way to foster endurance is to build value by satisfying your paying customers.
Nancy Richards could have taken an easier route with her business, but instead chooses to help small, talented companies get established by creating partnerships with them.
Joan and Stephen Carter's small company gives back to entrepreneurship in a big way through the Junior Achievement program.
Jeff Smith's trip to Honduras has evolved into a model that encourages aspiring entrepreneurs and helps struggling communities in the process. Smith received the Kauffman Community Award in honor of his accomplishments at a special presentation at the 2006 EO Chicago University.
Founder Bob Beyster describes his highly successful approach to recruiting, retaining, and rewarding top performers--a culture of employee ownership. This is a core strategy for growing SAIC, an entrepreneurial, employee-owned, high-technology corporation.
Entrepreneurs hoping to preserve wealth may want to avoid selling big stakes in their businesses to raise capital. The founder of a major mutual-funds company built his net worth by selling preferred, rather than common, stock.
Developing an environment in your company that rewards hard work and wins employee loyalty always helps to foster success. That culture may be crucial when your business has to confront a crisis.
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