1 / 13

The Key Secrets to Entreprenurial Success

The Key Secrets to Entreprenurial Success. David N. Feldman, Esq., Partner Richardson & Patel LLP Venture Association of New Jersey July 16, 2013 Marriott Hanover. Topics. Are You an Entrepreneur? Focus While Working on New Ideas Getting a Life Employee Management 101

urbano
Download Presentation

The Key Secrets to Entreprenurial Success

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript


  1. The Key Secrets to Entreprenurial Success David N. Feldman, Esq., Partner Richardson & Patel LLP Venture Association of New Jersey July 16, 2013 Marriott Hanover

  2. Topics • Are You an Entrepreneur? • Focus While Working on New Ideas • Getting a Life • Employee Management 101 • Finding the Right Business Partner(s) • Financing Your Business • Watch out for Burnout! • Battling Boredom • Most Common Causes of Entrepreneurial Failure

  3. Are You an Entrepreneur? • Big dreamer • Natural leader and decision maker • Obsessive passion and drive • Macromanager • Rational optimist • Healthy fear of failure • Little fear of risk • Controlling but not freakish • Disciplined personal and business life

  4. Focus While Working on New Ideas • The complementary business • The new idea relieving boredom • The new idea after grooming top deputies • The new opportunity following financial success • The new opportunity as a hedge • When the new thing is bigger • Sell that sucker

  5. Getting a Life • The downside of workaholism • Working smart: time shift, delegate, work from home, work hard/play hard, more vacation • “Me” time: breaks on business trips, get off your butt, turn it off

  6. Employee Management 101 • Making a priority of finding the right people • Looking inward and building a family • Female entrepreneur hiring issues • Retaining great employees – giving loyalty, structuring compensation right, looking at equity

  7. Finding the Right Business Partner • Do you want to fly solo? • Different types of partners: • Founding partners (best friends, couples, family) • Investor partners (issues re veto powers, setting valuation, how much involvement) • Rainmaking partners (whether equity is needed, options vs. stock grants, phantom equity) • Worker bee partners

  8. Financing Your Business • Financing Market Drivers- the economy/stock market, industry trends, politics and regulatory environment • Six Methods of Financing: • Bootstrap • Government Financing • Bank Financing • Friends & Family • Angel, Venture Capital & Private Equity • IPO/PIPE

  9. Watch out for Burnout! • Causes: spousal/family pressure, unexpected business pressures, surprising success • Prevention: adjust the plan, take a break, rely more on others • Treatment: sell the business, shut it down, hand it over

  10. Battling Boredom • Causes: too much growth, too much delegation • Prevention/treatment: • Sell, leave or shut down • Check your personality • Re-engage

  11. Most Common Causes of Entrepreneurial Failure • Undercapitalization • Bad partner choices • Burnout or loss of focus

  12. Questions? David N. Feldman, Esq. Richardson & Patel LLP The Chrysler Building 405 Lexington Ave., 49th Floor New York, NY 10174 dfeldman@richardsonpatel.com www.richardsonpatel.com www.DavidFeldmanBlog.com

More Related