- Don't be nervous to share your idea
- Take market research with a grain of salt
- Research everything you can about good business processes
- Get seasoned legal advice
- Get a good accountant
- Get a great BoD
- Do not define your business in terms of your product - Does Nike identify itself as athletic equipment, basketball shoes, casual footwear, skate shoes, or lifestyle enhancers. A lifestyle enhancer can address each of those niches and serve them, whereas it would be hard for an all-cleats brand to try a new market.
Exit Strategies:
Class A
Run it until you die, give it to children (Kikkoman is on its 17th generation).
Run it until you die, sell it.
Class B
Grow it, sell it (know who you are growing it for).
Grow it, take it public.
Grow it super quick and bail. (Fads)
There is no such thing as an informal partnership. If you die, it is very possible that your informal partner formally ends up with EVERYTHING.
An S-Corp can't have foreign investors or passive income.
LLC is your best bet.
Do not do good business with bad people. Find good, honest, hard-working business partners.
The management of a company usually follows this path: you, a trustee manager, someone who can take it national and possibly go public.
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