Pertti Vuorela

Sep/13

18

100 FAQ to Succeed in Business by James Altucher

The Ultimate Cheat Sheet For Starting And Running A Business

by James Altucher http://www.quora.com/James-Altucher

“No joke. This is going be a bullet FAQ on starting a business. If  you’re a lawyer, feel free to disagree with me so you can charge someone  your BS fees to give the same advice.
If you can think of anything to add, please do so. I might be missing  things. If you want to argue with me, feel free. I might be wrong on any  of the items below.
There are many types of business. Depending on your business, some of  these won’t apply. All of these questions come from questions I’ve been  asked.
The rules are: I’m going to give no explanations. Just listen to me.”

http://jamesaltucher.quora.com/The-Ultimate-Cheat-Sheet-For-Starting-And-Running-A-Business

Some examples:

1. C Corp or S Corp or LLC? C-Corp.

3. Should founders vest? Yes, over a period of four years. On any change of control the vesting speeds up

4. Should you go for venture capital money? First build a product, then  get a customer, then get friends and family money (or money from  revenues which is cheapest of all) and then think about raising money,  But only then. Don’t be an amateur.

14. What if nobody seems to be buying your product? Then change to a service and do whatever anyone is willing to pay for.

18. How do you get new clients? The best new clients are old clients. Always offer new services.

24. I have lots of ideas. How do I pick the right one?  Do as many ideas possible. The right idea will pick you.

28. How long does it take to raise money? In a GREAT business, six months. In a mediocre business: infinity

63. Should I negotiate the best terms with a VC? No. Pick the VC you  like. Times are going to get tough at some point and you need to be able  to have a heart to heart with them.

72. My client called at 3am. Should I tell him to respect boundaries? No. You no longer have any boundaries.

96. Investors want to meet me and customers want to meet me. Who do I  meet if I need money? You should know the answer to that by now.

99. I can change the world with my technology. No you can’t.

100. If you’re so smart why aren’t you a billionaire? Because I sold my  businesses early, lost everything, started new businesses, sold them,  and got lucky every now and then.

You create your luck by being healthy and not regretting the past or being anxious about the future.

– – – –

 

Thanks to Ilkka Lavas finding these and putting them in Finnish business life:

http://www.city.fi/profiilit/lavas/blogi/taydellinen+lunttilappu+startupin+perustajalle+ja+firman+pyorittajalle/124345#!

 

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