Are you thinking to start a business soon? Three things we recommend for your consideration
1) Minimize your initial capital to a basic necessity level.
Start up is a learning process. Since you will not know exactly what works and what doesn’t during the process, do not be extravagant in spending.
2) Minimize the number of people involved in the business
Having many people in the project makes it seem like the burden will be shared by many. But the reality is, it is a project management disaster. Only involve people whom you think can bring something to the table. Team selection should be your priority
3) Don’t give up too much share/equity
if you have to choose between employing people and giving part of your business to involve them, go with employing them 100 times. Do not give up your equity to people whom you can hire for a cheaper price at the start because you’ll loose a lot in the long term.
By: Gedi Yitbarek
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