Create strong foundations for your startup.

Without strong foundations, your company has a low chance to be successful. It’s difficult to make changes later on, and your decisions at the very beginning of the existence of the company are extremely important.

Instructions

  1. Choose your business partners really wisely.
    You must know the person very well, and your goals must be aligned with theirs.
  2. Give shares to all key people in the company.
    Not everyone must have shares. For example, your attorney or accountant doesn’t have to, but it’s better to build a company on strong foundations, where everyone is cooperating strongly.
  3. Your team should work all together, full time, and in one location.
    Having remote workers or workers that work only part-time may lead to instability in the company. Such a company does not have strong foundations.
  4. The CEO shouldn’t earn too much money.
    A good CEO should work to increase the value of the company, not to keep the status quo. If the CEO earns too much, then he will do everything to keep that position (even at the cost of the company).
  5. Your board should ideally have 3 people, and no more than 5.
    Having bigger boards might be very ineffective. The smaller the board, the more effective the company is.
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