12) What are the signs of a master?
- From bullshit product to services to product to SaaS product. (Conclusion: The reverse is the novice hour.)
- Reducing costs every day.
- Selling every day, every minute.
- If you have a billion in income, stay focused. If you have no income, you stay focused and come up with new ideas every day.
- Saying “no” to people who seem defeated.
- Saying “yes” to any meeting at all is a clear winner.
- Being able to distinguish between winners and losers (which is the subject of every other post, but in your gut, you know – trust me).
13) What should be the CEO’s salary?
Do not exceed 2x your minimum wage if you are not making a profit. This is even assuming you are sponsored. If you are unsponsored, your income must be zero until your income can cover your last salary.
Important rule: CEO salary is the final cost of every business.
14) When should I sleep with work?
If you love him and the feeling is mutual.
15) Should I worry about the news or the economy?
Not at all. The best businesses are started in terrible economies.
16) What happened to all my friends?
You don’t have friends anymore.
17) Should I spin this unrelated idea into a separate business?
No. Do one business big. Throw everything in it. Enable DBAs to identify different views.
18) I made a mistake. Should I tell the client?
Yes. He told him everything that happened. You are his partner. Not the guy who hides things and lies about them.
19) Charge me less. What should I do about it?
Nothing. Charge the next client more.
20) I have a lot of traffic but no income. What should I do?
Sell your business. There is only one Google. (Yes, there are two or three Googles: Facebook, Twitter, etc., but none of them.)
21) I have been in business for six years, and my business does not seem to be growing. Until it goes slowly. What should I do?
Come up with 10 ideas a day about new services your business can offer. Try to get a customer with each new service.
I know there is one business in this situation that refuses to do this because their VCs say they are too focused. You will go out of business otherwise.
22) How do I market my app?
Friends and word of mouth.
23) Do I listen to the capitalists?
Yes, of course. They gave you money. But don’t do anything they ask you to do.
24) Should I care about margins?
No. Concerned with income.
25) When should I hire people full time?
If you have income.
26) C Corp or S Corp or LLC?
C-Corp if you want to take on investors or sell to another company.
27) What condition should I enter?
Delaware.
28) Do founders have to dress up?
Yes, in four years. In any change of control, sales are fast.
29) Should I copyright my idea?
Get customers first. Patent later. Don’t talk to lawyers until the last minute.
30) Should I require venture capitalists to sign NDAs?
No. No one will steal your vision.
31) Do I have to have a technology developer if I don’t have technology?
No. If you don’t have another technology innovator, you can always outsource technology and not give up equity.
32) Do I have to trade equity to get services?
No. You get what you pay for.
33) Should I build a product?
It is possible. But first see if, in practice, your product works. Then think about offering it as a service. Then generate the resources that are used the most. Too many people do this backwards and fail.
34) How much dilution is too much dilution?
If someone wants to give you money, take it. The old saying, “100 percent of something is no more than one percent of something” is true.
35) What if no one buys my product?
Then switch to service and do whatever anyone is willing to pay for using the skills you developed while building your product.
36) If the client wants me to hire his friend or doesn’t want to give me business (eg as dowry) what should I do?
Always do the right thing: Hire a friend and get a client’s business.
37) What should I do if a customer declines a B2B transaction?
Stay in touch once a month. Never get angry.
38) In a B2C business?
Release immediately. Add new features every week.
39) What if my client asks me to do something that is not in my business plan?
Do it, or find someone who can, even if it’s a competition.
40) Should I talk bad about a partner or employee even though it’s bad?
Never whisper. Be direct with the accuser.
41) I have many ideas. How can I choose the right one?
Make as many ideas as you can. The right idea will choose you.
42) Should I get an office?
No, unless you have an income.
43) Should I do market research?
Yes. Find one customer who will DEFINITELY – without hesitation – buy a service from you. Note that I’m not saying buy your product, because your first product is always not what the customer wants.
44) Do I have to pay taxes?
No. You should always reinvest your money and operate at a loss.
45) Do I have to pay dividends?
See above.
46) When should I fire employees?
If you have less than six months in the bank and can’t get the money growing fast enough.
47) What are some reasons to fire an employee?
- When they whisper.
- When they don’t always over deliver.
- If they ask for a raise because they think they are performing below the industry standard.
- When they talk bad about a client.
- When they have an attitude.
48) When should I raise money?
It’s rare.
49) How large should an employee’s option pool be?
15 to 20 percent.
50) How much do consultants earn?
One quarter of 1 percent. Counselors are worthless. You don’t even have an advisory board.