Top Tips: Entrepreneurship

top-tips-entrepreneurship

[[p]]Starting a new venture is exciting, but it also comes with hidden pitfalls.&nbsp;[[/p]]

[[p]]In this short excerpt from his recent conversation on the [[a href="https://digitalmarketinginstitute.com/resources/podcasts/podcast-121-practical-entrepreneurship-for-marketers-faisal" target="_blank"]]DMI podcast[[/a]], Faisal Laljee shares insights on co-founders, marketing budgets, and fundraising decisions.&nbsp;[[/p]]

[[ol]]
	[[li]][[strong]]Create an entrepreneurial prenup:[[/strong]]&nbsp;Getting into business with your co-founder(s) is like entering a marriage. A discussion early on about expectations, such as work hours, travel, family priorities, and speed of execution can prevent conflict down the line.[[/li]]
	[[li]][[strong]]Double your marketing budget:[[/strong]] Founders often underestimate customer acquisition costs. Doubling your marketing budget will better position you to handle unforeseen expenses (and help you sleep better at night). However, if doing so makes your business model unprofitable, that&rsquo;s a red flag about the model itself.[[/li]]
	[[li]][[strong]]Be strategic with fundraising:[[/strong]] Not all money is good money. Carefully consider fundraising options by bootstrapping and raising from friends/family over VCs when possible to avoid unfavorable terms, which can reduce founder control and flexibility.[[/li]]
[[/ol]]

[[p]]Whether you&rsquo;re a first-time founder or an entrepreneurial veteran, these tips will help you set yourself, and your business, up for success.[[/p]]

Digital Leadership - Developing a Leadership Mind-set - 001 SP5-08-571

Top Tips: Entrepreneurship

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