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]]

Budgeting and Building an Effective Digital Team - Coaching - 001 SP5-07-537

sp5-10537-kwh4t

Digital Leadership - The Difference between Managing and Leading - 001 SP5-08-570

sp5-10570-izzzm

Digital Marketing Strategy for Business Performance - Role of the Project Manager - 001 SP5-10-701

sp5-10701-n4cro

Budgeting and Building an Effective Digital Team - Managing Performance - 001 SP5-07-536

sp5-10536-e4ucd

Top Tips: Entrepreneurship

Related Free Video Lessons

Recomended For You