Entreprenurial Success David N Feldman Esq Partner Richardson amp Patel LLP Venture Association of New Jersey July 16 2013 Marriott Hanover Topics Are You an Entrepreneur Focus While Working on New Ideas ID: 479803
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The Key Secrets to Entreprenurial Success
David N. Feldman, Esq., Partner
Richardson & Patel LLP
Venture Association of New Jersey
July 16, 2013
Marriott HanoverSlide2
TopicsAre You an Entrepreneur?
Focus While Working on New Ideas
Getting a Life
Employee Management 101
Finding the Right Business Partner(s)
Financing Your Business
Watch out for Burnout!
Battling Boredom
Most Common Causes of Entrepreneurial FailureSlide3
Are You an Entrepreneur?Big dreamer
Natural leader and decision maker
Obsessive passion and drive
Macromanager
Rational optimist
Healthy fear of failure
Little fear of risk
Controlling but not freakish
Disciplined personal and business lifeSlide4
Focus While Working on New IdeasThe complementary business
The new idea relieving boredom
The new idea after grooming top deputies
The new opportunity following financial success
The new opportunity as a hedge
When the new thing is bigger
Sell that suckerSlide5
Getting a LifeThe downside of
workaholism
Working smart: time shift, delegate, work from home, work hard/play hard, more vacation
“Me” time: breaks on business trips, get off your butt, turn it offSlide6
Employee Management 101Making a priority of finding the right people
Looking inward and building a family
Female entrepreneur hiring issues
Retaining great employees – giving loyalty, structuring compensation right, looking at equitySlide7
Finding the Right Business PartnerDo you want to fly solo?Different types of partners:
Founding partners (best friends, couples, family)
Investor partners (issues re veto powers, setting valuation, how much involvement)
Rainmaking partners (whether equity is needed, options vs. stock grants, phantom equity)
Worker bee partnersSlide8
Financing Your BusinessFinancing Market Drivers- the economy/stock market, industry trends, politics and regulatory environment
Six Methods of Financing:
Bootstrap
Government Financing
Bank Financing
Friends & Family
Angel, Venture Capital & Private Equity
IPO/PIPESlide9
Watch out for Burnout!Causes: spousal/family pressure, unexpected business pressures, surprising success
Prevention: adjust the plan, take a break, rely more on others
Treatment: sell the business, shut it down, hand it overSlide10
Battling BoredomCauses: too much growth, too much delegationPrevention/treatment:
Sell, leave or shut down
Check your personality
Re-engageSlide11
Most Common Causes of Entrepreneurial FailureUndercapitalization
Bad partner choices
Burnout or loss of focusSlide12Slide13
Questions?David N. Feldman, Esq.
Richardson & Patel LLP
The Chrysler Building
405 Lexington Ave., 49
th
Floor
New York, NY 10174
dfeldman@richardsonpatel.com
www.richardsonpatel.com
www.DavidFeldmanBlog.com