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The Key Secrets to Entreprenurial Success

The Key Secrets to Entreprenurial Success. David N. Feldman, Esq., Partner Richardson & Patel LLP Venture Association of New Jersey July 16, 2013 Marriott Hanover. Topics. Are You an Entrepreneur? Focus While Working on New Ideas Getting a Life Employee Management 101

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The Key Secrets to Entreprenurial Success

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  1. The Key Secrets to Entreprenurial Success David N. Feldman, Esq., Partner Richardson & Patel LLP Venture Association of New Jersey July 16, 2013 Marriott Hanover

  2. Topics • Are 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 Failure

  3. 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 life

  4. Focus While Working on New Ideas • The 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 sucker

  5. Getting a Life • The 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 off

  6. Employee Management 101 • Making 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 equity

  7. Finding the Right Business Partner • Do 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 partners

  8. Financing Your Business • Financing 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/PIPE

  9. 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 over

  10. Battling Boredom • Causes: too much growth, too much delegation • Prevention/treatment: • Sell, leave or shut down • Check your personality • Re-engage

  11. Most Common Causes of Entrepreneurial Failure • Undercapitalization • Bad partner choices • Burnout or loss of focus

  12. Questions? David N. Feldman, Esq. Richardson & Patel LLP The Chrysler Building 405 Lexington Ave., 49th Floor New York, NY 10174 dfeldman@richardsonpatel.com www.richardsonpatel.com www.DavidFeldmanBlog.com

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