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Starting a business entails understanding and dealing with many issues legal, financing, sales and marketing, intellectual property protection, liability protection, human resources, and more. But interest in entrepreneurship is at an all time high.Understand the Commitment and Challenges Involved in Starting a Business:· Coming up with a great and unique product or service· Having a strong plan and vision for the business· Having sufficient capital and cash flow· Finding great employees· Firing bad employees quickly in a way that doesn’t result in legal liability· Working more than you expected· Not getting discouraged by rejections from customers· Managing your time efficiently· Maintaining a reasonable work/life balance· Knowing when to pivot your strategy· Maintaining the stamina to keep going even when it’s toughProtect Your Personal Assets by Forming the Business as a Corporation or LLC:· Always use the corporate name· Always use proper signature· Follow all corporate formalities· Make sure to keep funds separate· Make sure to keep taxation separate· All transactions made by the corporation should be clearly separate from any individual transactions.Come Up With a Great Name for Your Business· Avoid hard-to-spell names.· Don’t pick a name that could be limiting as your business grows.· Conduct a thorough Internet search on a proposed name.· Get a “.com” domain name (as opposed to “.net” or another variant).· Conduct a thorough trademark search.· Make sure you and your employees will be happy saying the name.· Come up with five names you like and test market the name with prospective employees, partners, investors, and potential customers.Focus on Building a Great Product—But Don’t Take Forever to LaunchWhen starting out, your product or service has to be at least good if not great. It must be differentiated in some meaningful and important way from the offerings of your competition‎.Everything else follows from this key principle. Don’t drag your feet on getting your product out to market, since early customer feedback is one of the best ways to help improve your product.Of course, you want a “minimum viable product” (MVP) to begin with, but even that product should be good and differentiated from the competition.Build a Great Website for Your Company· Check out competitor sites.· Start by sketching out a template for your site.· Come up with five or six sites you can share with your web site developer to convey what you like.· Be sure the site is search engine optimized (and thus more likely to show up early on Google search results).· Produce high-quality original content.· Make sure your site is optimized for mobile devices.· Make sure the site loads quickly.· Keep it clean and simple; visual clutter will drive visitors away.· Make sure you have a Terms of Use Agreement and Privacy Policy (and comply with the European GDPR rules).· Make the navigation bars prominent.· Obtain and use a memorable “.com” domain name.· Make the site visually interesting.· Make sure it’s easy for site visitors to contact you or buy your product.Perfect Your Elevator Pitch· Start out strong.· Be positive and enthusiastic in your delivery.· Remember that practice makes perfect.· Keep it to 60 seconds in length.· Avoid using industry jargon.· Convey why your business is unique.· Pitch the problem you are solving.· Invite participation or interruption by the listener—this shows they are interested and engaged.Make the Deal Clear With Co-Founders· How is the equity split among the founders?· Is the percentage of ownership subject to vesting based on continued participation in the business?· What are the roles and responsibilities of the founders?· If one founder leaves, does the company or the other founder have the right to buy back that founder’s shares? At what price?· How much time commitment to the business is expected of each founder?· What salaries (if any) are the founders entitled to? How can that be changed?· How are key decisions and day-to-day decisions of the business to be made? (by majority vote, unanimous vote, or are certain decisions solely in the hands of the CEO?)· Under what circumstances can a founder be removed as an employee of the business? (usually, this would be a Board decision)· What assets or cash does each founder contribute or invest into the business?· How will a sale of the business be decided?· What happens if one founder isn’t living up to expectations under the founder agreement? How will it be resolved?· What is the overall goal and vision for the business?· If one founder wants to leave the business, does the company have the right to buy back his or her shares? At what price?Obtain a Tax IDIn most instances, you will need to get a tax ID from the IRS for your company. This is also known as an “Employer Identification Number” (EIN), and it’s similar to a Social Security number, but for businesses. Banks will ask for your EIN when you open a company bank account. You can get an EIN online through the IRS website.Set Up a Good Accounting and Bookkeeping SystemYou will need to set up a bookkeeping/accounting system to keep track of your finances, income, expenses, capital expenditures, EBITDA, profit and loss, etc. This is important in order to understand your business’s cash flow situation and also for tax-filing purposes.Perform a Comprehensive Reference Check Before You Hire an Employee· Verification of job titles and dates of employment· Verification of educational degrees and dates of attendance at schools· Verification of starting and ending salary· Verification of prior job role and responsibilities· Inquiry as to why the applicant left the prior employer· Conversations with prior supervisors as to the applicant’s strengths and weaknesses· Inquiry as to the applicant’s ability to get along well with other employees and customers· Inquiry as to the applicant’s ability to take on the new role· Inquiry as to punctuality or absenteeism issues· Reference checks with other people not listed by the applicant as a referenceUse a Good Form of Employee Offer Letter or Employment Agreement· The job title and role of the employee· Whether the job is full time or part time· When the job will commence· The salary, benefits, and any potential bonuses· Whether the position is “at will” employment, meaning either party is free to terminate the relationship at any time without penalty (although employers may not terminate employees for legally prohibited reasons, such as for age discrimination or retaliation from sexual harassment allegations, etc.)· Confirmation that the “at will” agreement may not be changed unless signed by an authorized officer of the company· Confirmation that the employee will need to sign a separate Confidentiality and Invention Assignment Agreement (described below)· If the company chooses, a statement that any disputes between the parties will be resolved solely and exclusively by confidential binding arbitration (also discussed below)· Any stock options to be granted to the employee and the terms of any vesting (details usually laid out in a separate Stock Option Agreement)· The supervisor to whom the employee will report· Protective language stating that the offer letter constitutes the entire agreement and understanding of the parties with respect to the employment relationship, and that there are no other agreements or benefits expected.Make Sure All Employees Sign a Confidentiality and Invention Assignment Agreement·The employee may not use or disclose any of the company’s confidential information for their own benefit or use, or for the benefit of others, without authorization.· The employee must promptly disclose to the company any inventions, ideas, discoveries, and work product related to the company’s business that they make during the period of employment.· The company is the owner of such inventions, ideas, discoveries, and work product, which the employee must assign to the company.· The employee’s employment with the company does not and will not breach any agreement or duty that the employee has with anyone else, nor may the employee disclose to the company or use on its behalf any confidential information belonging to others.· Upon termination of employment, the employee must return any and all confidential information and company property.· While employed, the employee will not compete with the company or perform any services for any competitor of the company.· The employee’s confidentiality and invention assignment obligations under the agreement will continue after termination of employment.· The agreement does not by itself represent any guarantee of continued employment.Consider the Steps You Should Take to Protect Your Intellectual Property· Patents· Copyrights· Trademarks· Service Marks· Trade Secrets· Confidentiality Agreements· Confidentiality Agreement for Employees and Consultants· Terms of Service and Privacy PolicyBecome a Strong SalespersonIf the business is to become successful, you must become a great salesperson. You are going to have to learn how to “sell” your business not only to customers but also to prospective investors and even to potential employees.Understand Financial Statements and Budgets· What are the company’s three-year projections?· What are the key assumptions underlying your projections?· How much equity and debt has the company raised, and what is the capitalization structure?· What future equity or debt financing will be necessary?· How much of a stock option pool is being set aside for employees?· When will the company get to profitability?· How much “burn” (losses) will occur until the company gets to profitability?· What are your unit economics?· What are the factors that limit faster growth?· What are the key metrics that the management team focuses on?Market Your Business Like Crazy· Learn the fundamentals of SEO (search engine optimization) so that people searching for your products and services online might find you near the top of search results.· Use social media to promote your business (LinkedIn, Facebook, Twitter, Pinterest, etc.).· Engage in content marketing by writing guest articles for relevant websites.· Issue press releases for any significant events.· Network continually.Use Consultants and Freelancers to Supplement Your TeamAt the early stages of your startup, you will likely want to have a small employee team to minimize expenses. A good way to fill in for specialized expertise is to use freelancers or consultants.That way, you avoid taking on employee costs and benefits payments. And there are a variety of sites that can help you access freelancers, such as Freelancer.com, Guru.com, and Upwork.com.Have a Great Investor Pitch DeckPitch Deck Do’s· Do include this wording at the bottom left of the pitch deck cover page: “Confidential and Proprietary. Copyright by [Name of Company]. [Year]. All Rights Reserved.”· Do convince the viewer of why the market opportunity is large.· Do include visually interesting graphics and images.· Do send the pitch deck in a PDF format to prospective investors in advance of a meeting. Don’t force the investor to get it from Google Docs, Dropbox, or some other online service, as you are just putting up a barrier to the investor actually reading it.· Do plan to have a demo of your product as part of the in-person presentation.· Do tell a compelling, memorable, and interesting story that shows your passion for the business.· Do show that you have more than just an idea, and that you have gotten early traction on developing the product, getting customers, or signing up partners.· Do have a soundbite for investors to remember you by.· Do use a consistent font size, color, and header title style throughout the slides.Pitch Deck Don’ts· Don’t make the pitch deck more than 15-20 slides long (investors have limited attention spans). If you feel you need to add more information, include it as an appendix.· Don’t have too many wordy slides.· Don’t provide excessive financial details, as that can be provided in a follow-up message.· Don’t try to cover everything in the pitch deck slides. Your in-person presentation will give you an opportunity to add and highlight key information.· Don’t use a lot of jargon or acronyms that the investor may not immediately understand.· Don’t underestimate or belittle the competition (and never say “we don’t have any competition”).· Don’t have your pitch deck look out of date. You don’t want a date on the cover page that is several months old (that is why I avoid putting a date on the cover page at all). And you don’t want information or metrics in the deck about your business that look stale or outdated.· Don’t have a poor layout, bad graphics, or a low-quality “look and feel.” Think about hiring a graphic designer to give your pitch desk a more professional look.Drive Traffic to Your Website· Pay Google, Bing, Yahoo, or other search engines to send you traffic (such as through the Google Adwords program).· Build a great site with lots of high-quality, original content that is search engine optimized.· Have a smart social media plan to drive traffic from Facebook, Twitter, LinkedIn, and other free social media sites.· Get links to your site from high-quality sites.Make Sure Someone Hasn’t Already Invented Your Great New Idea· Do a Google search on the keywords associated with your invention.· Do a search online of the U.S. Patent and Trademark Office at United States Patent and Trademark Office.· If nothing comes up and you want to get a patent for your idea, hire a patent lawyer.Don’t Go Overboard on a Business PlanIt’s useful to come up with a business plan to think through what you want to do for the development of the product or service, marketing, financial projections, and more. And you should then get input from trusted business and finance advisors. But don’t go overboard with a 50-page business plan.Secure Capital to Finance Your Business· Personal funds· Credit cards· Friends and family· Angel investors (see Angel Investing: 20 Things Entrepreneurs Should Know)· Crowdsourcing sites such as Crowdfund Innovations & Support Entrepreneurs and Kickstarter· Bank loans/SBA financings/online lenders· Venture capitalists· Equipment loan financingDetermine Which Permits, Licenses, or Registrations You Will Need for Your Business· Permits need for regulated businesses (aviation, agriculture, alcohol, etc.)· Sales tax license or permit· Home-based business permits· City and county business permits or licenses· Zoning permit· Seller’s permit· Health department permits (such as for a restaurant)· Federal and state tax/employer IDsSet Up Appropriate Books and Records for Your Business· Financial statements (P&L, balance sheet, cash flow)· Employee records· Board and stockholder minutes and consents· Stock and options ledger· Tax filings and records (federal, state & local income, sales and property taxes)· Secretary of State filings (Certificate of Incorporation, annual filings, etc.)· Invoices & contracts· Bank accounts· Creditor recordsProperly Insure Your StartupWhile shopping for insurance, you will want answers to these types of key questions:· What are the deductibles?· Are the coverage limits high enough?· What items or occurrences are excluded from coverage?· Are there any gaps in the coverage?Here is a list of the types of insurance that may be appropriate for your business:· General liability insurance· Product liability insurance· Professional liability insurance· Property insurance· Worker’s compensation insurance· D&O (directors & officers) insurance· Health insurance for employees· Business interruption insurance· Commercial auto insurance· Data breach/cybersecurity insurance· Key man life insuranceDetermine How to Divide Equity Among the Startup’s Co-Founders· The relative value of the contributions of the co-founders· Vesting dependent upon continued participation in the business (you don’t want to give away 25% of the company to someone who leaves after a few months)· The amount of time to be committed to the business· The cash compensation to be paid as an employee· Whether the co-founders will be contributing cash as an investment in the business· Whether one person wants to maintain control over decision-makingUnderstand These Key Points About Seeking Venture Capital Financing· Specific industry sectors (software, digital media, semiconductor, mobile, SaaS, biotech, mobile devices, etc.)· Stage of company (early-stage seed or Series A rounds, or later-stage rounds with companies that have achieved meaningful revenues and traction)· Company location (e.g., San Francisco/Silicon Valley, New York, etc.)Pay Attention to Your Business Contracts· Describe all obligations they are expected to fulfill.· Describe all obligations they expect the other party (or parties) to fulfill.· Limit any liabilities.· Set parameters, such as a time frame, in which the terms of the contract will be met.· Set terms of a sale, lease, or rental.· Establish payment terms.· Clearly establish all of the risks and responsibilities of the parties.The key contracts that a startup should have as its own form of “standard contract” include:· Sales or service agreement· License agreement· Offer letter to employees· Consulting agreement with any independent contractors (you want to make sure that you will own the intellectual property rights for anything they develop for your business)· Confidentiality and Invention Assignment Agreement for employees and independent contractors· Non-disclosure agreementIf You Plan to Lease Office Space for Your Business, Focus on These Key Issues· Length of lease term· Tenant improvements· Rent and rent escalations· Repairs, improvements, and replacements· Assignment and subletting· Try to avoid one-sided lease provisions.· Consider using a tenant brokerThoroughly Research Your Competition· Who are the company’s principal competitors?· What traction have those competitors obtained?· What gives your company the competitive advantage?· Compared to these other companies, how do you compete with respect to price, features, and performance?· What are the barriers to entry in your market?If You Are Seeking Angel Investing Financing, Know These Important Points· The quality, passion, commitment, and experience of the founders· The market opportunity being addressed and the potential for the company to grow to become very big· A clearly thought out business plan and early evidence of early business traction· Interesting intellectual property or technology· A reasonable valuation for the company· The likelihood of the company being able to raise additional financing in the future if progress is madeAngel investors will want to initially see the following from a startup:· A clearly articulated elevator pitch for the business· An executive summary or investor pitch deck· A prototype or working model of the company’s product or service· Early adopters, customers, or partnersThere are a variety of ways to find angel investors, including:· AngelList· Venture capitalists· Investment bankers· Lawyers· Accountants· Other entrepreneurs· Crowdfunding sites like Kickstarterand IndiegogoConsider Adopting a Stock Option Plan to Attract and Motivate Employees· XYZ, Inc., hires employee John Smith.· As part of his employment package, XYZ grants John the option to acquire 80,000 shares of XYZ’s common stock at 25 cents per share (the fair market value of a share of XYZ common stock at the time of grant).· The options are subject to a four-year vesting period with one-year cliff vesting, which means that John has to stay employed with XYZ for one year before he gets the right to exercise 20,000 of the options. The remaining 60,000 options then vest at the rate of 1/36 a month over the next 36 months of his employment.· If John leaves the company or is fired before the end of his first year, he doesn’t get any of the options.· After his options are “vested” (become exercisable), he has the option to buy the stock at 25 cents per share, even if the share value has gone up dramatically.· After four years of continued employment, all 80,000 of his option shares are vested.· XYZ becomes successful and goes public, and its stock trades at $20 per share.· John exercises his options and buys 80,000 shares for $20,000 (80,000 x 25 cents).· John turns around and sells all 80,000 of his shares for $1.6 million (80,000 x the $20 per share publicly traded price), making a huge profit of $1,580,000.Focus on Offering Exceptional Customer ServiceCompanies such as Zappos and Virgin America became hugely successful because they focused on providing excellent customer service and support. You want your early customers to give referrals and sing your praises to their friends and colleagues.Hire an Experienced Startup Attorney· Incorporate· Draw up contracts with any co-founders· Prepare key agreements for the business· Set up a stock option plan for employees· Guide you through potential HR landmines· Prepare protective offer letters to prospective employees· Help you negotiate terms with prospective investors· Limit your potential legal liabilities· Protect your ideas and inventions (through copyrights, patents, and non-disclosure agreements)Get Comfortable With Public SpeakingThe ability to communicate effectively can be critical to landing customers, inspiring employees, and pitching to investors to raise capital. Most people are not very good at public speaking and many are even afraid of it.You must strive to overcome this fear. Consider working with a public speaking or business coach to improve your public speaking skills.There was a ton of information in this article, so if you have any questions, just leave me a comment below, please do upvote, share and support.Thank you