How to find a cofounder for your Startup

How to find a cofounder for your Startup

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Fostering Business Solutions, Inc.

By Christopher Kogge

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A problem many startup founders face is finding a co-founder. Someone who will not only share the burden and workload but someone who can bring something to the table, someone whom you can trust and someone who shares the vision you have for your company. That is a tall order especially when you consider they will not see any returns for some time, if ever. Luckily, we have put together a few tips to helping you find your future partner in business.

Before starting your search, you must first look inward. How solid is your idea? Have you done any research? What aspects of the business are still unknown? How to you plan to finance, market, and grow? If you want a serious partner, you must be serious about your company.

Once you have taken the time to figure out the in’s and out’s of what you want to do, the next step is to start your search. Our first recommendation should be an obvious one, your personal/professional network. People who already know you and what you are capable of are going to be the easiest and most likely to stand along side you. Moreover, if they are not able to help you themselves, your network can still be powerful advocates to finding someone who can help. Talk to friends, family, past or current colleagues. Anyone you know could be the answer.

Let’s say you are like myself, I am a marketing guy, but I went to a business school that is known as more of an accounting school, my family all are healthcare professionals, and my childhood friends all went into finance or unrelated fields. What do you do then? If you have exhausted your connections, then it is time to step out of your comfort zone. Start looking into conventions and in-person events in your area for startups. Meeting people face to face will keep people from ignoring you and will let you convey your passion and energy. It is never easy going to things alone; we also suggest bringing one of your personal network friends to talk to and support you. Trust us, doing this will help tremendously.

Maybe you are not near any conventions, or they will not be happening anytime soon, what do you do in the meantime? You guessed it, the world wide web is the greatest invention of our time, use it! There are numerous communities and networks to meet people. Build relationships, expand your professional network. Maybe someone you talked with in your industry cannot do it, but he may know someone that can. Every person you connect with multiplies your reach. Always make sure you do your due diligence before agreeing to anything, but that being said, there are plenty of real people out there that could be the yin to your yang.

Now, if you have a groundbreaking idea or invention that you know will work, and you can prove it, you may be a little protective about advertising it for everyone to see. If this is the case we suggest finding a reputable V.C. (Venture Capitalist). They will have all the connections and resources you will need. Finding one can be a task on it is own, but don’t worry, just stay tuned for my next article where I will discuss How to find a V.C.

Take this information and make it happen, entrepreneurs. You have the map now it is time do the work. This is your idea’s first test, now is the time to prove it can be more than just an idea. Hard work pays off; I wish you luck. Remember FBS here to help please don’t hesitate in reaching out in the comments or via email. Goodluck!

 

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Why do businesses incorporate in Delaware or Nevada?

Why do businesses incorporate in Delaware or Nevada?
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Most do not know that incorporating your business can have different implications depending on where you do it. You can strategically incorporate in different states to take advantage of various state rules. Delaware and Nevada seem to be everyone’s favorites, but why?

 

Delaware

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It is usually best for large businesses to incorporate here as they are more flexible with them. The state:

  • The business law here is the most flexible in the country, and the Court of Chancery (focusing on the business law) is governed by Judges, not juries. This flexibility can be beneficial in most cases.
  • Delaware does not have state corporate income tax or personal income tax for non-residents.
  • Does not require shareholders, directors and officers to be Delaware residents.
  • Shareholders outside Delaware do not owe the state any taxes.
  • The state DOES, however, have substantial franchise taxes.

These are just a few of the benefits of incorporating in Delaware.

 

Nevada

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Nevada started to compete with Delaware with their strategies.

  • Protects against hostile takeovers.
  • Has no corporate income tax, franchise tax or personal income tax.
  • Does not require shareholders, directors and officers to be Nevada residents.

 

Fees between the two differ and these are only a few of the differences between the two. Always consult your lawyers and/or accountants when incorporating your business.

 

SOURCES:http://www.bizfilings.com/learn/incorporate-delaware-nevada.aspx
https://www.rocketlawyer.com/article/incorporating-in-delaware-or-nevada-whats-the-best-option-for-my-business.rl

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10 Quotes to Inspire Dreamers

10 Quotes to Inspire Dreamers
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Being a professional in any field these days can be stressful. It is easy to be swallowed up by other people’s negativity, which is why I find it necessary, as cheesy as it may be, to keep motivated. I love reading inspirational quotes by unique people, who have accomplished great things in their lives. Whether you are an entrepreneur trying to make it in the world on your first or 30th business or if you are a business professional working in the corporate world, it is critical to stay positive to move forward. Here are some of my favorite quotes and what they mean to me.

Do not bother just to be better than your contemporaries or predecessors. Try to be better than yourself. – William Faulkner.

William Faulkner was an American writer and Nobel Prize winner. I like this quote because it means that you have to keep trying to be better. I will never be content with where I am. I will always try to be a better version of myself, this is how I will continuously grow.

Anyone who lives within their means suffers from a lack of imagination. – Oscar Wilde

Oscar Wilde was an Irish playwright, novelist, essayist, and poet. This quote is vital to the entrepreneur as it tells you to be imaginative. It is similar to the quote above in that it tells you not to be content in who you are.

Whenever you find yourself on the side of the majority, it is time to pause and reflect. – Mark Twain

Mark Twain was an American author and humorist. Twain challenges you to question your motives and understand why you make the decisions that you do. Do not blindly follow the crowd. Make sure your choices are right for you.

I am an old man and have known a great many troubles, but most never happened. – Mark Twain

Another quote by the great Mark Twain. Many of us live in constant fear of minuscule things. To me, I always felt like the first step was the hardest. You question yourself at every corner. What if this happens, this won’t let it happen, etc. Don’t let your fears stop you from becoming the person your potential will allow you to be.

What we fear is usually what we most need to do. – Timothy Ferriss

Tim Ferris is an American author, entrepreneur, angel investor and public speaker. Here is another quote about fear. Procrastination is a killer. The sooner you get your work done I promise you that you will feel better. Pushing something off will put weight on your shoulder that you do not need.

In the end, it’s not the years in your life that count, it’s the life in your years. – Abraham Lincoln

Abraham Lincoln as 99% of you know is the 16th president of the United States of America. You only have one life so don’t let your fears hold you back. If you want to do something, do it. If you want to start a business, try it. If you want to talk to that girl/guy, go for it. I ask myself one very dramatic question when I am making big (or even small and scary) decisions. Will I regret this on my deathbed? If the answer is yes, I am going to do it.

There is only one way to avoid criticism: do nothing, say nothing and be nothing. – Aristotle

Aristotle was a Greek philosopher and scientist. I love this. If you are afraid of what everyone else thinks of you, you will get nothing done. The innovators of this world did things that others thought was impossible. They won’t understand you and they will discourage you. Don’t let them get to you. Block out the haters.

All men dream, but not equally. Those who dream by night in the dusty recesses of their minds, wake in the day to find that it was vanity; but the dreamers of the day are dangerous men, for they may act on their dreams with open eyes, to make them possible. – T. E. Lawrence

Thomas Edward Lawrence was a British archaeologist, military officer, and diplomat. Everyone dreams but entrepreneurs make their dreams a reality.

I have promises to keep and many miles to go before I sleep. – Robert Frost

Robert Frost was an American poet. This quote is important for an entrepreneur, but also those in managerial roles. Promises are important. When you start a business people working for/with you are relying on you. I know that is a scary thought, but being in a leadership role means that you need to be responsible. Remember, a man/woman is only as good as his/her word.

Never argue with an idiot. They will only bring you down to their level and beat you with experience. – George Carlin

George Carlin was an American stand-up comedian, social critic, actor, and author. I wanted to end this off on a lighter note. I know this is hard, and sometimes even I cannot resist, but try not to argue with a tool. There are times you can win someone over and there are times you cannot change the mind of someone stubborn. Pick your battles and refrain from stooping low.

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The Mythical Unicorn

The Mythical Unicorn
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“Unicorns” in the startup universe refers to those companies which hold value in the billions. The top Unicorns are currently Uber ($51B), Xiaomi ($46B), Airbnb ($25.5B) and Palantir Technologies ($20B). If you have been paying attention to the startup world, you would have noticed fear of a Startup Bubble. The idea is that these Unicorns, with their valuations in the billions, are unprofitable. Some of which barely generate revenue at all. This approach resulted in the devaluation of some startups. Flipkart saw its value drop from $15B to $11B, Dropbox went from $10B to $4.9B, Snapchat from $16B to $12B, etc. So where does this leave us? Are these valuation made up?

Maybe some, but not for all.

Companies such as Uber, Airbnb, and Palantir generate significant amounts of revenue. They are likely to be close to their current valuations. Then if you add their assets to the equation, it makes it even more realistic. Palantir has been purchasing significant amounts of property on the West Coast. As well as generating close to $1B a year.

Other companies I would be cautious about include, Snapchat, and Dropbox. Maybe devaluing those companies wasn’t such a bad idea. These companies generate less revenue than their unicorn counterparts. What is the market price of information these days?

What do you think? Is this bubble going to burst? 2000px-Visible_Green_Unicorn.svg

http://www.fool.com/investing/general/2016/04/27/technology-investors-worth-following.aspx

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