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Choose your startup business partner wisely

(BUSINESS ENTREPRENEUR) Creating a startup business with a friend sounds amazing, but consider carefully if you may be better off as friends.

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Young couple working on startup together.

So, you want to be your own boss? Maybe get out and into a new career to crawl out from under the corporate drone motif? What better way to do it than to go into a startup business for yourself?

Hundreds of Americans have ideas that could turn into a new career. But not as many have the support structure, either financial or social, to make these dreams become a reality. A few of these people might look for someone to go into business with to help with the financial burden.

Can you think of a better way to start off a new business than with your best friend by your side? I sure as hell can.

My best friend and I get along great in our personal time. We’re both zombie horror nerds. He’s straight, I’m gay. He’s a cop, I’m an out of work geophysicist/bartender/writer – the jokes don’t quit with us. Our typical nights together include drinking at bars and smacking the other one upside the head as deemed necessary. We’re both slightly better than Neanderthals some days. And most importantly, neither of us should be trusted to work together.

Now of course that’s probably more specific to my situation, but let’s just realize that finding two people who can be the closest of friends and business partners is pretty rare.

There are a few people who have figured it out though and you can find a number of pointers online for new/established startup companies. A few of these tips include: Lots of structure to try and keep the fun at home and the business in the office, clearly defining roles, honest open communication, and strictly defining fiscal expectations.

So basically, it’s like committing to another marriage, which is what another set of people do for their startup business as well. Numerous married couples have put together careers and their relationships, and a great many of them are very successful.

So, if you have someone who you can commit to another potentially lifelong relationship with, and you trust to follow all of these rules, then go for it.

Robert Raney is a geoscientist whose been writing and painting for years to get his creative fix in. While working on his thesis in theoretical planetary physics he was also creating fantastical worlds on paper for fun. He's an at home Texan Houstonite who currently works slinging drinks at a local LGBTQ+ bar in the gayborhood, when not fielding oil & gas jobs that have taken him around the world.

Business Entrepreneur

Should you use use confidentiality clauses in your severance agreements?

(BUSINESS) Confidentiality clauses and NDAs have long been tied to severance agreements – but is that notion becoming outdated?

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severance agreement

Severance agreements and their ilk have long included confidentiality clauses, often comprising an exhaustive list of actions former employees may not take should they desire to keep the benefits listed in the agreement. Carey & Associates P.C.’s Mark Carey breaks down the knowledge you’ll need to successfully incorporate a severance agreement – including a stern warning about the future of confidentiality clauses.

There is a long list of things you’ll need when curating a severance agreement, but we’ll start with Carey’s honey-do-nots.

Carey’s primary recommendation is avoiding a non-compete clause where, previously, there wasn’t one.

“As employment lawyers, we see this tactic used every day, but you do not,” he says.

This is because most employment lawyers will advise that a non-compete agreement is largely unenforceable, which sets a poor precedent for an otherwise airtight document.

Carey even recommends against reviewing prior non-compete clauses for the same reason.

He also eschews what he calls the “21 days to sign – or else” philosophy, and he advises that employers should loop themselves into the non-disparagement clause so that employees cannot be blacklisted – something he refers to as “a very real phenomenon.”

What a severance agreement should include is a non-admission provision, a payment provision, a release of all claims to cover any feasible scenarios regarding employee disclosure, a challenge to agreement, a “no other amounts are due” section to release the employer from future responsibility, and a mandate to return any company property. This is a truckload of information, so you’ll want an employment lawyer to help you through the process.

But what Carey warns against is the future of confidentiality agreements, or NDAs. While these provisions have long accounted for employee silence in the face of abusive or corrupt employers, Carey posits that, one day, “confidentiality provisions in employee severance agreements will be banned as a matter of statute and public policy.”

This assertion comes in the wake of the #MeToo movement and the uncovering of the manner in which powerful people were using NDAs to buy silence from the people who suffered under their direction. Carey points out that it’s a non-partisan issue; corruption isn’t aligned with one specific political party, and the option to come forward with allegations of misconduct is a courtesy that should be afforded to all.

Whether or not confidentiality agreements are ethical is a moot point, and Carey does recommend continuing to use them when necessary – but, sooner or later, one can safely assume that the landscape of severance agreements will change, arguably for the better.

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Business Entrepreneur

Here’s why you shouldn’t start that startup

(BUSINESS ENTREPRENEUR) Building your own startup and being your own boss sounds tempting, but be sure you make these considerations before starting out.

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Man at a whiteboard outlining his startup plan.

2020, a year for our generation that will most likely be marked in infamy for decades to come. 2021 hasn’t been easier, but there at least appears to be a light at the end of the tunnel for many. A lot of people, myself included, are looking for different options for new careers. Maybe it’s time to place some faith in those back-burner dreams that no one ever really thought would come to fruition. But there are some things about creating a new startup business that we should all really keep in mind.

While you can find any number of lists to help you to get things going, here’s a short list that makes beginning a new business venture a monumental effort:

  • You need to have a unique idea with an impeccable execution. Ideas are a dime a dozen. But even the goods ones need the right business-minded person behind it to get things going for them.
  • Time, time, and more time. To get a startup to a point where it is sustainable and giving you back something that is worthwhile, takes years. Each of those years will take many decisions that you can only hope will pan out. There is no quick cash except for a lottery and you have to be extra lucky for those to get you anything. This whole idea will take years of your life away and it may end in failure no matter what you do.
  • You have to have the stamina. Most data will show you that startups fail 90% of the time. The majority of those are because people gave up on the idea. You have to push and keep pushing or you’ll never get there yourself. Losing determination is the death of any business venture.
  • Risk is a lifestyle. To get anywhere in life you have to risk something. Starting a business is all about risking your time and maybe your money to get a new life set up. If you can’t take risks for the future then you can’t move up in the business world.
  • Bad timing and/or a bad market. If you don’t have a sense for the market around you, which takes time and experience (or a lot of luck), you won’t make it. A keen business sense is absolutely necessary for you to succeed in a startup. Take some time and truly analyze yourself and your idea before trying something.
  • Adaptability is also a necessity. The business world can be changed at the drop of a hat, with absolutely no warning. Rolling with the punches is something you have to do or every little change is going to emotionally take a toll on you.
  • Lastly, not all of this depends upon your actions. If you start something that relies on investors, you’re likely going to get told “no” so many times that you’ll feel like it’s on repeat. Not everything is dependent upon your beliefs and whims. You need to be able to adjust to this and get people to see things from your point of view as well. But ultimately, it’s not all about you, it’s also about them.

These are just a few ways that starting a startup could stress you out. So, while the future could be bright, stay cautious and think twice before making any life changing decisions.

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Business Entrepreneur

6 entrepreneurial tools to keep startup productivity high

(ENTREPRENEUR NEWS) Whether you’re a small business or startup, improving efficiency means more money and less stress. Here are six tools to help do just that!

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A desktop and laptop on a desk, multitasking in a startup environment.

Truly great entrepreneurs are also well organized and know which tools will help them see their startup ideas to fruition.

That can be key for getting a startup business off the ground. Good ideas and a strong entrepreneurial spirit aren’t always enough on their own. Sometimes you need the right mix of technology and tools to keep the more mundane and tedious tasks from bogging down your efforts.

Here are six tools almost any entrepreneur can use to help keep productivity high when starting a new business:

Lawtrades: For legal help

For most entrepreneurs, it’s not the most exciting thing in the world, but making sure you have your legal ducks in a row is important for any startup. Lawtrades helps with that while trying to keep costs down — music to the ears of any startup business owner.

The service is a legal marketplace of sorts designed specifically for startups and entrepreneurs. It connects business owners with legal professionals that it claims don’t charge “bloated law firm hourly rates.”

Lawtrades offers a number of services, including business formation, employment and labor, contracts and agreements and intellectual property.

Do: For productive meetings

Anyone who has started a business knows that it doesn’t happen without a multitude of meetings. Do is a service that can help make your meetings productive so you can waste as little time as possible.

The app allows you to plan and share an agenda to make sure everyone is on the same page. Other features include the ability to track accountability by showing you which points and/or tasks have been covered.

1Password: For easy password management

Starting a new business likely means starting and managing lots of online accounts. The 1Password app from AgileBits helps you save time by remembering passwords and other information for you.

The app helps you generate strong and unique passwords for your many accounts, and secures them behind one safe password known only by you. The app doesn’t only work for passwords — it can also help remember other information such as credit card numbers, safe combinations or street addresses.

Kanbanize: For product development

If your startup involves a specific product or set of products, Kanbanize helps you develop them with your team without bogging down the process. The software allows you to post and share boards that include product information and progress, and you can choose which people see which information.

For example, if you want to update investors on the status of your product development, you can share certain boards with stakeholders and no one else.

Evernote: For organization

There are many applications available that aim to help team productivity, but Evernote is one of the best.

The software allows you to collaborate with your team all within one workplace, keeping projects and other work together. You can also give feedback on ideas and share notes while syncing the data across computers and phones.

There are many other features as well, including in-app chat functionality and integration with Google Drive.

TaskHusky: For web development

Almost any new business will want some sort of business, but a staff of web designers and developers isn’t always an option for startups. That’s where TaskHusky comes in.

TaskHusky is an on-demand service for small businesses that need help with one-off tasks with the Shopify, Bigcommerce or WordPress platforms. The company has a simple three-step process: You create a task and pre-pay, a TaskHusky team member is assigned the task and gets to work and the task is completed and is sent back for your approval.

The takeaway:

Smart entrepreneurs understand they can’t get everything done on their own when it comes to starting a new business. These six tools may not be everything you need to launch and maintain a startup, but they will go a long way to helping you keep productivity at a high level.

#productivity

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