In the overwhelming energy and motivation at the beginning of creating a startup, sometimes combined with the lack of experience, it is common to overlook some important steps for the project.
This AngelBlog post shares a list of some of these steps that I find particularly relevant.
This checklist includes very practical points (like selecting December 31 as the accounting year end) to essential alignment items between founders (compensation, equity, exit and so on).
One of the things that convinced me to select this checklist is the fact that it so frequently mentions alignment between founders. In particular, the fact that they need to agree on an exit strategy early on.
I totally agree with the author on the importance of this alignment, which needs to be reviewed and worked on very regularly in the relationship between the founders.
A great list that I would recommend to any founder, regardless of seniority.
This post is dedicated to a team of promising young entrepreneurs who asked me recently if they could all just “put some money in a bank account” to launch their startup. I wanted to say 'yes' because I know how much other work they have to do to build a successful company. But instead I had to warn them that there were several essential elements of their corporate structure they had to get right now to maximize their probability of success. This question comes up frequently, so I started this list to help other entrepreneurs ensure they don't miss one of the essential structural components.