Funding and Building your Business

Depending on the stage of development and type of business, there are different ways of compensating your board. Some companies are more comfortable offering equity, while others are in the position to offer only cash or some other form of stipend.

"The biggest challenge is ensuring that as we leaders live and breathe the culture of the organization that we want to create," said another respondent. "If you are really doing this, it shows new recruits and those you want to retain."

You should have ready answers to these three questions

Cash flow is the lifeblood of any business, and it’s imperative that you understand the inflows and outflows accordingly.

The worst thing an inventor can do, he said, is send a letter to a company or person simply asking them to take a look at the product.

Information for entrepreneurs, focuses on creating new products, raising money, and building a successful startup. The advice stops there, and everyone lives happily ever after. Guess again.

"A headache is real. If I’ve got a headache and you’ve got an aspirin, that’s an easy sale," Churchwell said. "If you’re selling vitamins, they might be good for me, but it’s a much tougher sale."

Tanner did what many new business owners do – he cashed out his savings and dipped into credit cards. Putting money aside for his own future just wasn’t part of the equation.

Keep in mind that regardless of where you incorporate, you may still have to comply with laws of the state that you reside in.

This group of angel investors did a fabulous job covering what is involved in obtaining angel and venture capital funding, and what you absolutely need to be able to answer.