Questions to ask when having a Startup Business
http://danieltenner.com/posts/0005-starting-up-with-a-friend.html
- What do we both mean by “the business is successful”?
- What do we both mean by “the business is not successful”?
- What happens if one of us needs to voluntarily pull out, for any reason?
- What happens if one of us cannot work on the business anymore, for involuntary reasons?
- What are the conditions under which we’d call the business a failure and pull the plug?
- What is plan B for each of us if we do pull the plug? Are we both prepared for that plan B?
- What do we expect of each other, both in terms of responsibilities and in terms of attitude and effort?
- What is and is not an expense? What is the maximum amount someone can spend on an expense without checking with the other? (from Sebastian Marshall)
- When and how will profits be distributed? How much will be reinvested? What will the reserves be? (from Sebastian Marshall)