3 tips to build a startup

Explore the full episode here

Transcript:

You don't need a penny up until about the 10 million in sales volume level, regardless of industry you don't need a penny.

Number two, never touch the savings. Never touch the savings for the business. The reason is because the business has to operate on its own two legs. Whether you're getting investors or whether you're not getting investors you don't touch the savings ever. You don't use that to fund the business.

The third thing is you have to set the standard that this is either going to become self-sustaining. Meaning that it's gonna be something that generates revenue can support itself from almost the very beginning. Or you're gonna go down the capital raise road, which I don't suggest, but it's gotta be one or two of those. It can't be a black hole research deal where you're there and gonna have to then draw on those savings after six months. You have to create a product, create a service in a timeframe within less than six months to generate revenue hard and fast revenue.