Stress Grows More Success and Productivity

Advice for Entrepreneurs from Laura Berg

1. When you do business with a friend, always have a contract!

She learned this one the hard way, as she discusses in todays podcast. You may think youll be best friends forever, but things can change. Better to be prepared.

2. If you are offering a share of the business or sales instead of cash, cap it.

When you are desperate to get help from an unaffordable programmer or other pro, offering them a share of future earnings seems like a great solution. But do you really want to be tied to them forever? Offer them a generous cap in exchange for the risk, but at some point you want to stop being in debt to them.

3. Dragons Den is great for exposure and brand-building.

She was offered a deal on Dragons Den, but, like the folks from Rent Frock Repeat (interviewed in our 3rd episode), it fell apart after the show. Nevertheless Laura feels she learned a lot from the experience, and the exposure helped her land a book deal with a US-based publisher. No regrets!

Would you go on Dragons Den with your business idea?

Sure theres a chance of a deal, but theres also a good chance theyll squish you and make you look stupid. (Fortunately, Arlenes there to prevent them from getting toooo nasty!) What do you think would you go on with your idea? Share your thoughts below.

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