The 7 Secret Keys to Startup Success: What You Need to Know to Win

The 7 Secret Keys to Startup Success: What You Need to Know to Win

by David J. Muchow
The 7 Secret Keys to Startup Success: What You Need to Know to Win

The 7 Secret Keys to Startup Success: What You Need to Know to Win

by David J. Muchow

Hardcover

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Overview

Finally, a new kind of business startup bookpacked full of  practical advice plus essential  legal information you really need but don’t get in business school or anywhere else!

The 7 Secret Keys to Startup Success is the one book every entrepreneur should have. David J. Muchow, an award-winning, thirty-year serial entrepreneur and lawyer, gives you practical legal and business advice covering every aspect of entrepreneurship—and it’s fun to read! It includes all the basics of building and growing a business—management, fundraising, marketing, intellectual property, and risk management—plus much more, like how to avoid the hidden mistakes that cause “Startup Suicide” and kill 80 percent of startups in the first year. There are also model legal forms and charts along with fun-to-read stories and examples.
 
Muchow, who teaches law, business, and entrepreneurship at Georgetown University, has advised hundreds of businesses on how to succeed. The book reveals key mistakes that can kill businesses. For example, blogging about your new products can prevent getting a patent. And giving away too much equity and picking the wrong partners can be fatal. At the macro level, the book describes why the US should create a National Ecosystem to Support Startups (NESS) to increase our competitiveness, which could take startups from a concept to commercialization in just ninety days and speed up the patent process.

This unique guide, which focuses on both the business and legal aspects of startups, is a must-have for every aspiring entrepreneur, small business owner, startup incubator, student, and for business and law schools.
  
In The7 Secret Keys to Startup Success, you will learn:
  • How to cut legal expenses and manage lawyers
  • How to fire employees and partners without getting sued
  • Patent, trademark and copyright strategies and tricks
  • How to raise money without SEC problems
  • How to avoid the financial “Valley of Death”
  • What “to do” but also “what not to do" to avoid “startup suicide.”
Business books can be fun! Enjoy the many business stories, such as how Ivanka Trump was sued for trademark infringement over her Hettie Sandal design and Oprah Winfrey’s battle to protect her intellectual property for O Magazine. At the end of each chapter are examples, inspired by Muchow’s years as a foreign agent and federal prosecutor, which demonstrate the principles in that chapter. They’re told by Professor Scooter Magee, the Startup Expert, as he helps startups prevent Startup Suicide and achieve success while fighting the CIA and others. Think Professor Indiana Jones in Raiders of the Lost Ark meets Bar Rescue or Silicon Valley! Enjoy Scooter’s adventures while learning the critical real-life startup legal and business lessons that can help you be successful.
 
In short, The 7 Secret Keys to Startup Success is a new kind of startup book—it’s like having both an expert attorney and a consultant by your side every step of the way on your startup’s journey to success—while enjoying the ride!

Product Details

ISBN-13: 9781510770645
Publisher: Skyhorse
Publication date: 09/27/2022
Pages: 368
Product dimensions: 6.00(w) x 9.00(h) x 1.30(d)

About the Author

David J. Muchow is a thirty-year business expert, serial entrepreneur, corporate lawyer, and inventor who has advised hundreds of business. He teaches Law, Business, and Entrepreneurship at Georgetown, turns ideas into publicly traded companies, is a former DOJ prosecutor, and served at the NSC, OMB, and on Capitol Hill.

Read an Excerpt

TABLE OF CONTENTS

Acknowledgments
Foreword
Preface
About the Author
List of Characters
 
1. PLAN FOR SUCCESS
Your Basic Startup Plan: Step-by-Step
Find Partners For Early Funding
Select an Experienced Lawyer to Avoid Razor Blades in the Soup
Build a Solid Core Team
Select the Right Business Entity and State for Registration
Get Your Company’s Paperwork in Order
Use Non-Disclosure (NDA) and Non-Compete Agreements
Protect Your Intellectual Property
Create Personnel and Offering Documents
Hire an Accountant and Minimize Tax Surprises
Select the Best Ways to Compensate Employees
Create a Board of Directors/Board of Advisors
Do Extensive Market Research—Define What “It” Is
Design a Simple Prototype, a Minimum Viable Product (MVP), and Field Test It
Examples of the Failure to Plan: Fire, Ready, Aim at the Cowboy Café
 
2. MANAGE YOUR STARTUP’S RISKS
Big Risks in Sheep’s Clothing
What is Risk Management?
Identify the Risk
Evaluate the Risk
Control the Risk
Monitor, Rinse, and Repeat
Some of the Most Common Startup Mistakes: “Piercing the Corporate Veil” and More
Examples of Risks: Cold Fingers Gelato at The TOMBS
 
3. LOCK UP YOUR INTELLECTUAL PROPERTY
Intellectual Property and Ivanka Trump’s Lawsuit
The Four Basic Types of Intellectual Property (IP)
Why IP Matters
Trade Secrets
Copyright and Fair Use—Charlie Chaplin’s One Minute Result
Trademarks—Oprah’s O Magazine Win
Patents—How Blogging Can Kill Your Patent Chances
Business Issues and Strategies—The Patent Mine Field Strategy
Contracting With the Government
Examples of Intellectual Property Challenges: “I Lost my Intellectual Property and Can’t Get Up!”
 
4. BE SMARTER ABOUT PERSONNEL MANAGEMENT
Partnership Agreements and Issues
Hiring
Prohibited Employment Practices and Equal Employment Opportunity Commission (EEOC) Compliance—Avoiding Violations
Employment Agreements and Compensation
The “Employment at Will Doctrine”
Terminating Employees and Others without Getting Sued
Employee Handbook
Examples of Employment Issues and Solutions: Do-si-do or Let ’em Go!
 
 5. HOW TO SHAKE THE MONEY TREELEGALLY
“Honey, the SEC’s Calling About Your Stock Offering.”
How Much Money Do You Need?
Funding Sources: Self-Funding, Angels, Crowdfunding, and More
The Funding Cycle
Making the Investment Pitch: Teasers, Slide Deck, and Business Plan
Valuing Your Company and Return on Investment (ROI)
Get Inside the Investor’s Head
Investment Evaluator
Legal Requirements for Offerings: SEC, Blue Sky Laws, and Jobs Act
Good Money, Spider Web Money™, and Fishhook Money™
Examples of Funding Strategies in Confidential Transactions and How Criminals Launder Their
Money
 
6. THE SMARTER ROAD TO MARKETINGAND SALES
The Difference Between Marketing and Sales—Lessons from a Head of Lettuce
What Makes a Good Product or Service?
Customer Discovery—Listen, Don’t Talk
Test, Test, Test
Consider Filing a Patent Application
Marketing and Sales Strategy
What Are you Selling—A Product, Service, or Both?
Publicity
Sales Programs, Advertising, and Tactics
Avoiding Legal Liability
Product and Service Promotions
Government Sales—Don’t Give Your Rights Away!
Examples of Marketing Legal Issues
 
 7. USE “MANAGEMENT ZEN” TO REDUCESTARTUP CHAOS
Managing Yourself—Life Balance amid Startup Chaos
Being an Entrepreneur—The Good, Bad, and the Ugly
Management Zen™
Managing with Minimum Smart Management™ (MSM)
The Five Core Startup Activities
Leadership
Managing Lawyers—Getting High Quality Services at Reasonable Prices
“Methics”™—Management Ethics
Examples of Using Management Zen to Reduce Startup Chaos
 
CONCLUSION: CALL TO ACTION FOR A NATIONALECO-SYSTEM TO SUPPORT STARTUPS (NESS)
The Problem: Thousands of Silos
The Startup Grand Canyon
Three Steps to Bake the Startup Cake
 
Appendices
Notes
Index

Table of Contents

Acknowledgments xi

Foreword xiii

Preface xvii

About the Author xix

List of Characters xxi

1 Plan for Success 1

Your Basic Startup Plan: Step-by-Step 3

Find Partners For Early Funding 6

Select an Experienced Lawyer to Avoid Razor Blades in the Soup 8

Build a Solid Core Team 8

Select the Right Business Entity and State for Registration 10

Get Your Company's Paperwork in Order 16

Use Non-Disclosure (NDA) and Non-Compete Agreements 20

Protect Your Intellectual Property 21

Create Personnel and Offering Documents 22

Hire an Accountant and Minimize Tax Surprises 23

Select the Best Ways to Compensate Employees 26

Create a Board of Directors/Board of Advisors 27

Do Extensive Market Research-Define What "It" Is 29

Design a Simple Prototype, a Minimum Viable Product (MVP), and Field Test It 31

Examples of the Failure to Plan: Fire, Ready, Aim at the Cowboy Cafe 33

2 Manage Your Startup's Risks 41

Big Risks in Sheep's Clothing 41

What is Risk Management? 43

Identify the Risk 44

Evaluate the Risk 44

Control the Risk 44

Monitor, Rinse, and Repeat 49

Some of the Most Common Startup Mistakes: "Piercing the Corporate Veil" and More 49

Examples of Risks: Cold Fingers Gelato at The TOMBS 55

3 Lock Up Your Intellectual Property 71

Intellectual Property and Ivanka Trump's Lawsuit 72

The Four Basic Types of Intellectual Property (IP) 74

Why IP Matters 75

Trade Secrets 78

Copyright and Fair Use-Charlie Chaplin's One Minute Result 79

Trademarks-Oprah's O Magazine Win 82

Patents-How Blogging Can Kill Your Patent Chances 85

Business Issues and Strategies-The Patent Mine Field Strategy 87

Contracting With the Government 94

Examples of Intellectual Property Challenges: "I Lost my Intellectual Property and Can't Get Up!" 95

4 Be Smarter about Personnel Management 111

Partnership Agreements and Issues 112

Hiring 115

Prohibited Employment Practices and Equal Employment Opportunity Commission (EEOC) Compliance-Avoiding Violations 119

Employment Agreements and Compensation 121

The "Employment at Will Doctrine" 124

Terminating Employees and Others without Getting Sued 124

Employee Handbook 125

Examples of Employment Issues and Solutions: Do-si-do or Let 'em Go! 126

5 How to Shake the Money Tree-Legally

"Honey, the SEC's Calling About Your Stock Offering." 145

How Much Money Do You Need? 146

Funding Sources: Self-Funding, Angels, Crowdfunding, and More 151

The Funding Cycle 161

Making the Investment Pitch: Teasers, Slide Deck, and Business Plan 162

Valuing Your Company and Return on Investment (ROI) 167

Get Inside the Investor's Head 170

Investment Evaluator 170

Legal Requirements for Offerings: SEC, Blue Sky Laws, and Jobs Act 174

Good Money, Spider Web Money™, and Fishhook Money™ 176

Examples of Funding Strategies in Confidential Transactions and How Criminals Launder Their Money 181

6 The Smarter Road to Marketing and Sales 195

The Difference Between Marketing and Sales-Lessons from a Head of Lettuce 196

What Makes a Good Product or Service? 198

Customer Discovery-Listen, Don't Talk 198

Test, Test, Test 200

Consider Filing a Patent Application 202

Marketing and Sales Strategy 204

What Are you Selling-A Product, Service, or Both? 205

Publicity 206

Sales Programs, Advertising, and Tactics 208

Avoiding Legal Liability 214

Product and Service Promotions 216

Government Sales-Don't Give Your Rights Away! 216

Examples of Marketing Legal Issues 222

7 Use "Management Zen" to Reduce Startup Chaos 229

Managing Yourself-Life Balance amid Startup Chaos 229

Being an Entrepreneur-The Good, Bad, and the Ugly 230

Management Zen™ 234

Managing with Minimum Smart Management™ (MSM) 236

The Five Core Startup Activities 236

Leadership 243

Managing Lawyers-Getting High Quality Services at Reasonable Prices 245

"Methics"™-Management Ethics 248

Examples of Using Management Zen to Reduce Startup Chaos 249

Conclusion: Call to Action for a National Eco-System to Support Startups (Ness) 253

The Problem: Thousands of Silos 253

The Startup Grand Canyon 253

Three Steps to Bake the Startup Cake 254

Appendices 259

Notes 301

Index 315

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