I swear to God, (swearing for blasphemy sake, yet capitalizing God out of respect) that when you’re starting a business, and you want it to happen, and it’s your future and your drive, Do Not hold and hug it so close to your chest that you suffocate the dame thing. I want people to drill me on this concept. I want to be told that ownership is precious and it should be protected at all costs, because it’s not. You should get / take what you deserve, but honor the time and energy and future pay by letting others help you.
I want entrepreneurs to be so prolific that they could give a shit less about a few percent in ownership. Obviously you have the need for balance and majority control on many instances, but here is the thing that happened that has motivated me to write this post. If you want to raise money and start a business, one that you intend to run, grow and get rich from, why on earth would you prevent your network from helping you do so, faster.
Ex. Someone came to me who had started a super cool business 10 years back and sold it. Home run! Since then the new owners have run the business into the ground. I’ve been discussing with this guy for over a year now raising some dough from private investors and buying the business back. He’s the one who approached me saying he wanted to buy it back. His idea. I offered to help him raise the cash required the buy the entire business and made my request of ownership for doing so.
He did not find it to be a good deal, so we’ve decided to not work together on this. We’re on great terms still, as it’s just a business decision, and we’re both quite compartmentalized, which is a great thing to incorporate into your soul. (Don’t let shit bother you too much and ruin personal relationships.)
Moral of my little story here… If you have a goal, and you’ve been working on it for awhile, and you’re busy, and you want to get it going ASAP, and someone comes along and says they want 5% to get it going and off the ground, getting you the funding you need to do it, you should probably weigh out options, and likely take the deal and get going. What do you have to lose? You have your life ahead of you.