Then understand the trade-offs associated with that goal. Begin by articulating your primary motivation for starting a business. So, you must choose between money and power. But that means fewer financial resources to fuel your venture. To remain in charge of your business, you have to keep more equity. That means attracting investors-which requires relinquishing control as you give away equity and as investors alter your board’s membership. If you don’t figure out which matters most to you, you could end up being neither rich nor in control.Ĭonsider: To make a lot of money from a new venture, you need financial resources to capitalize on the opportunities before you. But Wasserman reveals that it’s tough to do both. Most entrepreneurs want to make pots of money and run the show. Conversely, founders who understand that their goal is to amass wealth will not view themselves as failures when they step down from the top job. Founders who want to manage empires will not believe they are successes if they lose control, even if they end up rich. Such founders will often bring in new CEOs themselves and be more likely to work with their boards to develop new, post-succession roles for themselves.Ĭhoosing between money and power allows entrepreneurs to come to grips with what success means to them. Entrepreneurs who focus on wealth, such as Jim Triandiflou, who founded Ockham Technologies, can make the leap sooner because they won’t mind taking money from investors or depending on executives to manage their ventures. They may also want to wait until late in their careers, after they have developed broader management skills, before setting up shop. This fundamental tension requires founders to make “rich” versus “king” trade-offs to maximize either their wealth or their control over the company.įounders seeking to remain in control (as John Gabbert of the furniture retailer Room & Board has done) would do well to restrict themselves to businesses where large amounts of capital aren’t required and where they already have the skills and contacts they need. More often than not, however, those superior returns come from replacing the founder with a professional CEO more experienced with the needs of a growing company. The author’s studies indicate that a founder who gives up more equity to attract cofounders, new hires, and investors builds a more valuable company than one who parts with less equity. But new research from Harvard Business School professor Wasserman shows that those goals are largely incompatible. Our templates are a versatile way to get the look you want, fast-or you can design from scratch with our easy drag-and-drop tools.Īnd you can bring the whole team on board! Our infographic maker is designed for collaboration.Why do people start businesses? For the money and the chance to control their own companies, certainly. Whether you’re creating your infographic for a presentation, marketing materials, or a school assignment, Canva’s infographic creator has you covered. To create a team simply add the email address of your friends, family, classmates, or colleagues and start designing in no time. Play with colors, add graphics, leave comments, and resolve suggestions all within the Canva editor. With Canva you can create a team and collaborate on your infographic design in real-time. Some of the best design ideas come when we work together. Got some spectacular graphics of your own? Upload them in seconds and add them to your infographic. Our library has over 2 million photos, icons and illustrations, with thousands of free images and premium images at a very competitive price. Put the ‘graphic’ into infographicsĬanva is jam-packed with all of the images you need to turn dry facts into stunning graphics. With customizable colors and various styles including bar charts, line graphs and stylish pie charts, you can forget about old-school graphs-these charts are a work of art. With Canva’s Charts tool, you can add all the hard data you like, and keep the eye-catching look of your infographic.
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