The Final Word

Closing thoughts from Internet entrepreneurs.

Don’t forget you’re building a business with people, and it’s important to supply them with the tools they need to get their job done. I’m talking basics here — an office, working phones, filing cabinets, etc. The reality is, taking the time to hire the right people and creating a solid work environment are just as important as signing your first partnership.
Bob Davidorf, co-founder and CFO.

The first thing to do is hire recruiters and office staff. The natural instinct of any entrepreneur is get started on their vision; however, great companies are not built from great ideas but from faultless execution. To execute, you need a team.
Bill Nguyen, founder

When taking venture capital, do a lot of diligence on the people that are trying to give it to you. Money is a commodity. Figure out what specifically you need and look for money with that specific extra value. Talk to the CEOs of their portfolio companies and ask questions such as, “How often to you talk to your VC?” or “How many of your senior team were referred from or recruited by your VCs?”
Martin Tobias, founder of Loudeye

Don’t underestimate the value of getting the best VCs — valuation in the initial stages is not as important as credibility. Do your research, identify the names behind the companies that have succeeded, and find a mutual contact to make the introduction. The right investors will attract employees, press, and further investment.
David Riker, founder and chairman of eCoverage

Outsource, outsource, outsource. After we received funding, we immediately contracted with an HR firm to find great employees which allowed us to focus more time on the company and less time on checking backgrounds and references. We also outsourced our CFO position which to this day has worked out better than we could’ve imagined.
Bret Savage, CTO of Lipstream

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