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This page contains excerpts from the book: The Bitter Pill: How to Start a Biotech / High Technology Company. THINGS YOU REALLY NEED TO KNOW Warning Signs of Trouble Up Ahead!
Again, the author speaks from experience, both good and bad. This is not Lawyer speak below. Listed here are things the author has found out the hard way. They are meant to be informative and cautionary.
When dealing with any sort of contract, Lawyers write them, so that only Lawyers can read them. The more important a contract the more difficult it will be to fully comprehend. You will need a Lawyer’s assistance at times. Remember, you can insist on plain language, a clear explanation, before signing a document.
Just because, “This is the way we (Lawyers) always do it” is the way it has always been done. It doesn’t mean that you have to do it that way. Contracts are tools. They can be modified as long as all persons involved agree. Make certain you understand what you are signing your name to. The list of items below is presented to help you with some elementary things. Laws vary from State to State and with time. Qualified, experienced legal advice should be utilized whenever possible.
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Do:
If you wrote your Business Plan three years ago and you are still using it. My prediction is that you are receiving an increasing number of “No’s” as the document obviously ages.
Don't:
(1) When in front of a potential investor or potential customer never refer to your self as Jesus, Moses, Buddha, Mohammed or any other religious figure, especially if you believe it. (2) Don't give yourself too many titles, such as Chairman of the Board, Secretary of the Board, CEO, President and CFO. It looks to the outside world as exactly what it is: either you’re the only one in the company; or you’re an ego maniac. Either way it is a RED FLAG of trouble to the Money people (the people who think your company has a sufficient financial future for them to put up some cash to buy into your vision). (3) “Non-Working Manager” Although I have heard the term in many large companies, it is a person that “ONLY” manages people and doesn’t actually do anything useful for the company. Everyone in a Startup or small company should be a “Doer” everyone else is simply a “Un-Doer” and is in the way of getting the job done.
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Compete, derived from the Latin, competere: com, meaning together and petere, meaning to rush at it. Ergo, from the Latin, ergo, meaning consequently. Evidence, derived from the Latin, evidens, e meaning from and videns meaning, seeing. Executive, derived from the Latin, executus, meaning to follow up, to pursue. Experience, derived from the Latin, experiri, meaning to try. Implement, derived from the Latin, implere, meaning to fill up. Manage, derived from the Latin, manidiare, meaning to handle, and manus, meaning hand. Maniac, derived from the Greek, maniakos, meaning mad, insane. Pitch, derived from the Middle English, picchen, meaning to pick. Summary, derived from the Latin, summa, meaning sum. Wise, derived from the Latin, videre, meaning to see.
$$$$$ But all this - the mysterious, far-reaching hair-line trail, the absence of sun from the sky, the tremendous cold and the strangeness and weirdness of it all - made no impression on the man. It was not because he was long used to it, he was a new comer in the land, a chechaquo, and this was his first winter. The trouble with him was that he was without imagination. He was quick and alert in the things of life, but only in the things, not the significance. J. London - To build a fire
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