We survived by keeping company and personal costs extremely low and by doing consulting work on the side.

He led our BD efforts for six years before leaving iContact in 2010. If needed, you can ask your lawyer to divy up the shareholder vote differently than the economic interests by creating separate class of stock with extra voting rights. She loves travel, dancing, singing, community building, and hosting dinners.

You should be in charge of product development or sales, or both. The most important figure is the amount of cash you have in the bank, with the second most important figure being the amount of outstanding checks you have. She came to a critical decision point. Every week, we reviewed the company’s weekly results (sales, trials, conversions), tracked progress against each of our quarterly priorities, and reviewed the status of each of our company-wide projects. Once you have a few employees, it may be time to find some space for people to work out of. We had put up a flyer at UNC’s Kenan Flagler business school advertising an internship at a “Chapel Hill Software Startup.” We named Josh our “VP of Customer Service.” After a month, we agreed to pay him $1000 per month plus 7% of the company (which was a bit too much, but fortunately we vested it over four years) to stay on and do both our customer service and marketing. The amounts will be reviewed and approved by the CFO and CEO prior to payment. He began my career in the United States Marine Corps.

I’ve found that having 50% of someone’s incentive comp based on company performance and 50% based on individual performance aligns incentives well.

Debate if these are the right five to be on the sheet.

You have six employees. Karuna Towels adopts a "One for One" business model and partners with Against Malaria Foundation to provide bed nets to families in Africa for each towel sold. The below individuals are volunteers and lead Hive teams that produce Hive events in their home regions. Avoid generic values like “Be Ethical” or “Have Integrity,” which every firm has. The act of “creating something from nothing” cannot be modeled in a Goldman Sachs spreadsheet. So once you get to eight employees including yourself, you’ll have to create your first layer of management. During this phase, do all you can to enable the company to survive. It is supposed to be. How much time will each person be putting in going forward? If she's not out an event, you can find her at her whiteboard fleshing out new ideas, at home with her family, or half way up a mountain somewhere, enjoying the adventure of life. 61+ Million bed nets have been distributed to date. Lois no doubt lost out on a multi-million dollar opportunity by choosing to shut the business  down rather than taking a leap of faith and hiring her first employee and beginning to scale the organization. Morgan Carson, Chief Culture OfficerMorgan Carson was previously the CEO, owner, and designer at the fashion label Rene Ropas, a Partner at Goldstein & Associates, Chief Marketing Officer at PayWithSushi, and Director of Community at TribeRise.

Faith was previously CEO of Tribe, an Investment crowdfunding platform for social and sustainable businesses predominantly in Sub-Saharan Africa. A Summary of the Role of the CEO at Each Stage. How much of someone’s total compensation should be in the form of performance-based pay? She paints to find the harmony between both sound and color.

These factors include: If there are multiple parties involved, it's important to vest ownership over a period of years to make sure they don’t walk away with the full amount if they quit after six months. We rolled out WOWME a few weeks later on January 9th, 2010, and immediately integrated our values into everything we did, from our training to employee recognition system to our performance reviews.

Michelle believes that we can train the world’s leaders both mentally & physically and is grateful for the opportunity to support people making the world a healthier place to live and flourish, .She believes we can make this world a place where all people, creatures and nature can co-exist.

iContact’s mission was to “Power SMB’s Online Marketing Success.”.

Put every dollar you make back into people, product, technology, sales, and marketing. HMO (Health Maintenance Organization) – Reduces costs by insuring visits at only in-network health care providers.

Sustainability of cash flows buys you time and it prevents costly dilution. I told him I was considering it.

Michelle previously worked at iContact, Bagchi Law PLLC, and Hive Digital in North Carolina.

She loves connecting great minds who are using business as a tool for good. Ryan Allis, Chairman & CEORyan is the Chairman & CEO of Hive. You can take an annual salary, you can take profit distributions (dividends), and you can sell stock in the company that you own (later on, when it has revenues and profits) either in private markets through firms like Second Market or in public markets via an IPO. Once we hired our first employee, Josh Carlton, in September 2003, suddenly I had to think about having more “normal” working hours. Now, you’ve got them, and as long as you curate the relationship carefully over time, they will always be available to you as a mentor and guide. iContact’s vision was “to build a great global company based in North Carolina for our customers, employees, and community.” A vision is something you strive toward in the future.

The incentive compensation component should be based on both how the company performs and how the individual performs. Notice that it took us a few years to really figure things out. While you’re still under 25 employees, just call someone a Director or Manager if you can.

Entrepreneurs often spend way too much time trying to sell investors and not nearly enough time building a product that customers will pay for!

The measures that the incentive comp are based on can be set quarterly, semi-annually, or annually. If you don’t, you’ll forever have a job and never a business. Possible solutions include granting Restricted Stock Units (RSUs) instead of options (and pay the taxes on the compensation that year) or to set up a profit-sharing plan instead of an options plan. If you took a month off, the business would probably still be there when you got back. The company can contribute to the savings account in addition to the employee. At the end of the first meeting, tell them you really enjoyed meeting with them and ask if you could meet again in 2-3 months once you’ve made some further progress. I learned later that the only way to scale yourself is to hire individuals who can do their job much better than you could do their job—and to set goals with them and hold them accountable to their goals—but not to tell them how to do their job. He is deeply passionate about mental health and wellness and the power of community. Do you know the customer unit economics of your business?

An entrepreneur also has decisiveness, courage, and the ability to deal with failure.

In August 2010, we raised a $40M Series B round from JMI Equity of Baltimore, Maryland.

Mar 2013 – Present 7 years 8 months. In fact, there’s a world of prosperity and great wealth out there for you to reach for. On a Thursday in December 2009 in Chapel Hill, our Senior Leadership Team met for a two-day offsite to create our first ever One Page Strategic Plan (OPSP) following a format that comes from the book The Rockefeller Habits. The lack of tangible, measurable results, demonstrates where diversity and inclusion sit in terms of priorities," said Shah.

Make sure you have $20,000 saved up to get started. Karuna Towels adopts a "One for One" business model and partners with Against Malaria Foundation to provide bed nets to families in Africa for each towel sold. We printed them up on big cardstock boards and had everyone sign the back at each iContact Day. Resist the temptation to have more than five. Instead of starting out by naming every early employee a VP like we did, I would recommend avoiding the VP title for the first couple years of your business.

Almost everyone will say yes to this request if made in person, simply because they know that so few people actually follow up in these cases. Incentive compensation is known by various names, including incentive comp, performance-based pay, variable pay, and bonus. As you move beyond working in a single room, creating a basic meeting structure will be helpful. He is deeply passionate about mental health and wellness and the power of community. He founded the Culture Shock Community Project, a cross-cultural experiential community building organization.

You are taken more seriously by prospects, vendors, potential employees, and potential investors.

We brought on Tim Oakley as our Chief Financial Officer in February 2006 and by April we had a term sheet from IDEA Fund Partners of Durham, NC, to invest $500,000 in iContact. All variable compensation (except where noted above) will be calculated and paid on a quarterly basis.

I prefer to set the company and departmental KPIs to which the incentive compensation system is tied twice per year. Jeff’s experience spans the full gamut of online marketing tactics from search engine optimization, cost-per-click (CPC) strategies, affiliate marketing, email marketing, and social media marketing. It's no longer about the work you do, it's about the work of you dozens of employees being coordinated toward the same overarching clear goals. The most common vesting timeframe is four years with a one year cliff, which means that they get nothing if they leave in the first 364 days, 25% from day 365-730, 50% from day 730-1095, and so on. Previously she was founder & CEO of World Nativ, a global community of innovators, creatives, digital nomads, and entrepreneurs connecting minds and sharing knowledge. It’s an exciting time when you’re hiring your first employees.

Here's what I learned at iContact about being a startup CEO. Debate which ones should be on the list of 10 and which should not. Only when Erin, my girlfriend at the time, came over would I adjust the schedule a bit.

If I were doing it all again today, I would have invested much more early on in driving customer acquisition and retention through API integrations. CEO and Co-founder Hive. He helped create goal setting programs for Lululemon Athletica, a national community engagement program for Fitbit, and a mindfulness program for Equinox. I’d wake up at 2pm or 3pm, roll out of bed to the desk and just start typing. We automated the nomination system using our CRM tool Salesforce.com. Set KPIs and have your team report on them weekly. Debt funding won’t be available either until your business is turning a monthly profit, unless you have personal or corporate assets you can secure the loan against. If you have a vision but don’t communicate it, you might as well not have a vision. You have met with them twice. Employee:      _________________________________     Date: _______________________, CEO:              _____________________________            Date: _______________________. It is the magic that entrepreneurs and entrepreneurial engineers have.

Let go of people quickly if they aren't performing and hitting their goals. Ryan is an Emeritus Member of the UN Foundation Global Entrepreneur Council, and served as National Co-Chairperson of Technology for Obama during the 2012 U.S. Presidential Election.

. Hold a weekly meeting with either the whole company or all the key operational individuals. Here are the most important lessons I’ve learned over the years from 2002-2012. As they get to know you and your business and see you actually doing what you say you’re going to do (something 98% of people do not, for some reason!

Hire people who are motivated intrinsically by the mission the company is focused on achieving (make sure you define what change your company is focused on making in the world extremely clearly on your web site, in recruiting, and to all candidates. You can download the blank template we used for the one page strategy plan.

We didn’t want to have WOATA be our values acronym!

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