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EXECUTION Building a corporation

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Pharez

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Jul 23, 2021
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Good day guys... Please, I need some clarity on this. I'm in the process of building a corporation. I've drafted out the full idea & now trying to execute. How can I get people to work with me on the idea without paying them nothing yet, especially as the business will be making little or no profit as a startup?
 
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OMJ

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Good day guys... Please, I need some clarity on this. I'm in the process of building a corporation. I've drafted out the full idea & now trying to execute. How can I get people to work with me on the idea without paying them nothing yet, especially as the business will be making little or no profit as a startup?
Charisma
 

originalMJT

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Good day guys... Please, I need some clarity on this. I'm in the process of building a corporation. I've drafted out the full idea & now trying to execute. How can I get people to work with me on the idea without paying them nothing yet, especially as the business will be making little or no profit as a startup?
offer them shares and when the company makes a profit they get a dividend
 

theOfficialRJ

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Dec 31, 2017
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Do you absolutely need these people to work for you? The only real thing that motivates people, especially slow-laners is money. And if they are fast-laners, then why would they work on building someone else's dream?

Be very careful about working with other people. Nobody will ever care more about your company and put in more effort than you will.
 

thechosen1

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Are you doing something that absolutely cannot make any money at first? Why?

There are lots of businesses that can make money on day 1.
 

Pharez

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Jul 23, 2021
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offer them shares and when the company makes a profit they get a dividend
offer them shares and when the company makes a profit they get a dividend
OK, thank you for the advice.

A friend told me about a recent startup which he's part of, where he and the other workers are not paid a dime but everyone is steadily working on the idea. According to him, most of them are excited about the great potential of the company and therefore are willing to work without pay till the company grows.

I was surprised and asked him if they were offered shares but he said no.

So this got me thinking... Aside offering shares, what other ways can I get people to work with on my idea till the company can start paying salaries.
 

Pharez

New Contributor
Jul 23, 2021
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Do you absolutely need these people to work for you? The only real thing that motivates people, especially slow-laners is money. And if they are fast-laners, then why would they work on building someone else's dream?

Be very careful about working with other people. Nobody will ever care more about your company and put in more effort than you will.
Thank you for the advice. I really need these people to work with me because there's a lot of work that I won't be able to do alone.

And like you said, its money that really motivates people to work... That's where my challenge is.

Are there other ways I can motivate people to work with me for sometime aside money, till the money starts coming in?
 

100k

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Thank you for the advice. I really need these people to work with me because there's a lot of work that I won't be able to do alone.

And like you said, its money that really motivates people to work... That's where my challenge is.

Are there other ways I can motivate people to work with me for sometime aside money, till the money starts coming in?

Give them equity or bribe them with lunch/dinner/"experience" that they can use as referral for the next job they apply for. I reckon a lot of talented Nigerians come out of college/uni with no real life experience and thus can't land a job because employers want people with experience. Try the "intern" angle.
 

Pharez

New Contributor
Jul 23, 2021
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12
Are you doing something that absolutely cannot make any money at first? Why?

There are lots of businesses that can make money on day 1.
Thanks for your reply. The challenge is that it might take sometime before it starts making money because we'll need to test and validate the idea over a period of time & this may require spending money on our own part.

That's why I'm asking, are there ways I can get people that can stick with me through all the process till the money starts coming in?
 

Pharez

New Contributor
Jul 23, 2021
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Give them equity or bribe them with lunch/dinner/"experience" that they can use as referral for the next job they apply for. I reckon a lot of talented Nigerians come out of college/uni with no real life experience and thus can't land a job because employers want people with experience. Try the "intern" angle.
Wow, nice. This is one good way. Thank you.
 

Private Witt

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I built my brand to a certain point with a small local community on Instagram, developed relationships, incurred media coverage, made a solid name in the industry, and started to offer equity deals. My team is at over 20 with the goal of adding a bunch more to close the year for a much more active 2022.

Keys are to keep word at all time, do not abuse with overworking, make sure you have something solid with a concept that has a high ceiling and be careful of bringing in trash and use short term contracts at first. Best to offer low amounts of equity at first with option to go higher later than get stuck in equity deals that lock down a large part of your company. Took me five years to get to the point where I was confident to offer deals with more than a few people.
 
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Pharez

New Contributor
Jul 23, 2021
10
6
12
I built my brand to a certain point with a small local community on Instagram, developed relationships, incurred media coverage, made a solid name in the industry, and started to offer equity deals. My team is at over 20 with the goal of adding a bunch more to close the year for a much more active 2022.

Keys are to keep word at all time, do not abuse with overworking, make sure you have something solid with a concept that has a high ceiling and be careful of bringing in trash and use short term contracts at first. Best to offer low amounts of equity at first with option to go higher later than get stuck in equity deals that lock down a large part of your company. Took me five years to get to the point where I was confident to offer deals with more than a few people.
This is helpful, thank you.
 

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