Photo: The Knack
Today’s tip comes from Norm Brodsky, a veteran entrepreneur, and co-author of The Knack: How Street-Smart Entrepreneurs Learn to Handle Whatever Comes Up:
It’s a bad idea to offer ownership in a new business to people who are making no investment but their time.
You won’t really know them until you’ve worked with them for several years. Of course, the picture changes when people have proved themselves.
But even then, remember that it’s easy to give away part of your company but really hard to get it back. An above-market salary, health insurance, and 401(k) match should be enough to get someone on board. If not, you might question whether you’ve found the right person.
–Norm Brodsky, Co-Author, The Knack
Read more from Brodsky over at Inc.com >
Want your business advice featured in Tip Of The Day? Submit your tips to [email protected]. Be sure to include your name, your job title, and a photo of yourself in your email.
Get Tip Of The Day Delivered To Your Inbox
It’s simple. It’s convenient. It’s free. Just complete the form below and click “Sign Up”.
Please Note: Business Insider will never share your information with any other companies. You also have the ability to unsubscribe from these newsletters at any time simply by following the unsubscribe link located at the bottom of each email
Business Insider Emails & Alerts
Site highlights each day to your inbox.