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SchoolOfMusic.com

SchoolOfMusic.com recruits music teachers and then provides music lessons in students’ homes, teachers’ home studios, and after school programs. Their bizop is a must see!

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SmallTownMarketing.com is giving away two marketing and advertising books for small town business owners.

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Founders: Don’t Underpay Yourself

Adventures in Capitalism:

I always advise company founders not to underpay themselves. Underpaying yourself isn’t a noble sacrifice, it’s a distortion. If your business can’t turn a profit paying market salaries, maybe it’s not such a good business.

Of course, it’s hard to draw this line sometimes, especially when you’re a first-time founder. When I started my first company in 1999, I am ashamed to admit that I paid myself a salary of $75,000. There was no good reason to. Heck, I paid the CEO I recruited to replace me $180,000.

I’ve talked with a number of friends, and all of them agree on this point. But now I even have an HBS study to back me up.

keep reading…

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Comments

  • Great post Dane-I can think of another reason to underpay yourself-going in front of a Venture Capitalist and asking for $$-You’re paying yourself How Much!!

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