What do you do if you want to secure a fair compensation package as an entrepreneur?

These days there is a lot of transparency what a good package must be. It is also a moving target, because the package should be rewarded on a fixed base fee and upswing in Share value as well as commission, bonusses etc. The more risk you take the higher the reward, hence Elon Musk has 1 dollar salary....but a descend equity position, although his last package was cancelled....

Knowing your worth helps you: Set realistic expectations: Don't aim too low and leave money on the table (been there, done that!). Avoid undervaluing yourself: You deserve fair compensation for your hard work and expertise! Negotiate with confidence: You're a valuable asset, and your confidence will show. Remember, negotiation is a conversation, not a battle.

Securing a fair compensation package as an entrepreneur involves clear planning and negotiation. Start by conducting market research to understand the compensation standards in your industry for similar roles and businesses. Assess your venture's financial health and future projections to determine a realistic compensation that aligns with the business's capabilities and your contributions. Prepare a comprehensive proposal highlighting your achievements, responsibilities, and the value you bring to the company. During negotiations, be transparent about your expectations and the rationale behind them. Consider non-monetary benefits that could form part of your compensation package, such as equity, bonuses, or flexible work arrangements.

To secure a fair compensation package as an entrepreneur, defining your goals is paramount. Consider the balance between salary, equity, and non-monetary benefits like flexible hours or growth opportunities. Being clear about what you value most allows you to negotiate more effectively. For me, understanding the trade-offs between short-term gains and long-term equity potential has been crucial. Flexibility in certain areas can lead to a more satisfying agreement, reflecting both your worth to the business and your personal aspirations. Prioritizing what truly matters to you in this negotiation can significantly impact your professional satisfaction and motivation.

Build the company correctly. From inception to commercialization, including establishing all internal processes, setting the right advisory and board members, and aligning yourself with investors who share the vision. When the time comes, the people around you will collaborate to steer the boat to safety.