Startups are fast-paced, sometimes hectic places to work. In the early days, everyone wears multiple hats and is expected to lend a hand where needed, leading to close bonds between team members.

But when a startup stars to become successful - and outgrows its all-hands-on-deck philosophy - the founder's job is to make sure that the company can properly scale to cope with the new reality. It's a good problem to have, of course, but that doesn't mean it's easy.

So we asked six successful founders from the Young Entrepreneur Council (YEC) to share some of their growing pains and errors - and their advice for others in the same (lucky) boat.

1. Implement A Consistent Recruiting Culture

A big mistake is not implementing a culture adept at consistently recruiting talent for all jobs. One summer, we had to hire 20 teachers within two months. Our HR manager felt pressured to hire fast and didn't follow our interview process (blame me). We ended up hiring good teachers - but not excellent teachers. The excuses from the HR manager were pressure, time and the rigid interviewing process. The truth is that we hadn't built a database since our founding, and we wasted time looking for new people when we could have followed up with previously approved, highly qualified candidates. - Derek Capo, Next Step China

2. Let Top-Level Players Focus On Their Strengths

My CFOs and other finance professionals are financial experts and great at what they do. They also have strong client-service skills, but they are not salespeople. Business development is not their forte. When our company started expanding, I attempted to push my top-level players into that biz dev direction. I quickly realized that a growing company will be stronger if you manage your expectations about the strengths and abilities of your top-level team and don’t distract them with responsibilities better handled by someone else. Now, I let my executive team work to their strengths and look for other scalable ways to develop my business. - David Ehrenberg, Early Growth Financial Services

3. Establish A Cohesive Company Environment

Company culture sets the tone for work ethic, creativity and productivity at a company. When our team was 10 people strong, we regularly took company breaks and played soccer tennis at the park. Whenever we took breaks, we did it as a unit - ensuring that no one felt like they were working harder than anyone else. However, when we grew to 20 people, the company departments started branching off and taking breaks on their own and leaving the office at separate times. It eventually turned into a culture where different departments felt like the other departments weren't pulling their weight. The company needs to define the work culture from the beginning and encourage team members to build a fun and productive environment. - Jun Loayza, Reputation Hacks

4. Encourage Ownership

As the beauty salon industry is projected to grow, our clientele and our staff grows. Our company culture has to be clearly defined by our top-level players. During our mini-meetings and mid-year or annual reviews, I always ask, "What do you think (about our training, our team, the support you are receiving, etc.)?" We recently had to increase our work hours to accommodate our clients. Instead of making the executive decision to change everyone's schedule, our top players gave me input on where to add hours. The biggest mistake I made was in hiring new employees without the input of top-level employees. We ended up with employees who refused to be respectful to teammates. Now, I have each employee meet candidates while I interview them to get to know them and ask questions. - Nancy T. Nguyen, Sweet T Salon

5. Offer Opportunities To Lead

Interns test leadership potential and team dynamics. We're gradually building staff, but the seasonal ebb and flow of interns give the staff an opportunity to lead a variety of personalities. Right now, we have 10 interns, but we've had as many as 20 people from every walk of life crammed into every corner of our office, challenging themselves and us in new ways while learning business skills. At this point, my team and I have worked with what feels like every type of individual out there. So even when it came to a direct hire for our Head of Marketing position, we knew that our top contender's enthusiasm, love of ping pong and positive "team spirit" attitude was a great fit. In turn, he's been an encouraging and collaborative leader. - Manpreet Singh, Seva Call

6. Create A Culture of Learning

My philosophy is that no matter how good we are at something, we could always be doing something better. Building a company is going to be messy, and mistakes are going to be made. In fact, if mistakes are not being made, I might argue that you're not pushing yourself hard enough. The goal is to make the mistakes in non-critical situations so those mistakes will be avoided in a critical situation. I'm very transparent with our top-level team about where I've fallen short and what I'm doing to improve my skills as a CEO. This has helped to create a culture where we're all learning together, and admitting you made a mistake is okay. - Anderson Schoenrock, ScanDigital

While getting acquired is something many young startups hope, dream and sometimes even plan for, the actual deal doesn't always follow the script. One reason startup acquisitions often don't go as planned is that the founders may not know what to expect and how to ensure they're getting the right deal. That's especially true if it's an early exit - before the company has fully matured.

So we asked seven young founders from the Young Entrepreneur Council (YEC) - many of whom have been through the acquisition process - to share reasons why an early-stage exit might not work out, along with their best advice for making sure things do go as planned:

1. Prepare Records And Documents

When there are different perspectives on how a company should be valued, it’s hard to reach a price agreement. Different visions about where the marketplace is headed can impact perceived value. And investors who want an unrealistic return on their investment can prevent deals from getting done. Practical and personal issues can also bring an acquisition to a halt, including technology differences that make integration difficult and key team members who don’t want to work for the acquiring company.

Proper acquisition preparation can help. All your accounting records should be in order, prepared in accordance with generally accepted accounting principles (GAAP). Your corporate governance, legal records, HR and employee documentation should also be in order and easily shareable. - David Ehrenberg, Early Growth Financial Services

2. Avoid A Funding Gap

Often, venture capitalists don't get involved with a startup until a larger amount of capital is needed, and this can create a funding gap.

The best piece of advice for founders preparing for an acquisition is to get ready for change. What used to be yours isn't anymore, and you need to deal with these changes in order to make the acquisition successful. - Andrew Schrage, Money Crashers Personal Finance

3. Build Cash

One big reason early-stage exits go south is that as part of the due diligence process, there is an intense focus on the company financials. The debt you have and the cash you have in the bank matters. Oftentimes, entrepreneurs try to focus on keeping their tax burdens down by minimizing their taxable profits. While this strategy may make sense early in your business life, when you begin thinking about exiting, you want to have at least two years of higher profits. Get ready to write big checks to the IRS if you are thinking about exiting.

Second, investors want the company to have cash in the bank and debt to be low; this shows great company health. It makes it easier to justify getting a valuation at three to five times annual revenue. - Raoul Davis, Ascendant Group

4. Align Expectations

I've sold two companies, and both have had different outcomes. The main thing I would suggest is ensuring that your expectations and theirs are aligned. Many times, founders are so eager to get the deal done that they fail to consider "life after acquisition," and how this change will affect their happiness. The top three things to consider:

1. Operational roles, responsibilities, and expectations: Will you maintain your freedom to create?
2. Product road map: Where does your product fit into the acquiring company's overall strategy, and what happens if things change?:
3. Earn-outs and changes to the company What happens if the earn-out is tied to a result that you don't have any power to affect? What if the acquiring company gets acquired? It happens.

5. Practice Due Diligence

Whether a startup or Fortune 500 company, people looking to sell should practice due diligence on their own companies before handing things over to a prospective acquirer. Mistakes and oversights can be corrected, and if they cannot, the damage can be minimized. It will be very bad for your asking price if you are sitting at a negotiating table and your prospective buyer informs you that the contract for your biggest customer cannot be assigned, and that contract will have to be renegotiated. It will be even worse if doubts about your IP ownership arise as you are looking to sign the deal.

These sort of issues, and many others, are going to come to light one way or another. Make sure that when they do, you are the one in control of the situation by doing your homework ahead of time. - Peter Minton, Minton Law Group, P.C.

6. Avoid Under-Valuations And Mismanagement

Your company could be undervalued. If you wait a few more years and continue to grow your revenues, you will get closer to your maximum valuation. Keep in mind that acquisitions are often mismanaged, or the new leadership falls apart and hurts the brand. All the hard work you put into building your business could go down the drain. - Peter Nguyen, Literati Institute

7. Find A Culture Fit

Most important is culture fit. Whether you're getting acquired or merging with another company, it's equally important. We've acquired another company, and getting both teams to integrate and act as one under a mutual value set was crucial to the transition. We walked away from an acquisition opportunity because the cultures were not aligned.

Things to discuss and look for in action at a company are values, beliefs, outlooks and expectations. Other things I've found to be important are the company's risk tolerance, as well as its ability to change and adapt. As entrepreneurs, sometimes we forget not all companies are comfortable testing and pivoting. - Lauren Perkins, Perks Consulting

The controversy over Marissa Mayer's decision to ban telecommuting at Yahoo just won't go away. Mayer said the move was necessary to foster collaboration at the struggling new media giant, but what about startups? Is remote working right for very young companies? Are there particular issues to watchout for?

To learn more, we asked eight founders from the Young Entrepreneur Council (YEC) to share their company policies with respect to work outside the office - and why it works for their teams.

It turns out that while many young startups do have entirely or partly remote remote workforces, they still feel it's important to have some sort of physical space for meetings and "collaborative" work. Many have offices they use some or all of the time, and others promote remote work as a privilege or perk.

1. Boost Productivity With Fridays At Home

At Scripted, we always work from home on Fridays and have a flexible vacation and sick day policy. Our office is simply a physical resource we use to collaborate and socialize. If on any particular day this resource isn't required or is detrimental to your productivity, then you don't need to use it. Plus, our Fridays from home boost productivity the rest of the week. We all love it. - Ryan Buckley, Scripted

2. Establish Asynchronous Collaboration

We've gotten the best results from a team that has the flexibility to work when and where they believe makes the most sense, coupled with a strong anchor in our office as the primary locale for everyone. I'd say more than 75% of the team's time is spent in or near the office, but most of our collaboration is done asynchronously using tools like Yammer, Trello, Salesforce and others. - Derek Shanahan, Playerize

3. Create A Culture Of Communication

Our team is based in San Francisco, Atlanta and Los Angeles. We are rarely in a room together. Agenda-driven team calls limit the ability to collaborate. We found considerable success in transitioning from an "emailing" company to a "calling" one. When you call a teammate with a question, you work together to create a solution. Impromptu conference calls with multiple offices are truly effective. - Aaron Schwartz, Modify Watches

4. Make Remote Work A Privilege

Our people work remotely only after they've been in the office for a while. I need to get to know their personalities first to make sure they understand our culture and interests. Then, they can work from wherever they want. Real-time collaboration tools like Skype, HipChat and Google Drive make it easy to stay in the loop, no matter where you are. - Jim Belosic, ShortStack/Pancake Labs

5. Set Up A Daily Huddle Call

We've implemented a daily huddle call at 1:11 p.m. This keeps everyone on the same page. Tracking our most important daily metrics together, going over 24-hour agendas and discussing bottlenecks are regular activities. We do not have an office, but we have four people who live locally and get together once or twice a month for lunch or coffee. Hiring locally and doing daily huddles helps greatly. - Joe Barton, Barton Publishing

6. Trust Your Employees

As a company whose entire company culture is established on the foundation of remote working, we really believe in flexible work. It starts at the beginning: you must hire with the knowledge that your employees will be independent and responsible and have the capacity to work from home. When you hire right and place your trust in these employees, collaboration happens and people are productive. - David Ehrenberg, Early Growth Financial Services

7. Encourage Balance And Flexibility

Our team of five works on a remote basis, even though we're mostly located in New York. I just spent seven months overseas; it was difficult scheduling agendas and regular calls. Technologies like Skype, Ghat and iMessage made it work. We try to have balance and flexibility, and that’s what we pride ourselves on. Yvon Chouinard’s book, Let My People Go Surfing, gives insight into our philosophy. - Matt Wilson, Under30Media

8. Implement Productivity-Based Measures

Our entire company is remote and has great workflow tools in place. I agree with Mayer's decision since people blatantly took advantage of the policy. The incentives to be productive were not effectively structured. Your team needs compensation for productivity-based measures and salary. We developed workflows to require collaboration and transparency. Everyone can see what everyone else is doing. - Chuck Cohn, Varsity Tutors

Everyone talks about the difficulty and importance of securing funding for your new startup. But that's not the only way to go. Plenty of startups intentionally avoid taking investor cash in an attempt to control the direction of their companies and focusing on product.

So called "Bootstrapping" can be a boon or a bust; you might be missing out on the kind of fast growth a only major cash infusion can provide, but running lean has advantages too.

For insight, we asked seven experienced bootstrappers from the Young Entrepreneur Council (YEC) to share, firsthand, the biggest benefits they've seen from bootstrapping - and what startup founders need to watch out for.

1. You Don't Need Money To Teach About Money

I bootstrapped my most recent startup because I didn't want to lose control of the creative direction before I had proven the concept and sales model. I'm working in an area which has little-to-no track record (financial literacy education for young kids by working with financial institutions as distribution channels), and I wanted to test it first before having to answer to someone who wants to do it his way. An upside to doing it this way is that I am acutely aware of my spending decisions and make them with much thought, but this can also be a downside. There is never a clear "right way," so I continue to bootstrap until my gut tells me otherwise and/or a great opportunity presents itself. - Darrah Brustein, Finance Whiz Kids | Equitable Payments

2. Don't Strap Your Startup Too Tightly

The biggest benefit of bootstrapping for me is that I own 100% of my company, which means I have the freedom to take it any direction I please. There are no outside investors with their own special interests. I am solely responsible for the success or failure of the company. This, in turn, causes some drawbacks as well. Advice and opinions from investors can be very valuable and beneficial to the growth of your company. In addition, their networks can also produce connections that weren't previously available. However, I've learned quickly that there are many successful entrepreneurs who are happily willing to give advice and direction without wanting anything in return. It's up to me to reach out and show genuine interest in their advice and experiences. - Shahzil (Shaz) Amin, Blue Track Media, LLC

3. Trading Growth For The Ability To Pivot Quickly

Contrary to what you might think, being in bootstrap mode actually makes pivoting easier. With a lean operation, the costs for dropping ideas and moving in a new direction are minor, whereas the sunk costs that come with pivoting with money can be nerve-wracking. The biggest drawback is the loss of opportunity for rapid growth. There can be instances where hitting your niche hard and fast is crucial to establishing yourself in your market. A cash infusion at the right time can be what saves your company from the startup graveyard. - Nanxi Liu, Enplug

4. Keep The Profits 

One of the most under-recognized benefits to not bringing in outside funding (in particular, institutional or VC money) is that it means if you create a profitable company, you can actually distribute and enjoy those profits - meaning you can have a positive (and ongoing) outcome outside of a liquidity event. VCs are not interested in receiving dividends - it's just not in their business model. They want cash to sit on the balance sheet, or even better, see it all thrown back into the business (even if there aren't necessarily good places to put it). - Michael Mothner, Wpromote

5. Focus On The Customer

The greatest thing about bootstrapping ColorJar is that our management team gets to do what's best for our customers, rather than our balance sheet. By all means, we're trying to run a strong business - and we've grown quickly - but if we want to take a calculated risk or go the extra mile for a client when it's not in the budget, we can just go for it and act quickly. The drawback of bootstrapping is managing the ebbs and flows of cash flow without a cushion, but banks can help there. Overall, we're a better company with a better process and better service because we've grown at our natural rate and not at the rate required by capital injection. - David Gardner, ColorJar

6. The Ability To Keep A Day Job

I bootstrapped my business for almost seven years while working 80 to 90 hours per week as an investment banker and later a VC. It was a significant personal sacrifice, but I was able to reinvest 100% of the cash flow from Varsity Tutors and a large percentage of my "day job" earnings into growing the business. As a result of that initial sacrifice, money was spent improving every aspect of the company's operations, as opposed to paying myself a salary. Since I had a day job upon which I could rely, it allowed me to be far more aggressive with the investments we made in improving the company. The downside was missing years of social activities. In retrospect, it was certainly worth it. - Chuck Cohn, Varsity Tutors

7. Don't Spend Money, Make Money

In my experience, the biggest benefit of bootstrapping was learning how to offer a great-quality service. Because we weren't funded, we had to make money, and the only way to do that was by offering a great service and hustling. Bootstrapping makes you grow as a person. It's tough, stressful and full of ups and downs. And those things teach you invaluable lessons. - Zach Cutler, Cutler Group
 
The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

Tech startups need to innovate in order to survive, much less grow and thrive. But when there's so much else to do, from fixing bugs to business development to sales and customer support, how do you fit innovation in?

Just as important, how do you figure out which innovations are actually worth pursuing?

We asked eight successful entrepreneurs from the Young Entrepreneur Council (YEC) how they incorporate innovation, formally or informally, into their startups, and what information they use to plot next steps.

1. Convergent vs. Divergent Innovation

I learned this concept a few years ago and it completely changed the way we innovate as a company. The problem with innovation is when idea generation becomes a free-for-all, it's difficult to reach consensus. There is a time and place for divergent thinking; by divergent I mean throwing ideas at a wall and seeing what sticks. Divergent thinking is creative, innovative, outside-the-box thinking. This approach generally doesn't work if you're trying to solve a specific problem. That requires a convergent approach. A convergent ideation session should start with a specific problem and goal that requires more of a linear approach. At my company, we start most of our meetings by saying, "This is going to be a Divergent or Convergent meeting." It has made a huge difference in efficiency for us. - Mitch Gordon, Go Overseas

2. Institutionalizing Innovation

We use a very structured approach to innovation. On Mondays, the entire company meets for a standup meeting, where we brainstorm ways to improve one of our KPIs. Nothing is off the table; it's pure brainstorming. This often results in silly or impossible ideas, but oftentimes, we find a nugget that we would never have thought of in the ordinary course of business. We separate the idea from the execution, meaning an engineer could think of a marketing initiative or vice versa. Based on discussion and feedback, we allocate resources and test the idea. - Adam Lieb, Duxter

3. The Growth Factor Question

Contrary to popular opinion, the purpose of innovation isn't about what we can do to make our company more money - it's answering the question we call "The Growth Factor." This question is: "What can I do today to provide my customers, clients or patients with a greater advantage and benefit?" Now, in order to answer this question, you need to know the ultimate result people are seeking. Once you've found that answer, you are innovating from a place of creating a product or service that's helping your customer receive an even better advantage for working with you. - Charles Gaudet, Predictable Profits

4. Validate the Market - And Its Size

The key is finding an idea that people are willing to spend money on. How do you find out if people are willing to spend money on the idea? Utilize Amazon to see what people are spending money on. Check out the completed listings on eBay. Search Twitter to see if anyone is talking about the problem you're solving. From there, you can figure out the size of the market. Facebook Ads are a great way to get numbers for market size (you don't have to run ads to get these numbers). Then, determine the value of a customer by looking at what they're expected to pay for your product. Multiply that value by the market size to get your total available market value. If that number is attractive, then validate the idea to see if your product stands up to your theory. - Brett Farmiloe, Markitors

5. Pitch It To The Team

When someone comes up with a new idea, we expect him to sell it to the team. If you can’t sell it to the team, you’re not going to be able to sell it to the world. We often have multiple iterations of pitching the idea – each time, the pitch (and the idea itself) improves based on the criticism and feedback we give the person. Some ideas die off, but others become stronger and evolve into big, new ideas that have a meaningful impact on our business. Trying to sell your idea to multiple people out loud will make you think of questions and opportunities you never would have considered on your own. It’s become a game in our organization to see if you can anticipate all the questions you’re going to get when pitching a new idea. - Chuck Cohn, Varsity Tutors

6. Prove Your Concept With Current Customers

When we’re looking to launch a new tool or product, we poll our customer base. We never spend time or resources developing a product that won’t sell. So many businesses get caught in the love affair of some idea someone thought their audience would love. Always prove the concept will sell before producing it. - Brian Moran, Get 10,000 Fans

7. Test Before You Test

We use a methodology I call “Test Before You Test,” and it allows us to test an idea or concept in a low-cost environment before we even try it in the real world. Rather than surveying customers or spending a fortune on theoretical market research, we run data-gathering tests on real customer behavior in a simulated environment. This lets us see how successful we’ll be before launching. - Benji Rabhan, MorrisCore

8. Identify & Track Key Metrics

New ideas can come from all corners of an organization, from the CEO down to the office assistant. If an idea seems to have merit, push it to decision makers who can whiteboard the goals and project its potential impact vs. the potential resources it would require. It's important to identify metrics that will indicate if an idea is valid and to measure results against these metrics over time to see if it has been successful. Yodle’s National team began as an idea in a customer conversation. By testing the idea and finding merit in it, we launched a full-scale business unit focused on local online marketing for franchise companies, dealers and manufacturers, and national brands. Today, this business unit represents approximately a third of our business. - John Berkowitz, Yodle

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

Failure: it's a common theme among start-up founders. In the Silicon Valley, it's almost a badge of honor. But for all the dire statistics out there, what are the real reasons some start ups don't make it? And what lessons can we learn from them?

We asked 8 (now) successful founders from the Young Entrepreneur Council (YEC) to share why a prior start-up didn't make it - and what they're doing differently knowing what they know now.

1. We Did Not Have A Narrow Focus

My first start up team had a very big idea about encouraging sustainability. If we could get individuals to track how often they took small, sustainable actions - refilling water bottles, reusing paper bags, etc. - we could create a culture where reuse was prevalent. Not only were we trying to change behaviors - difficult! - but we assumed that gamification would be a critical element. And that education was a critical element. And that social sharing was critical. There was more, too.

If I were to restart that business, I would focus on the root issue of encouraging sustainable actions and tackle only one aspect of it. We have seen many companies pop up in this space, but each only focuses on one of the many complex ideas. At the start, be great at something small. Then expand. - Aaron Schwartz, Modify Watches

2. We Entered The Market Too Early

My first company failed because it was too nascent of an idea to introduce into the market. We wanted to help people understand the risks behind social media at the corporate level. What we didn't take into account was that clients at the corporate level didn't know what social media was at the time. We spent so much time explaining what social media was that we never got to the point where we could explain what we actually did.

If we had to do it all over again, we would have actually done social media training for corporations first, then presented the risk mitigation aspects of it. This time around, we made sure that we were entering the market during a time where our products/services made sense, so people got excited about it without us having to explain our idea! - Benish Shah, Vicaire Ny

3. We Didn't Manage Cash Flow Correctly

Numbers are not only the oxygen of a business, they are the vital signs as well. As a teen, I was almost entirely focused on doing what I enjoyed in the business: Creating, sales and growth. I was burning through reserves until one day, I had none left — only a large box of IOU's. If I had done a better job keeping track of my monetary flow and following up on accounts receivable, I probably could have avoided my company's ultimate demise.

In my next (successful) businesses, I learned much more about reading and interpreting financial reports and I also hired a competent bookkeeper and accountant. If your numbers aren't in order, you won't be in business very long. - Kent Healy, The Uncommon Life

4. We Had Bad Timing

My first start up enjoyed initial success and had gotten a seed investment, but ultimately, we couldn’t make it work. Our business model at the time was based on job advertising. Needless to say, it was much harder to sell job ads in the fall of 2008 then in the spring of 2008, when we launched a well-received beta. We had borrowed about $25,000 each to start the company, but our money was soon gone and we were about to run out of our seed money, too. We were faced with two options — borrow even more cash, or close our doors.

The question I asked myself was this: “Is this idea important enough for you to invest more of your life in?” The answer was no. The best decision I made was to start my first company; the second best was to close it down. Always know when to quit. - Kasper Hulthin, Podio


 5. We Didn't Have An Audience

Having multiple businesses fail was the only way I learned to succeed. Specifically, I learned that my products must always fit a proven need my audience has. It never matters if I think a product will sell; it only if my audience agrees it’s something worth making. - Brian Moran, Get 10,000 Fans

6. We Weren't Careful About Who We Hired

The first company my brother and I started was hijacked by its employees. All I have to say is hire people who are sincere and trustworthy. Protect yourself legally. Be frugal. Run lean. - Ziver Birg, ZIVELO

7. We Had Different Motivations

I tried to start an apartment listings website on my college campus with two of my roommates. They were excited to start, but that excitement waned when they realized just how much work it was going to be, including walking around in winter in Madison, Wis. taking apartment photos and gathering landlord information. What started out as a promising project slowly failed because it was a difficult idea to execute well, and my partners lost interest while they balanced their studies, partying and girlfriends.

Today, I would start the business myself and hire people to do the work that my two partners were helping me with at the beginning. - Nathan Lustig, Entrustet

8. We Didn't Spend Enough Time On Worst-Case Scenarios

I've started three companies with business partners. The first company we grew into a seven-figure company, and the partnership was great. The second company never reached its potential because I didn't think ahead about what we'd do if 'X' happened with the equity partners. In this business's case, I devalued my own contribution to the business when we started it, then later took on too much in exchange for too little.

So, always think ahead and ask yourself, "What if 'X' happens?" Build those scenarios into your start up agreement so everyone is on the same page from day one. When I finally realized that I couldn't justify the role I'd taken on after roles shifted in the company - and for the share of the company I'd agreed to - motivation was lost, morale went down and progress stalled. - Trevor Mauch, Automize, LLC

The Young Entrepreneur Council (YEC) is an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

Money - most startup founders need it at some point. But when you're raising outside capital, cash can come at a very high price if you're not on the same page as your investors.

Where many startup founders go wrong in the fundraising process is focusing more on the offer than on who's making it. Thinking about the cash instead of who's investing it. So We asked 10 entrepreneurs from the Young Entrepreneur Council (YEC) to weigh in on what exactly they expect from their investors, and why.

1. Domain, Demand And Delivery

While closing a VC-led investment this month, I learned to focus on three key factors when searching for investors: domain, demand and delivery. First, make sure you add domain experts to your team early. At LabDoor, we compete in the complex digital health field, so adding a strategic partner like Rock Health was very valuable for us. Thousands of investors have the money you need, but only one to five will be lucky enough to be a part of your next funding round. Get investors to fight over you, and find the investors that demand to be a part of your team. Finally, think of your investors like UPS: what can they deliver for you? Whether you need connections to an important business partner or access to a big institutional customer, find the investors that provide the highest value. - Neil Thanedar, LabDoor

2. The Network

It's relatively easy to get your hands on money: If you've got an appealing investment, you'll have to beat them off with a stick. But it's almost impossible to meet the right people to move your business forward without personal introductions. I'll always consider the connections that an investor (or anyone else) can bring to the table over anything else. It works the other way around, as well - I've gotten the most interest from investors who I've been personally introduced to by someone I know. - Thursday Bram, Hyper Modern Consulting

3. Integrity

I want to know that the investors I work with do what they say they are going to do. Those types of people are hard to find. It's exciting when you're offered a great deal, but it's important to look at the big picture and examine who you're going to be working with, what others say about them, and what your gut is telling you. Investors do a lot of due diligence on the entrepreneurs they are working with but I don't see enough entrepreneurs doing the same intense due diligence on their potential investors. Admittedly, I've made this mistake too. What I want to know without a doubt is that the investor I'm working with has a lot of integrity and their investees and peers sing their praises. Rave reviews from others is very important to me. - Natalie MacNeil, She Takes on the World

4. A Silent Angel

I no longer seek the multimillion-dollar Series A round that will lead to a Series B and C. Our startup was built with a user-acquisition model vs. an actual "generates-profits model." The larger the investment, the more control you're going to give up, and the larger the exit needs to be. Instead, I look for opportunities with a clear profit model from the beginning that leverage a skill set or network that I currently have. And I don't take funding for them until I'm ready to scale the company, which means that I've built the product and proven that it makes money. I therefore look for an angel investor that is looking to invest $50,000 - $100,0000 and will leave my team and I alone. We know what to do; the added funding is there to help accelerate the process. - Jun Loayza, Passport Peru

5. A Smaller Portfolio

If you're looking to earn startup capital, you should always scrutinize investors. An investor should be as energetic about, and invested in, your organization as anyone. I recommend someone who has a smaller portfolio, filled with businesses similar to your own. When I started, I looked for outside investment. My search took me to an investment bank I'd interned with in college. The owner's portfolio was huge and successful, and I thought that's what I wanted. I realized, because of his portfolio, that he didn't care at all about my business. I decided to retain full ownership. Don't be too quick to jump on startup money. Find the right fit. - Brian Moran, Get 10,000 Fans

6. Experience - And the Wisdom Not to Rely On It

It's a cliche to say you are looking for an investor to bring experience into the board room. But the reality is that investors are a great voice to have around if they can offer their experience and pattern recognition to help you avoid missteps. Our company was fortunate to have Meg Whitman, former eBay CEO and current HP CEO, as an investor and board member. What is most impressive about Meg is that she brings incredible and relevant experience in building a marketplace - really the most powerful peer online marketplace in the world. But she's also wise enough to temper her advice with the knowledge that things have changed. And that's the standard I look for - experience that is telling and useful, but the wisdom to color that experience with new realities. - Eric Koester, Zaarly

7. Deep Experience in Your Industry

As a former management consultant, I learned that the number-one benefit that major companies found was that their consultants had worked with competitors. This is not about taking proprietary information, but rather about knowing industry best practices, how to apply them, and what non-obvious questions to ask. Unless you are an incredibly seasoned entrepreneur or someone with deep industry expertise (i.e. a PhD or 20 years of experience), you don't know what you don't know. Having investors who can teach you and ask you tough questions is incredibly valuable. - Aaron Schwartz, Modify Watches

8. Would You Have A Beer With Them After Work?

Investors should be experts in their focus industries, but should also be capable of admitting when they don't know something. I place extra value on humility and candor, which can sometimes be hard to come by in the investment community. When we were raising money for RJMetrics, we focused on investors who could step up when they were subject matter experts and yield to others when they weren't. For me, these are also the same kind of people that I enjoy having a beer with after work. This is critical to building a healthy, honest relationship with your investors. - Robert J. Moore, RJMetrics

9. Everything But The Money

Find someone you can trust. Picking an investor is like picking your spouse. Sometimes it's even harder to get out of a bad investor relationship than a bad marriage - make sure it is the right choice. When AdVentures made an investment in my company I looked at everything but the money. Did the investor have knowledge, connections, and experience to help take my company to a new level? All of the answers were yes, so it was a no brainer for me. - John Hall, Digital Talent Agents

10. Do They Walk The Talk?

In our most recent funding round, our new investors came to us because they saw the enormous growth potential for smart parking. They are an LA-based fund that specializes in intelligent transportation investment. After taking a few meetings with them, we quickly realized how excited they were to potentially join our business. Engagement is of the utmost importance. Investors should do more than talk the talk; it's crucial that they demonstrate knowledge of the industry and show why they believe the product will succeed. - Sam Friedman, ParkMe

Believe it or not, not every startup founder today is building their company just to cash out with a big exit. Some entrepreneurs are actually in it for the long haul.

But which metrics actually inform these founders' long-term vision - what keeps the lights on and keeps them personally committed, for years at a time, to their current ventures. We asked eight entrepreneurs from the Young Entrepreneur Council (YEC) to share the yardsticks they use to measure their success.

1. A Little Something Called Profit

Building your company 'to sell' is like playing Russian roulette. The fate of your company's success or failure is up to chance, not you. There is, however, this other metric for success that some of the tech community seem to forget about - it's this little thing called profits. I've been in meetings with companies using terms like user acquisition, use cases and engagement to define success or failure, but if they aren't supported by profits, then there really isn't a point. Focus on making money and regardless of whether your company gets sold or not, at least you'll have one. - Liam Martin, Staff.com

2. Company Stability

Real Bullets Branding is a service-based agency that I started because I wanted to build a company that I actually wanted to work at, not sell. Our first goals were around creating processes within the company that allowed us to develop products and services that made clients happy and didn't cost us too much time and resources to produce. Our next goals, and one we always continue to work on, is company stability. Anytime we grow, take on new employees or new costs, it's important to keep our incoming and outgoing finances stable. The more stable we are, the more we can focus on innovative new products and creative ideas. - Caitlin McCabe, Real Bullets Branding

3. The Best Seat In The House

Chances are, if you've built a successful company, you have given yourself the opportunity to sit in any seat you want. I personally love creating relationships with new clients and having my trusted team provide them with top-notch custom Excel, Office and database applications. If my staff and business processes are correctly implemented, the company will run like a well-oiled machine, and I can sell indefinitely. Waking up every morning excited to do the job I created for myself? That to me is the ultimate success. - Russell Kommer, ExcelHelp.com

4. A Lasting Legacy

In order to sell a business, it has to successfully survive once you leave - but a business that isn't built to sell can accomplish the same outcome. Instead of viewing my company, She's Got Systems, as a business I will run until death or retirement, we're building the structure to incorporate more teachers, coaches and a support team that will eventually make my involvement redundant. Instead of selling the business and moving on to the next, you can continue to contribute to a business built to last and enjoy recurring revenues for many more years. It's our goal to continue serving and growing with our clients for decades to come. The success factor is how well we can do that sustainably. - Kelly Azevedo, She's Got Systems

5. Knowledge And Business

We believe that knowledge transforms lives and that capitalism is the greatest tool for social change. So we help businesses see and understand their numbers in order to grow and, in turn, make the world a better place. As such, we measure our success by the number of businesses that we've helped grow, improve and succeed in what they set out to do. Our big hairy audacious goal (BHAG) is to contribute to 10% of the Inc. 500 Fastest Growing Companies list. That's delivering knowledge to 500 companies that get something to show for the result. How's that for a metric? - W. Michael Hsu, DeepSky

6. Clients

While revenue, profit and deal flow are easy metrics to "measure success," as a service provider, the number of satisfied clients is the ultimate indicator of how my company is performing. Every new client is an opportunity and every successful transaction is a real win. While the first project we work together on may not be a $1 million financing, every entrepreneur who walks through my door becomes a partner going forward - their success is my success and vice versa. - Peter Minton, Minton Law Group, P.C.

7. The Three Pillars: People, Planet And Profit

Even if you’re building to sell, triple bottom lines are one of the best ways to measure success. The three pillars of people, planet, and profit should be at the forefront of any CEO’s analytics. The Global Reporting Initiative and the Institute for Sustainability have developed methods for companies to measure these seemingly qualitative statistics. Even if you don’t get analytical about them, think, “Is my company making the world, and the people around us, better?” If so, you’ve found success. - Matt Wilson, Under30Media

8. Repeat Business

Companies like ours that are not looking to sell must focus on building a strong brand and a strong channel. It is very easy to buy customers - paying for ads until they show up and severe discounting are two methods. In building for the long haul, we think that a key goal is to continue to achieve a high percentage of our sales from returning customers. Second, third and subsequent purchases occur only if the customer believes in the value that you provide. Having a steady dose of returning customers allows you to experiment and build your brand for the long run. - Aaron Schwartz, Modify Watches

What could possibly be bad about scaling up your startup? If you're thinking about growth because the demand is there, you're clearly doing something right.

But a rush to ramp up too soon can lead to serious growing pains, especially in the human resources and accounting departments. We asked 10 entrepreneurs in the Young Entrepreneur Council (YEC) to share their own experiences with scale - and their best advice for founders about to embark on a big push in the new year.

1. Scale Remotely

The biggest problem with scaling is you take on commitments. Commitments for offices, technology, employees and any number of assets that can slow you down and bleed your bank account. A great option is remote employment. At Staff.com, we run a team of more than 50 employees from 9 different countries; our employees are more efficient than local ones and we don't have commitments like offices, payroll or the bureaucratic headaches that local employees produce. We still have some local employees, but each local worker is augmented by remote ones. This relationship produces incredibly efficient employees at a fraction of the cost. - Liam Martin, Staff.com

2. Spend Money On The Best People

Whether you're selling a product or service, maintaining quality during periods of quick scaling is hard. At Pandemic Labs, we experienced this in both our agency business and our software platform. Our solution is in our people. When your business is moving along at a steady, manageable pace, you might not see the value of hiring someone for $90,000 when you can fill that position with someone for $40,000. But there's a big reason, and you'll see it when business ramps up. A-level people cost more, but they'll be able to keep a steady hand on the wheel with you in situations where other companies would crumble under the speed of their own growth. The best people will feel expensive at first, but a team of great people can control a train that would otherwise fly off the tracks. - Matt Peters, Pandemic Labs

3. Understand What It Takes To Serve 10X The Customers

The biggest mistake startups can make when trying to scale a business is to not understand what it takes to support 10 customers versus 100 customers. As an entrepreneur, project all the resources you will need as you grow. Forecast how each of your key resources (i.e. staff, strategic leadership, infrastructure) will need to be expanded. Yodle scaled successfully because we invested in careful planning in order to be properly prepared for each juncture of growth. In this way, we achieved controlled growth - and this was the best way to manage additional costs and resources. - John Berkowitz, Yodle

4. Set Up Systems First

My company, RewardMe, is a digital loyalty platform for restaurants. Our success therefore depends on our ability to capture as much of the market as possible. Our initial 100 clients were in Northern California and it seemed like we were ready to scale: hire sales people across the country and implement as fast as possible. But the smartest decision we made was to delay scaling until we had all our systems and training manuals in place. When you bring people on board to scale sales, everything must be a no-brainer: they must know exactly how to get clients, how long it takes to close deals, how much to sell the product for, and the intricacies of the implementation process. Don't scale until every single aspect from customer acquisition to implementation is a process. - Jun Loayza, Passport Peru

5. Premature Scaling Kills

There is no doubt about it - startups offer some amazing opportunities to exercise Computer Science and Systems Engineering knowledge. Engineering friends of mine regularly marvel at the amount of data companies like Google, Amazon and Netflix have to process, analyze and serve. Here’s the problem: This opportunity doesn’t exist for early-stage startups, because, by definition, they have no users or customers. Worrying about “scale” in the early days of your startup is simply a bad investment. You may not have even discovered whether a product or market is worth pursuing, but you will have already invested in scaling that pursuit. Startup founders have to develop a craft in rapid application prototyping. Scaling comes later. - Andrew Montalenti, Parse.ly

6. Listen To Your Customers

One of the best barometers for scaling should be customer satisfaction. If your customers are satisfied, you can scale as fast as you want. Typically, when something starts going wrong or you’re understaffed, your customers will tell you! When we started pushing hard toward the 7-figure mark in our first year, my brother/business partner was left managing customer support from his Gmail account. He was a senior in college, a starter on the baseball team, and working 50-60 hours each week. We knew something had to change, and that’s when we found a full-time customer support staff member. While Scott was doing all he could, I knew our customers were growing restless. Since then, I’ve been able to leverage Scott’s abilities, and our business has never been stronger. - Brian Moran, Get 10,000 Fans

7. Ride One Horse At A Time

When we started franchising our business, we expanded rather quickly, and it seemed logical to test out new service lines and launch new brands. However, we stretched ourselves thin and ended up over our heads in unfamiliar waters. Our core business suffered, and the new initiatives didn’t work. My advice: Focus on dominating the sandbox you’re already in before branching out. Make sure you have strong systems and resilient revenue streams. Run market tests and grow your business slowly so that every piece is sturdy, stable and cohesive. If you try to ride more than one horse at the same time, you’re going to fall off. - Nick Friedman, College Hunks Hauling Junk

8. Be Selective, Open Up Slowly

When we launched SaberBlast.com a year ago, it grew so fast that we couldn't keep up with demand. Our clients would try to send out newsletters with 30,000 or 100,000+ subscribers on it - and either the server would blow up or the resulting traffic would kill us. It was embarrassing. With the recent relaunch of the service, not only have we upgraded our technology, but we've upgraded how we onboard clients. We actually have an application process and a waiting period. Then, once a month we open up X number of new spots and email clients who are on the waiting list telling them they can sign-up. This way, by controlling demand and being selective about who we take on as clients, we're controlling the risk of growing too fast without sacrificing the quality of how our service is delivered. - Matthew Ackerson, Saber Blast

9. Stay Focused On Cash Flow

The most dangerous problem with scaling too quickly is usually cash flow. I experienced that when building my second business when I was 19. We nearly hit our $1 million in revenue in the first few years, but as we got bigger clients, they required better payment terms. One missed payment from a big client could be disastrous, which is what happened. Cash flow is king in scaling up your business. Most entrepreneurs learn the hard way and this is definitely something that needs to be talked about more. - Peter Nguyen, Literati Institute

10. Estimate Growth, Then Divide By 2

As much as we love to dream about explosive growth and unyielding demand for our product or service, our passion and excitement may skew the truth about future projections. If you can estimate revenue for the next 12 months, take that number then divide by 2 - and plan your resources and expenses around that number instead. Case in point, I ordered 2,000 jerseys for my new sports business (we ran rec leagues for adults) based on lofty expectations about how may players would sign up to play. We had 75 people show up on opening day and for an entire year I did not know if I was running a sports business or a t-shirt business. Be modest in your expectations and seek outside help for an unbiased estimate. It is never a bad thing to sell out beyond capacity, it creates demand. - Steven Staley, Playbook Community

The Young Entrepreneur Council (YEC), an invite-only nonprofit organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

Startup accelerators: There are more of them - and more demand to land a spot within one - than ever before.  But how can you make sure your company gets the most out of the accelerator experience?

To find out how real startup founders dealt with the accelerator issue, we asked eight successful entrepreneurs from the Young Entrepreneur Council (YEC)  to share their experiences - and their advice for other founders considering a startup accelerator.  

1. Build A Relationship

Build a strong relationship with the people in charge of the accelerator. A common problem with entrepreneurs is that they go into their caves and forget to build the relationships necessary for their companies to grow. They’ll learn more and there will be more opportunities heading their way when they establish those connections. - John Hall, Digital Talent Agents 

2. Step Up Your Game, But Don't Get Distracted

Last year, Her Campus was a winner and named Best All-Around Team in MassChallenge, the world's largest start-up competition. We took advantage of the free office space we received and moved our business there, we networked with mentors who were connected to the program, we got free legal help from law firm sponsors, and got access to helpful seminars and workshops. However, we made sure to stay focused on building our business and not get distracted by all of the other activities we could partake in every day as part of the program. - Stephanie Kaplan, Her Campus Media  

3. Be Proactive

I have been a part of both Startup Chile and now TechStars in Boston. The programs are very different, however with any program it's important to be proactive. If you can clearly define what relationships you want to build, people you want to meet, and goals you would like to achieve, it will allow the program to help you! The accelerators are there to make introductions and they want you to be successful, so utilize their knowledge and network by asking them for the things that you need. - Paige Brown, BookingMarkets  

4. Take Advantage Of Mentors

I participated in Teens In Tech, an amazing accelerator for teens. They provided wonderful support, with classes, office space, connections and mentors. To get the most out of an accelerator you really need to take advantage of the network of mentors. They're the ones who are always willing to help and make a difference in your business. - Ben Lang, EpicLaunch  

5. Match Startup Needs To Accelerator Offerings

My company, Imprint Energy, was part of Plug and Play's accelerator in Silicon Valley. We're a battery technology company, so we didn't benefit much from having access to desk space, computing resources or the community of predominantly Internet entrepreneurs. We needed lab space and access to scientists and engineers, which we found elsewhere. What has proved useful is our continued relationship with Plug and Play and its facilitation of meetings with large corporate partners and potential customers who frequent the offices. - Brooks Kincaid, Imprint Energy  

6. Find Great Financial Advisors

Finding mentors is one of the many reasons that startups use an accelerator. In particular, use your accelerator to help you set up your accounting and finances. The key to strong startup financials is to set them up early and correctly. Advisors can help establish your day-to-day accounting functions like setting up an accounting system, establishing payroll and preparing financial statements. They can also offer guidance on larger financial strategy concerns such as creating a budget, understanding your cash flow and cash burn, and maintaining regulatory compliance. - David Ehrenberg, Early Growth Financial Services  

7. Do You Really Need An Accelerator?

I researched the topic of accelerators extensively as I was getting my business off the ground, but fortunately, I ended up being able to fund my startup completely with personal funds. It's important to understand the difference between an accelerator and an incubator. An accelerator involves smaller amounts of capital, smaller amounts of equity and a shorter time frame, while an incubator usually involves bringing in an outside management staff and giving up more equity. The best way to get the most out of an accelerator is to be open to feedback, but be smart enough to filter out what you don’t feel is relevant. Also, shop around before you make your final decision. There are more accelerators available now than ever before, and it’s important to ask for references. - Andrew Schrage, Money Crashers Personal Finance  

8. Do Your Due Diligence

Not all accelerators are created equal. With the growth of the entrepreneurial space has come a similar pop in the programs available for startups. Some are worth their weight in gold, while others are just looking to churn and burn their clients. Do your diligence before signing on - it is easy to find current and past startups of any accelerator who can give you real insight into what you are signing up for and whether the price is right. - Peter Minton, Minton Law Group, P.C.

The Young Entrepreneur Council (YEC) is an invite-only non-profit organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

Entrepreneurs and business owners claim to be hunting for more "entrepreneurial" talent these days - critical thinkers who are willing to take risks, wear multiple hats and most of all, lead. But are startup founders really hiring entrepreneurs, or just ambitious team players? What's the difference, anyway?

To find out, we asked eight successful entrepreneurs from the Young Entrepreneur Council (YEC) to share what they really look for in an executive team member - and how to nurture those "entrepreneurial" team members on day one.

1. Striking The Balance

When building your executive team, choosing a fellow entrepreneur can work out well. However, the issue is more complex than just that. I recommend the following two questions to know if you have the right person in mind: One, is the person just like you? That's not always a good thing. A risk taker may need someone who is more cautious to balance them out. An analytical person may need someone with great creativity. A technical person may need a charismatic figurehead. It's all about striking the balance. Two, do you share trust and values? You must respect each other to grow side-by-side. If you can be open and honest, you will make a great team and no hurdle will make you fall on your face. You may not always have the same vision, but open conversations will help you come together. - Spencer Gerrol, SPARK Experience Design  

2. Mix And Match For The Best Fit

When hiring for the executive team it is important to find people with personalities and skills that complement the strengths of those who are already on the team. People often gravitate to hiring individuals who have the same strengths and weaknesses as the hiring manager or team. The result is a team of like-minded people who may work well together, but it also means that the weak areas will not be addressed by any team member. It is important to consider who is already on the team, what are those people's strengths and weaknesses, and what type of additions would benefit the group. If the team already has an entrepreneurial mind on board, selecting an individual with complementary skills will complete the team best. - Alexandra Mayzler, Thinking Caps Tutoring  

3. Yes, But Beware Their Appetite

The entrepreneurial spirit is valuable in almost every line of work these days. "Problem-solver with a sense of personal responsibility" fits into nearly every job description there is. However, this mentality often comes with an insatiable appetite for growth. This is, of course, great when it comes to education, reaching goals, working long hours and more. But the same is often true when it comes to compensation. I've worked with several entrepreneurs who were never satisfied with what they earned and it was personally draining and obnoxiously distracting. Here are my two suggestions for a successful outcome: One, tie their pay to personal performance. Two, have a very candid conversation about compensation throughout the hiring process so expectations are forged realistically. - Kent Healy, The Uncommon Life

4. Partner, Don't Hire

Those with the entrepreneurial spirit work best when they have a sense of ownership in what they're working on. If you try to "hire" a person like this in the traditional sense, chances are they won't bust their butts for you like they would if you partnered with them and gave them either equity, or at the very least, profit sharing. - Travis Steffen, WorkoutBOX  

5. Founder Or Employee?

Founders absolutely need to be entrepreneurial. Your co-founder needs to believe in the vision, work hard during nights and weekends, and need to feel personally invested into the company. On the other hand, an executive does not necessarily need to be entrepreneurial. A professional that steps into an established company with systems and operations must only steer the ship in the right direction. An established company does not have as many bumps and turns as a startup, which means the executives you bring on board does not have to be entrepreneur - they need to be able to execute well on the work that they were brought in to do. At the beginning, bring on board an entrepreneur; for an established company, bring on board an experienced professional that loves stability. - Jay Wu, Best Drug Rehabilitation  

6. Accept The Challenge

Hiring someone with an entrepreneurial mindset (other actual entrepreneurs are undoubtedly creating their own firms) is a great way to gain a new perspective on your business, as well as welcome competing ideas, inventive brainstorming sessions and new connections. Those who fear competition on their own executive team are missing the larger point of being an entrepreneur. Entrepreneurialism is not about ego - in fact, to be successful, entrepreneurs must check their ego at the door. The wisest investment a young company can make is in its talent - so don't be afraid to hire a bold, inquiring and inventive mind to your team. If this person challenges you, accept the challenge. You and your company will be better for it. - Zach Cutler, Cutler Group 

7. Stabilizers vs. Entrepreneurs

Hire people who will complement you. I am fortunate to have executive team members with entrepreneurial spirits, who thrive while wearing multiple hats and are driven by the challenge of building something new. At the same time, however, the members of my executive team would not necessarily consider themselves “entrepreneurs.” Instead, they are stabilizers. Their strengths lie in building the systems and structures needed to sustain a growing organization, and they maintain a strong sense of realism when vision and ambition get out of hand. Their contributions have been crucial in helping our nonprofit transition from untested startup to established partner. - Garrett Neiman, CollegeSpring  

8. Establish An Exit Path

It’s a bit of a double-edged sword; you hire the entrepreneur because they're innovative and can take an idea and run. On the other hand, they're innovative and can take an idea and run, so they're more than capable of taking your idea and running it themselves. It’s best to hire an entrepreneur to build in the beginning stages, but make sure that the expectations and roles are clear. Establish a clear exit plan for the people you hire. If they're a true entrepreneur, they will get burned out on your idea, anyway, and want to do something themselves – you can never make an employee out of an entrepreneur. - Jordan Guernsey, Molding Box

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

Who's your hero? Who do you want to emulate, and why?

To find out who inspires startup founders to create and grow their companies, we asked eight successful young entrepreneurs from the Young Entrepreneur Council (YEC) about the individuals that they looked to emulate in their businesses and their lives.

1. Elon Musk

As a serial entrepreneur myself, I envy anyone that can successfully juggle multiple projects at once. It's one thing to do it with moderate success, but it's astounding to see it carried out at the multi-million dollar revenue level. Elon Musk, the current CEO of Tesla and SpaceX, is also the Chairman of Solar City. Previously, he was a co-founder of PayPal. The fact that all of the aforementioned brands have such immense success is very inspiring to me. It's obvious that Elon has learned to optimize his time and focus on his priorities every single day. While I don't expect to ever come close to mirroring Elon's success, he is a great example of a well-diversified entrepreneur that has found success through a great deal of hard work and innovation. - Logan Lenz, Endagon

2. Daniel Pink

Daniel Pink, author of A Whole New Mind is one of my heroes because he thinks about where culture as a whole is going and what that means for business owners and leaders, which is what I strive to do for the branding industry. Pink always manages to make me walk away with great ideas for my business but doesn't do the thinking for me. He is able to take data and trends in culture behavior and make sense of them in a way that can be valuable to anyone in any industry. - Caitlin McCabe, Real Bullets Branding

3. Steve Jobs

While this may be controversial, Steve Jobs was always a respectable man. He had great imagination and visionary skills. Although he may not have had the social skills to treat employees properly, he made them grow better and develop more to be the best they can be and to create the most revolutionary products. Steve would turn them down and force them to edit what they've done if it wasn't satisfactory. His management skills worked and he was a great leader. Steve was a genius marketeer of any product you wouldn't expect to need, but Steve always found a reason for why you'll need "one more thing." His presentations were enthusiastic, life-changing, and changed industries and life to be more social whenever, wherever and however. As Steve did, I aspire for success to change the world. - Lane Sutton, Social Media From A Teen

4. Amelia Earhart

Amelia Earhart embodied every quality that I try to sow into my own life: determination, audacity, bravery, ambition, compassion. She was a trailblazer and a dreamer who wouldn't take no for an answer when she was determined to accomplish something. Amelia Earhart also became a major personal brand, licensing her name and image on a variety of products. As a woman, I also love and respect that she opened doors for other women in the male-dominated world of aviation. The legacy she left behind is astounding and she's still inspiring people today - like me! - Natalie MacNeil, She Takes On The World

5. John Elway

As odd as this may sound, I am mentioning a football player, John Elway, because of his willingness to never be out of a game and knowing he could pull it out at the end. He faced a lot of disappointment in his career, yet ultimately retired a champion. As an entrepreneur, you face numerous set backs and you encounter projects you don't know how to get through. If you believe you can get it done - no matter the obstacles, as long as you apply the right strategy and have the right team - you can come out with the win! - Raoul Davis, Ascendant Group

6. Richard Branson

Growing up, Michael Jordan was my hero. These days, I have a ton of respect for serial entrepreneur Richard Branson. His Virgin Group has started over 400 companies. It is one thing for entrepreneurs to make millions in one thing, that takes guts and dedication. But it's another thing when someone replicates success after success with entirely different business models, products and services. That takes a person with massive ADD, a lot of coffee and one amazing team! - Peter Nguyen, Advertiser360

7. My Kids - And Making Them Proud

I recently listened to a podcast on parenting called "Love, Dad," and one of the hosts suggested you should act as though your kids are watching you all the time. He was applying that philosophy to his personal life (drinking, smoking, gambling), but I have realized it would be a great way to guide actions at work as well. I can look at what I am doing and ask, "Is this what I would do if my kids were watching me? Am I treating everyone the way I should be? Am I working as hard as I should, or am I being lazy? Am I doing something meaningful?" Answers to these questions help guide me and identify the type of person I want to be. - Brant Bukowsky, Veterans United Home Loans

8. All The Overcomers

I am inspired by the tales of people who overcome hardships, who exhibit leadership, and who fight against all odds and succeed. Though I have lived through many ups and downs, my struggles pale in comparison to what many others have faced in life. When I hear those stories, I can only wish that I could be like them, and have their extraordinary courage and perseverance. I believe that limiting myself to only one hero would limit my ability to see the best in myself and everyone around me. I want to emulate the best business leaders, the best athletes, the best political leaders, and especially the everyday hard working men and women who make a difference every day in the lives of others. Anyone who makes a difference in the life of one other human being is truly someone to be emulated. - Michael Seiman, CPX Interactive

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

There comes in a time the life of many startups when it starts to become clear that everything is not going according to plan. But how do entrepreneurs tell if they need to keep going all in on the original plan, or pivot to something new?

To find out how real-world companies deal with that decision, we asked eight successful young entrepreneurs from the Young Entrepreneur Council (YEC) when they realized they had to let go of the products, plans and strategies that they worked so hard to develop. The most common indicator? Customers made it clear they wanted something different.

1. As Soon As You Can

Smart companies almost always pivot, usually multiple times. You might change the product because it doesn't meet the needs of the market you identified. You might change the market you're targeting because another market finds the product more useful, will pay more money, or has a larger pool of prospects. You might change the revenue model to one more attractive to customers. One of your primary goals early on should be to find out which elements of your business model are flawed as quickly as possible, so you can correct the course with minimal wasted time and effort. The key to doing this is having data. Analytics, surveys, face-to-face interviews and more will help you make informed decisions and ensure any pivots you make get you closer to your goal. - Sean Johnson, Digital Intent

2. Find New Goals You're Aligned With

It's quite the blow to the ego when you wake up one day and realize, "Wow... this isn't working, and it hasn't been working for a while." But the good news is, when you know something isn't working, deep down, you usually also know what would work better. It's just a matter of allowing yourself to "go there" and tune in to what feels out of alignment with who you are and your mission. The way I do this is by thinking back to a moment when I was working on something using one of my "old" models and feeling really frustrated and irritable. I think of the words that were forming in my head at that time (usually, it's something like, "If only I could ____ instead"). That's the clue that tells me what I should change. And voila: you've found your pivot point. - Amanda Aitken, The Girl's Guide to Web Design

3. The Feedback-Induced Pivot

It is time to pivot when your customers are consistently giving you the same feedback that things would need to be different for them to purchase. It often takes six months to a year to determine whether or not you are on the right path. Too often, we see entrepreneurs pivot too early before they have talked to enough customers to constitute an adequate data sample. - Eric Corl, Fundable LLC

4. Don't Throw Out Your Code!

Pivots are an evolution of your business, but it doesn't mean that you need to entirely let go. It can make your transition easier if you view the pivot as setting aside your previous hard work to pursue a strategy that will be stronger. Especially for technology entrepreneurs, I caution against scrapping and forgetting the code you and your team have worked hard to develop, because it's likely that, even post-pivot, you can adopt or adapt something from the early version of your product for the pivoted deliverables. Shelve your products and plans to pursue your pivot full-force, but don't let go of them completely. - Doreen Bloch, Poshly Inc.

5. Your Customers Tell You What They Want

We started as a free-screenwriting-software company back in 2008. Our goal was to give away screenwriting software and convince producers they should buy screenplays from us. It wasn't until 2010, when Levi's came to us and said "Hey, you have a ton of writers on your screenwriting software platform (50,000 at the time), can they work on non-entertainment industry projects?" After we finished the project, we realized we were onto something, and more and more folks starting coming to us asking for help with blog posts, tweets and other written content - so we pivoted to Scripted. Our pivot was driven entirely by customer demand for our product. - Sunil Rajaraman, Scripted.com

6. You Need To Grow To Survive 

Pivoting is a big decision. The only time to consider pivoting your business is when a huge opportunity is in front of you. If you are going to make a major change to your organization, it's important to realize that this will affect everything else that goes on. Pivoting is not the way to fix smaller problems. The times when we've pivoted a business required looking at our entire operation and refocusing or even replacing sections. When we first launched Yodle, we intended the company to address all the Web services needs of small businesses. As we discovered what it would take to scale that business, we realized we should pivot and focus on just advertising and marketing. - Ben Rubenstein, Yodle

7. You Aren't In Love With The Future 

You're inevitably going to hit setbacks, so it's important to be motivated about reaching your destination. For that reason, you should pivot when you're not excited about the long-term direction you're heading in. Here's an example from my own business. I own a marketing company. And in the early days, we used to work only one-on-one with clients. When I looked into the future, I realized I would only be able to serve, at most, a couple dozen clients. I saw how this business model was limiting our growth and our overall impact, so we changed course. We pivoted to start offering self-service training in addition to one-on-one services. And we've been happier and more successful ever since. - Pete Kennedy, Main Street ROI

8. Your Product Isn't Connecting

First and foremost, it's always smart to listen to your customers. Their feedback is priceless, and a majority of businesses pivot because either their product/service is not connecting, or they can't monetize it. When a majority of customers keep saying your product is overpriced, it's probably true. If you are a service-based company that founded its business model on retainers, switch to a pay-for-performance model. These little things end up making a big difference. - Blake Beshore, Tatroux 

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, the YEC recently launched #StartupLab, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses via live video chats, an expert content library and email lessons.

Now is the best time in history to start your own business. But depending on what kind of company you’re building, you have to figure out if your idea is poised to capture a trend - or doomed to miss one and face a much tougher road to success.

To learn about the impact of properly timing a trend - or of missing one - we asked 8 successful young entrepreneurs from the Young Entrepreneur Council (YEC) for their experiences. And we also got their advice on how to perfectly time your business:

1. Missed Opportunities Open New Doors

It was 2011 when we started building a platform for social media. By then, Buddy Media had already raised over $90 million, Wildfire announced that they had over 10,000 customers, and companies like Vitrue and Involver were the industry titans. Some potential investors told us we were late to the party. However, in hindsight, and especially in light of all of the recent acquisitions of the aforementioned, I believe we had a core advantage to really plug into the “second wave” of social, which has the potential to be even more disruptive than the first. We were able to speak to people who were already using a social media platform and figure out what needs still weren’t being met. By staying small and nimble, we were able to quickly adapt to the rapidly changing landscape of social media. - Abby Ross, Blueye Creative

2. Revisit Past Failures

There’s no lack of ideas that were “before their time.” Many business models that failed in the early 2000s are now incredibly successful because now, the timing is right, the technology is here, and it’s easier than ever before to achieve scale. As an example, my company SitePoint tried selling eBooks back in 2000 and no one bought into it. It was a complete and utter disaster and forced us to print and ship physical books – which sold like hot cakes. The reason is simple, people were still getting used to the idea of shopping online, and paying for digital goods was still a foreign concept to many. Fast forward a few years, with the iTunes revolution, Kindle and iPad, and all of a sudden, eBook sales are trending sharply upward every year. - Matt Mickiewicz, Flippa and 99designs

3. Some Ideas Transcend Timing & Trends

Timing is everything – if your idea is reliant on time. If you want to create a flash valuation or raise a certain amount of money quickly, then it’s of utmost importance. And it’s important for tech in general. But I believe that there are other ideas – rooted in timeless truths – that are not restricted to a certain epoch or Zeitgeist. If your idea is rooted in one of these things, then timing is far less important. If you’re a social entrepreneur fighting for human dignity in a particular area, for example, then it’s less critical whether you start today or tomorrow. My personal view is that I want to be involved with an organization that I believe will be important a thousand years from now. If I find an idea worthy of that standard, then I know it’s rooted in something essential. - Luke Burgis, ActivPrayer

4. Timing Boosts Your Success Potential

Bad Idea + Wrong Time = Biggest Failure Ever. Bad Idea + Right Time = Total Failure. Good Idea + Wrong Time = Likely Failure. Good Idea + Right Time = Best Chance of Success. Timing is essential. A business can come to market before people are truly ready or after too many market leaders have established footing for you to truly get through the door, but in the end, I still think that a phenomenal idea that is well-executed can survive average or even poor timing. For example, last year, I would have said that the app Path was too late to the social media market, but the company has executed the business in such an amazing way that it no longer matters that it followed Twitter and Facebook. Path scratches an itch that those networks don’t, and it does it so well that it is growing like crazy. - Shaun King, HopeMob

5. Start Your Own Trend

Timing is not everything. Some people get lucky but, over time, it is the ones who adhere to proven principles and have enough self-knowledge that continuously succeed. Trends come and go; change is constant. So, to paraphrase Gandhi, be the change you wish to see in the world. Great companies start trends and make movements – they don’t follow others, nor are they solely motivated by their greed to take advantage of fickle market whims. Believe in your own ideas, test your ideas, accept that you’re going to fail sometimes – or maybe a lot at first – and do it all in your own authentic style. Too often we focus on trying to “getting it right” within the context of others' point of view. Rather, we should strive to get it right within our own perspective. - Matthew Ackerson, PetoVera

6. Overnight Successes Don’t Exist

It often takes longer than you expect for an idea to catch on. What that means is that when you’re working on an idea and worried that it’s “too early,” you need to be patient. Grow slowly and conserve cash until the market is truly ready. Many of the best companies start out when only the earliest of adopters are ready for it; with the patience and dedication of learning from those customers, they become prepared for the bigger opportunity that eventually exists. The challenge is keeping your finances tight during that time and seizing every opportunity to grow and learn from the market. Then what you may have been working on for years will suddenly seem like it has the “perfect timing.” - Jason Evanish, Greenhorn Connect

7. Timing Sure Does Help

I wouldnít say that timing is everything, but it certainly helps. I launched Money Crashers at the height of the recession and that certainly was to my benefit in the beginning. This is the way I look at it: If you launch a business based on a fading trend, youíre unlikely to succeed. For example, if you're looking to start a small business based on the “daily deal website” business model, you may not have much luck. Some daily deal sites still exist, but many are struggling today. On the other hand, if you come up with a product or service that meets a need people didnít know they had, you can create your own market trend. One example of this is a website called Gradsave. With this website, you can create a way for family and friends to contribute to your child’s 529 plan. - Andrew Schrage, Money Crashers Personal Finance

8. Don’t Depend On Timing

If you’re depending on timing to ensure that your company is going to make money, you probably don’t have a sustainable business model on your hands. Timing may help, in terms of getting ahead of the competition, but you need to be sure that you’ve got something that can do well even if the timing gets screwed up. There are exceptions, of course, but personally, I wouldn’t want to run a business that is dependent on catching the wave of a particular fad. It’s just not going to provide long-term growth. - Thursday Bram, Hyper Modern Consulting

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. The YEC recently published #FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good), a book of 30+ proven solutions to help end youth unemployment.

It takes more than a big idea and a thorough business plan to start a new business. Most entrepreneurs aren’t quite sure what else it takes until they’re well underway, and many are shocked to discover important elements of startup success that they simply hadn’t considered at all.

To find out what startups learn they really need but never though of, we asked eight successful young entrepreneurs from the Young Entrepreneur Council (YEC) for their input. The results may surprise you as much as it did these startup founders:

1. Adaptability

During the early days of our startup, we were bringing on people with very specific experiences and skill sets who had previously worked at larger organizations that were more structured and reliable. We soon realized that a better fit for us was to hire employees who were highly adaptable and open to - and able to - constantly change their roles and responsibilities depending on the needs of the business. The people who thrived and really made a significant impact to the success of our startup were those who could evolve and roll with the punches. They were comfortable with the relative lack of stability that you typically experience at a startup as it begins to ramp up. - Ben Rubenstein, Yodle

2. The Ability To Say “No”

Many startups focus intensely on growth - sometimes to a fault. When I dove into real estate, I found myself exploring and experimenting with every possible revenue-generating activity. At the time I thought I was being thorough and productive, but I was really straining our company’s resources and physically draining myself. While it’s extremely important to experiment, every company should have a clearly identified core focus and mission. This helps you analyze opportunities that arise along the way and decline those that aren’t best aligned with your goals. It took me a while to realize it, but saying “no” is equally as important as green-lighting certain initiatives. The most productive, and ironically, sustainably innovative businesses I know are also very good at saying “no.” - Kent Healy, The Uncommon Life

3. Logistics

After raising our angel round of funding, my company decided to greatly increase our marketing and advertising spend. We sponsored 11 conferences throughout the year in major cities across the US. I tried to organize everything myself, but scheduling flights, hotels, car rentals and sponsorship passes was an absolute nightmare for me. Luckily, the Account Manager on my team was very organized and loved logistics. He took the lead and turned my nightmare into a happy dream. I focused on closing client deals while our new Logistics and Operations Manager took care of all of the logistics. - Jun Loayza, Tour Woo

4. Implementation

There’s no shortage of great ideas and vision in the excitement of a startup, but without implementation, it falls flat! Having a team in place and members who excel at follow-through and implementation is key to taking the vision and putting it into action. Most entrepreneurs are quick starters and big dreamers, so details become tedious and bothersome. If you’re not strong at follow-through, partner with a business manager or create automated systems that ensure things get done! - Kelly Azeved, She’s Got Systems

5. Avoiding Growth For Growth’s Sake

When my partner Lev and I grew InsuranceAgents.com to #24 on the Inc. 500, we did it by growing for growth’s sake, not smart growth. Any revenue-generating opportunity we came across, we automatically said, “Yes!” The end result was a massive collapse of the company in 2009. However, through sheer effort and tons of luck, we managed to save it at the last second. Lesson learned: never grow for growth’s sake. It’s critical to slow down, take a deep breath, and ask yourself if your company can honestly support the strain that comes along with that new revenue stream. - Seth Kravitz, Technori

6. Time Management

I know, it sounds boring. But as an entrepreneur, you are naturally dealing with limited resources, and you need to maximize your productivity. Specifically, you need to prioritize your activities so you are focusing your time, money and energy on activities that will bring you closer to your goals. If you don’t have a system for managing your time effectively, youíre squandering your most precious resource. If you want some great productivity tips, check out the book, No B.S. Time Management for Entrepreneurs by Dan Kennedy. - Pete Kennedy, Main Street ROI

7. Sales Is For Everyone

When starting a business, it is quite easy to put different hats on your team - “I will be sales, you lead our tech, she’ll be marketing and he’ll be in charge of operations and administration.” The reality of startup life is that everyone needs to build skills in selling the idea. This does not mean that each employee should treat every person they meet as an opportunity for a cash transaction. However, when you are involved in a startup, every person you meet might be of value, whether as a customer, adviser, partner or simply a brand advocate. Knowing your idea and being able to discuss it clearly and passionately will help the business uncover critical resources from everywhere. Every team member’s informal development plan should include a goal of improving communication and sales. - Aaron Schwartz, Modify Watches

8. Don’t Ignore Your Health

This might sound silly, but hydration is super important to keep my mind strong while in startup mode. We are all attached to our desks, cranking away on computers, and in business meetings. When do we have time to drink water? I’m serious - sometimes our health is ignored in our business, but in fact it enables our personal and business health. Stay hydrated! - Erica Dhawan, Erica Dhawan Inc. and Galahads

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. The YEC recently published #FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good), a book of 30+ proven solutions to help end youth unemployment.

In today’s startup landscape, practically everything can be outsourced. But when it comes to core technical skills, more and more entrepreneurs are opting to partner with technical co-founders rather than hiring someone for an in-house position. So how do you decide what’s right for your new company?

To find the best way to integrate core technical skills into a start up, we asked eight successful young entrepreneurs from the Young Entrepreneur Council (YEC) whether startups need tech-oriented founders.

1. How Innovative Is Your Technology?

If you want to start a tech company, you must understand the space. You don’t need to be a developer, but at minimum you need to have the background to know what traits a superstar developer has. It also depends on how innovative your technology is - if you’re using existing platforms and delivery methods, you can definitely hire out a great team to run your company. But if the tech itself is what you’re innovating, you need to understand what is happening inside your business. - Laura Roeder, LKR

2. You Need To Know Tech Basics

I really believe that what’s most important for a founder is the ability to have a vision for the company, make sales and hire well. That being said, when you’re in the startup phase, you need to be able to get stuff done – and that means you need to at least have some basic tech skills. It will also help you to hire better, and understand what’s possible and what’s not possible in terms of technology. - Nathalie Lussier, Nathalie Lussier Media

3. Tech Knowledge Is Cost-Effective

I may be biased - as I am a graphic designer with programming, Web and marketing skills - but to me it is highly important that a founder have some tech skills. We use technology in every business, from online sales and shipping to mobile Web. Being able to change your website on the fly based off a new analytic has been key in growing our online business. Understanding how to harness social media and being up to speed with the newest trending platforms allows us to be everywhere. This being done in-house means more revenue stays with us, compared to hiring a firm or paying a employee who requires training and possible review process, slowing down the speed of business and still adding a layer of time effort to the management team. - Jerry Piscitelli, Portopong LLC

4. You Need Basics, Hire For The Rest 

There’s a big difference between not knowing intense coding and not knowing anything at all about the space. For a founder to be able to navigate the industry, it’s important that he/she knows enough about trends in the industry and has a basic understanding of tech. One of the worst things I’ve seen are very non-technical VC’s teaming up and opening tech companies. Sometimes their idea for a company has already been done and not worked, but the founders don’t know that because they haven’t been in the field long enough. - Caitlin McCabe, Real Bullets Branding

5. Tech Skills Help, But Aren’t Necessary

As an Internet entrepreneur, tech skills are certainly helpful (at the very least so you know when you’re paying a fair fee when outsourcing), but they’re most definitely not necessary. I started TheBeautyBean.com barely knowing what WordPress was, let alone how to run a website. Sure, I’ve made mistakes (likely more with regard to technology than a founder with tech skills would have), but founders can’t be good at everything – and I make fewer mistakes in other areas. All entrepreneurs have to outsource parts of their businesses in order to use their skills most effectively. For me, that means outsourcing tech. And so far it’s worked quite well. Knowing your weaknesses is far more essential than not having any. - Alexis Wolfer, The Beauty Bean

6. Buy It, Share It, Or Be It 

If you are unable to build your own tech product, you only have three options: 1. Pay a company to build your product, which could cost $80,000 to $100,000 for an initial app and website, and even more as you add features and improve your product in response to customer feedback. 2. Give up equity in your company. Software programmers are in extremely high demand - you’re competing with Facebook, Google and thousands of other startups. Very early-stage startups may have to give up as much as 30% of their company to bring on a rockstar programmer. 3. Learn to build the product yourself. This is the most time-consuming option, but is often the best. By doing so, you could save capital and equity, and at the very least, adopt the skill set to better oversee options #1 and #2. - Doug Bend, Bend Law Group, PC

7. Communication Skills Are Even More Important

I was a sociology major in college. When I started my social network, I didn’t have any tech skills. What I did have, however, was a lot of passion for my idea and the ability to communicate the vision that I wanted to create. What I’ve found is that you don’t necessarily need to have tech skill yourself, but you do need to be able to clearly communicate your vision to others, to excite them to join you in your journey. - Eric Bahn, Beat The GMAT

8. Develop Tech Skills As You Grow

I’ve learned most of my tech skills on the job. Currently, I’m teaching myself to program in Python. I’ve been in business for years and I’m always picking up a new skill set. You don’t need too much in the way of tech skills right out of the gate. You’ll learn a lot out of sheer self-defense as you go along, especially if you need to judge the work of technical hires or sell a technical product. That said, being an entrepreneur is easier if you’ve got at least some of the skills that you’ll need to execute your idea in place before you start. - Thursday Bram, Hyper Modern Consulting

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. The YEC recently published #FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good), a book of 30+ proven solutions to help end youth unemployment.

The ends justify the means, according to Machiavelli in The Prince back in the early 16th Century. The concept is hardly to news to countless startup founders who find themselves facing intense pressuresto survive and grow their companies in extraordinarily challenging conditions. Hopefully, the struggles and compromises are worth it in the end.

We asked a panel of eight successful young entrepreneurs from the Young Entrepreneur Council (YEC) to reveal the hardest, most wrenching thing they’ve had to do to build their businesses. When battling the economy, the competition and the many voices that say it’s impossible, some startup founders see these sometimes questionable actions as necessary parts of a larger strategy:

1. Unhooking From My Non-Entrepreneurial Friends

One of the hardest things to do for me was to unhook from my group of non-entrepreneurial friends. It wasn’t necessarily a conscious choice at first; it just happened because we had different goals and found ourselves busy at different times. I noticed that as soon as I started surrounding myself with more entrepreneurs, things really took off in my business. That’s when I became conscious of the importance of the people you hang out with, and how much it impacts your business. Now I’m not saying I don’t talk to my non-entrepreneur friends, but I’m just more conscious about how I spend my time. - Nathalie Lussier, Nathalie Lussier Media

2. Turning Down a Dream Book Deal

It’s always been my dream to be a published author, and I was elated when a major publisher came knocking a few months ago. But it became clear that writing this book was going to interfere with the big plans I had for my company for the latter half of 2012: namely, the creation of my new, advanced Web mastery course for women. Midway through our contract negotiations, I realized that writing the book would take up way too much of my time when I knew, deep down, that my first priority had to be developing my new offering. So although it was an extremely difficult decision, I turned down the offer. It was one of the hardest decisions I’ve ever had to make, but saying “no” instantly opened up my heart and mind to all the amazing things I’m currently creating. - Amanda Aitken, The Girl’s Guide to Web Design

3. Burning Through the Talent Pool

Without any brand equity and very little capital, our startup, like many others, attracted only mediocre talent in our early stages. The odds of tackling the many challenges we faced at that time were stacked up against us, but we rallied our team around a well-articulated vision and with a greater sense of purpose to succeed beyond reason. But that was not the hardest part. Along the way, we admittedly burned through a lot of people who gave the company a lot. We learned that the those who take you from one stage to another may not always be right for whatever the next step is. In the short term, such changes are heart-wrenching and feel unfair - unless measured against the future prospect of greater success for an even larger group of stakeholders. - Christopher Kelly, NYC Conference Centers

4. Downsizing My Lifestyle

The hardest thing that I’ve had to do to build my company is give up all of the lifestyle comforts that my extra money used to buy. Money that I used to spend on entertainment, trips or a better apartment had to be funneled back into my business. One day, one of my employees said, “Wow, you’re really getting a lot of use out of those shoes aren’t you?” That would have mortified me three years ago - not keeping up with new trends or not having a nicer apartment. It may sound shallow, but slowly giving up all of those life perks I used to have has made me realize how important it is to me for my business to grow and where my priorities are. - Caitlin McCabe, Real Bullets Branding

5. Admitting Weakness

It is very hard for us to look at our flaws, let alone to correct them. It was around the age of 30 that I realized that even though I had the business talent, I lacked the leadership and people skills that turn a young entrepreneur into a successful leader. This realization meant changing old habits, such as listening to the employees of my firm, listening to my clients, valuing relationships more and understanding that in business, you can only control so much and you have to let the rest fall into place. It was very difficult for me to come to this realization, as we tend to only focus on what we are doing correctly, simply because it’s more pleasant to do so. However, it’s also best to look at our weaknesses and correct them. - Ken Sundheim, KAS Placement

6. Bootstrapping the Company

Bootstrapping has been our most gut-wretching choice in building our business. We’ve had several opportunities to accept funding from angels, but our team was committed to self-funding because we wanted to have full control over our business' vision and direction - without any distraction from investors and their opinions. There were certainly moments in our history where cash flow was tight - and where our business completely depended on a successful launch of some feature or product. But we were able to make it through those tough times, and today, we enjoy a healthy business that is very profitable and fully under the control of our team. - Eric Bahn, Beat The GMAT

7. Rejecting Attractive Job Offers

I’ve been offered full-time jobs since I’ve built my business. The idea of at least doubling what I’m actually taking home (based on how much I funnel right back into the business) is incredibly appealing. But I’ve done it, and I’ll keep on refusing job offers. The same holds true of big projects and contracts that aren’t a good match with what I need to do to grow my business, as hard as it is to turn down cash in hand. - Thursday Bram, Hyper Modern Consulting

8. Sacrificing Family Time

I’ve sacrificed quality time that I would be spending with family and friends. Building a successful company requires time and focus, and that means I have less time to spend with my wife and friends. Even when I did have the time, my mind was usually thinking about building the business, rather than being present. It ís difficult, but as long as you work toward achieving goals and let yourself ease up once you achieve them, itís worth it. - John Hall, Digital Talent Agents

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. The YEC recently published #FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good), a book of 30+ proven solutions to help end youth unemployment.

It takes a unique kind of job candidate to work at a startup. Rather than staying on task in a cubicle in corporate America, startup team members must juggle endless responsibilities and pass through multiple company positions each day. And when you’re putting a team together for the first time, job descriptions don’t even exist yet. So how do you decide who to hire?

To find out what single quality is most necessary for a startup’s first hires, we asked a panel of eight successful young entrepreneurs from the Young Entrepreneur Council (YEC) for their take. Turns out the most important attributes of a startup job candidate are all about personality and working style, not skill sets.

1. Humility Hits the Spot

Startups, entrepreneurs and young people aren’t short on ego, so I keep an eye out for humility. New hires have to be smart enough to know what they don’t know, and not have such an ego that they aren’t willing to do what it takes to learn the business. It’s not to say they shouldn’t have confidence or speak up and disagree, but successful businesses don’t have room or time for a battle of egos that takes focus away from the issues or decisions at hand. Additionally, lack of humility often means that employees are afraid to admit when they’re wrong or ask for help. That won’t work in the early days of a startup. Humility is especially important in new hires who need to be willing to pitch in at any level and be able to move forward with decisions that are made, even if they disagree. - Susan Strayer, Exaqueo

2. Connection Is Key

I view everything like a film casting session, where oftentimes, the deciding factor on whether or not someone is a good fit for a role is the level of connection they have to the material. An Oscar on a previous film does not mean someone is right for my project, and your potential employees are no different. In order to determine if the connection is there, you must clearly illustrate the vision of your company and the guiding principles that will take you there. If you haven’t outlined that yet, it’s probably not time to hire people. If you have, it will become very clear, through conversation and targeted questions, whether or not you’ve got the right person on your hands. Don’t be fooled by an outstanding CV or cover letter - let the connection be your guide. - Pete Chatmon, Double7 Images

3. Look for Like-Mindedness

We have a small, tight-knit team and having a strong personality fit is key for us. Skills can be taught and experience can be built, but having someone who “gets” our company vision and fits into the company culture is the most important factor for us in hiring. Our process for finding those ideal personality fits is having a really unique and slightly over-the-top job description. We know that anyone who responds to us with what we ask for (and makes us laugh in the process), is worth an in-person interview. - Lauren Fairbanks, Stunt & Gimmick’s

4. Persistence Is Most Important

I like when people are persistent with me, because that usually means they will be persistent with the task at hand to get it done. Too many employers are chasing down employees and hoping they will work for them, and the employer ends up pushing them rather than the employee wanting to work for that employer. When the employee is the one who is pushing for the job, it is more likely that they will do whatever it takes to be successful on that job. I also like when I don’t even have a job opening and someone is persistent about showing my why I should hire them even when the opportunity does not exist. They make a job for themselves. - Louis Lautman, Young Entrepreneur Society

5. Creativity Carries the Day

I always look for someone who questions, redefines assumptions and thinks outside the box. Startups are inherently creative environments, given that they are new entities requiring new teams and infrastructure. In many cases, they’re formed to develop something entirely from scratch. With anything new, you’re bound to hit road blocks. No matter what the role, it’s important that every individual at a startup be a source of innovation to be able to overcome those obstacles. At my company, we run through a variety of simulations. For instance, we’ll ask about your favorite dish from a recent dining experience and then have you recreate it. Though it’s difficult to measure creativity, we look for responses that utilize available resources to find a viable solution. - Michael Tolkin, Merchant Exchange

6. Work History Works

I find that you can teach a hardworking, dedicated person almost anything. The first thing I look for is committed work history. I’d like to see that they have stuck with previous employers for extended periods of time. Individuals that jump for job to job usually don’t know what they are looking for and, therefore, they never find it. Don’t waste your time and resources on job jumpers, no matter how good their resume looks. - Roger Bryan, RCBryan & Associates

7. Trustworthiness Is Tried and True

When I hire someone, I want to be able to trust them to do what I ask them to do, complete it on time and come to me if they get stuck. If I can’t trust that someone will get both routine work and larger projects done in a prompt, professional manner, then much of the benefit of hiring someone in the first place is lost. - Elizabeth Saunders, Real Life E®

8. Passion Is Pivotal

The single quality I look for is passion. Everything else can be taught - skills and knowledge - but having an employee or an intern who is passionate about your brand and what you do is of the utmost benefit and importance. - Steven Le Vine, grapevine pr

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprised of the world’s most promising young entrepreneurs. The YEC recently published #FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good), a book of 30+ proven solutions to help end youth unemployment.

Some entrepreneurs start out to create a company that they intend to spend their lives growing and maintaining. Others form startups with the expressed hope of being acquired by larger companies. If an acquisition is part of your exit strategy, you need to build your business with your buyer in mind.

To find out what strategies helped real-life entrepreneurs negotiate their own acquisitions, we asked four successful young entrepreneurs from the Young Entrepreneur Council (YEC) for their advice. Even if an acquisition isn’t on your radar yet, these tips can be helpful to you in getting - and keeping - a future buyer’s attention:

1. Strategy Is Important - Storytelling Is Critical

Everyone loves a great story. We all “invest” in stories one way or another - it’s the way we make them ours. The friends you choose, the experiences you have and the dreams you chase are all investments in stories that you can then share. It’s the same for companies. Your customers are investing in your story to share in it, as are your investors - literally. “The only family-run startup in the industry” or “the only app that actually helps me fix this”… you get the idea. The upshot is that you better have a great story to tell. The better the story, the more people are likely to want to invest. If your story is truly great, and you can tell it with absolute conviction, you may just find someone who wants to own it. - James Rohrbach, stealth

2. Clarity in Past and Future

To me, it wasn’t just about having a clear vision for the future, but having a transparent past. If you’re building a business to sell, make sure everything is organized and recorded properly from inception. When you sit at the bargaining table, you want to be able to present your company in a neat little package, with everything from incorporation documents to licenses and key agreements systematized. Any missing or “broken” piece may be seen as sloppy on your part. And if a potential buyer begins to think you’re sloppy in some areas, they will begin to wonder where else you might have been negligent. Few will risk buying to find out. - Nicolas Gremion, Foboko.com

3. Demonstrate the Adaptability of Your Business

A partner and I recently sold a startup to another company that was only looking for certain elements of what we had created - in particular, a Facebook app. Entrepreneurs must have a clear strategic vision to have useful discussions with potential acquirers. But you must also demonstrate that your product or service is built on a strong foundation that is flexible enough to fit within the new organization. Your people need to be able to adapt to the new culture, your marketing strategy must be easily subsumed by the acquirer’s, and your product must fit within the larger catalogue. When you build your business, you must have a clear vision and road map. But as soon as you sell, what was once “yours” is now part of a greater whole. - Aaron Schwartz, Modify Watches

4. Keep Your Books Consistent

Potential buyers are always going to look at numbers. Don’t leave anything in question by being as thorough as possible along the way. The more data you are able to supply to the end buyer, the more professional you look and the more confident they will be with their purchase decision. - Logan Lenz, Endagon  

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprising the world’s most promising young entrepreneurs. The YEC recently published "#FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good)," a book of 30-plus proven solutions to help end youth unemployment.

There are a lot of consumer-facing Web startups out there - maybe too many. Now that it’s easier, faster and cheaper to launch a Web business than ever before, entrepreneurs are under increasing pressure to differentiate. Great design and even great service just aren’t enough anymore. The key is to establish a niche that’s narrow enough to own - but broad enough to support a successful business.

To find out how startups today are leveraging their niches to stand out from the competition, we asked a panel of seven successful young entrepreneurs from the Young Entrepreneur Council (YEC) for their take:

1. Create a Blue Ocean Strategy

The best way to find the market and product offering that hasn’t been done to death is to analyze the existing products that are out there already. This means looking at the competition and cataloging what all of the existing Web startups have in common, so you can find ways to differentiate. The book Blue Ocean Strategy details how you can create a Strategy Canvas that allows you to map out the competition and find ways to differentiate in ways that make sense for your business. Don’t try to be different just for the sake of standing out. Really think through what you can eliminate, what you can add and how you can create a truly creative offer that helps more people. - Nathalie Lussier, Nathalie Lussier Media

2. Put Your Branding to Work

Establishing a competitive niche is getting harder and harder every day, and consumers are paying less attention to comparisons between companies that do the same thing. They expect your product to work, and they expect your product to have all of the features and functions the next product does. What can help your startup stand out is spending time working on your branding. If you can connect with your audience on more levels than your competitors, you’ll ultimately be able to make it about consumers choosing your brand, not your niche. - Caitlin McCabe, Real Bullets Branding

3. Mind the Gap!

When you describe your business to someone, they need to "get" it immediately. Beyond that, if your concept brings up a recent situation in which they could have used your service, you’ve really got something! In London, when you ride the tube, a recorded message comes on cautioning riders to "mind the gap." This is because the gap is big enough to fall into! When you’re developing your offering, the solution needs to be in a space with a gap wide enough to fall into - and stay there. It’s almost impossible to base a business on doing exactly what the other established players are doing. Sure, a niche product isn’t going to be proven, but the opportunity to cause a splash is much greater. - Joe Cassara, You Need My Guy

4. Choose to Serve a Niche Audience

Given the proliferation of companies and the easy cross-comparison on the Web, it’s very difficult to create an entirely new product or service. Therefore, I think it’s best to focus on making yourself the go-to person for a certain audience. That niche could be a profession like dentists, or a region like the Pacific Northwest, or a certain type of person, such as young professionals taking on greater responsibilities at home and at work. Whomever you decide to target, you want to become the No. 1 company in your market, and not lose focus by worrying too much about startups that target other audiences. - Elizabeth Saunders, Real Life E

5. Rebrand Your Customer, Not Your Product

Your startup and business may start off as a niche. Over time, you can bet that competitors will enter, or may already be present. Therefore, startups should constantly analyze and frequently change their marketing campaign to maintain their niches. Bring about new ways to create the comparison. Some ideas include offering a free trial period, creating viral campaigns that allow users to engage with your product, and constantly building a niche market. The question is, “How do you maintain and build another niche market from your already existing one?” I don’t recommend changing your product. I suggest relabeling your customers; this may make users want to become more involved. Take airlines, for example; they created status levels to allow their users to compete and engage further. - George Mavromaras, Mavro Inc. | Praetor Global LLC

6. The Power of Information

Finding a laser-focused niche is a main component to success online. To stand out from your competition, you need to become the authority in your market. There is no easier way to do that then to niche down to the most basic service or product offering. The easiest way to win over a client is for your site to show a level of expertise above and beyond that of the competition. However, if you offer too much your customer will seek other avenues of education (in the buying process). Offer just the right amount and they will commit to your offering. It is much easier to upsell a current customer then it is to gain a new one. - Roger Bryan, RCBryan & Associates

7. Let the Community Speak

A major way you can stand out from your competition is by allowing your customers to become a part of your organization. Give them a voice. Ask for their input. Engage with them as much as possible to make them feel special. If they’re comfortable with your brand, they’ll know who to keep coming back to in the future. - Logan Lenz, Endagon

The Young Entrepreneur Council (YEC) is an invite-only nonprofit organization comprising the world’s most promising young entrepreneurs. The YEC recently published #FixYoungAmerica: How to Rebuild Our Economy and Put Young Americans Back to Work (for Good), a book of 30+ proven solutions to help end youth unemployment.