1. Acknowledge you are not an expert at everything. Talk with your own Lawyers who read the contracts, Accountants that know local tax events, and former employees before agreeing to anything. “Strategic Truth” often means no one may lie to you knowingly, but this can still cost you during acquisition.
Example: IP sold to another stealth company the founder owns for $10, so what is that 7% share/option worth again. That's right... you got nothing… saw several people get conned this way.
2. Avoid accumulating legal encumbrances at large firms... overly broad NDAs, contracts, and Patent/Copyright obligations can get nasty. You may be signing things long after you leave a firm for zero pay, get fired to claw away equity 2 months before IPO after a 10 year career, or incur dozens of term revisions over years slowly bleeding off contract value. In general, many countries also interpret the identical contract differently depending where it was signed.
Example: In Canada anything you build while working at a firm can be claimed by said firm unless explicitly excluded in your contract, and in the USA it is generally implicit that any IP unrelated to company operations is your own. Most employees will roll over like a dead wale, as they likely don’t have enough capital to fight a legal battle. One may think they know better as they ignore #1, but they are provably wrong.
3. Avoid predatory VCs if possible. Ask yourself what these people actually bring to your firm, if they think you are gullible enough to table personal assets, or if a one time top up was worth 34% of your firm. If it is just working capital from a douche in a cheap suite... than seriously reconsider your growth plan.
Example: You are small and thirsty… and never saw what share dilution does to founders. Again, talk with your own legal/finance people before agreeing to anything.
4. Make sure someone doesn’t swap paper stacks on you before signing, or give you a old unedited “wish-list” version as a copy. Professional cons span all professions, know card tricks, and people still do ethically dubious things when relatively small sums are involved.
5. Everything is always pleasant in the beginning, but if the legal paperwork is sloppy... things can get very ugly later. Part of being honest and candid up front... is putting into writing what peoples expected obligations are to each other and the firm.
Example: Large rapid revenue growth has torn friends and families apart... as even a $100m can drive some people to recreate a history that never actually happened.
6. Most techs at Startups have 6 jobs, and being smug ain't one of them. Some advice for business ops.. stay in your lane, as you are also not as mission critical as people may have suggested.
7. YMMV, ask several random people… each bring differing perspectives. Everyone I respect initially disagrees with my opinions a first... can take a few years to reach consensus for the truly smart.
Have a wonderful day, and build something awesome =)