Doug Bend

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Startups raising their first round of capital have to decide which type of investment vehicle to use.

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When an entrepreneur brings on a business advisor, they often do so with the intention of gaining sound insight and advice—finding that “second opinion” that can help steer their business in the right direction. But, many times, an advisor turns into something more: a true mentor who can offer guidance, support, motivation and understanding when times get tough, as well as the advice needed to help get you back on your feet. When thinking about the advice from their own business advisors, the members of Young Entrepreneur Council have a few key tips that come to mind. Below, each member shares one piece of sage wisdom their business advisor gave them, and why they consider it to be one of the best pieces of advice they’ve ever received.

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Most California LLCs that are small businesses never convert to a Delaware corporation for five reasons.

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Several government agencies and vendors need to be updated, so you should make sure that the benefits of making the conversion outweigh the time and costs.

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As a business leader, you'll have to say "no" a lot, whether it's to an employee, a client or a potentially lucrative business opportunity. However, it can be difficult for some leaders to decline a request and risk disappointing others. Because turning people down is often part of a leader's job description, it's important to develop a healthy mindset about saying "no" and understand that it all comes down to making a sound business decision. To help you do this, eight members of Young Entrepreneur Council gave their best advice for getting comfortable with saying "no."

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You should consult with your attorney as your LLC might have different requirements, but this checklist is a good starting point for strategizing on how to change the legal name of your company.

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Time management can be a challenge when you’re faced with work that’s piled up over a period of time. It can be overwhelming to look at a list of tasks and determine which are priorities and which can be temporarily moved to the side, causing some employees to stress or panic about where to even begin.  To alleviate this situation, nine members of Young Entrepreneur Council explained what an overwhelmed employee should do to get back on track. From actionable advice like speaking with management to tips for adjusting your mentality, these entrepreneurs share their best habits for better managing your time despite an overwhelming workload.

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Newcomers to the world of business ownership may have a hard time navigating all the requirements and challenges of setting up their first company. If you’re just starting out, finding another founder who has been through it and can provide sound advice may be worthwhile. With industries evolving so quickly these days, though, it could be difficult to find someone who understands your target market very well. When planning to open your new business, the first steps you take are crucial. Doing the right thing from the get-go can give entrepreneurs an advantage, as they can get up and running that much sooner. To help, 12 experts from Young Entrepreneur Council shared key first steps to take to ensure that your company achieves long-term success.

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A successful business sale takes careful planning and preparation, so make sure you're ready before you start negotiations. For many entrepreneurs, selling the company they built from the ground up is a lucrative opportunity that will set them up for retirement or their next business venture. However, a successful sale is not as simple as finding a buyer and signing some paperwork. There's a lot of preparation and planning that goes into an acquisition, and any founder who wants to sell their company must be ready for that process. Below, a group of entrepreneurs shared eight best practices founders should follow when they're looking to sell their business. Follow their recommendations to ensure a smooth transition into the next phase of your career journey.

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Entrepreneurs can come from any background, any place and with any experience level. Yet because entrepreneurs task themselves with starting companies to develop solutions and generate value, it’s vital that they have a specific set of skills that help them get the job done. These skills are a necessary part of the entrepreneur’s tool belt. However, there are some skills that are more valuable than others and some that are highly underrated. Here, nine members of Young Entrepreneur Council examine some of the underrated skills that they think entrepreneurs should cultivate, even if others aren’t.

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18 entrepreneurs from YEC look at the main reasons why an organization should get insurance. New entrepreneurs sometimes look at business insurance as a luxury, not a necessity. For a lot of small-business owners, business insurance is a gamble -- it covers the business from liability and in the event of property damage, but unless either of those happens, it seems like wasted money. Before a company decides to avoid insurance altogether, the owner must look at what the insurance offers in more than just economic terms. Insurance also deals with how efficiently the business can operate. Businesses that have the assurance that they’re covered in any eventuality may be more inclined to take risks and innovate. Insurance, by design, can help or hinder a business. By focusing on the important details that impact a business’s everyday operation, an owner can determine whether insurance is a crucial consideration for the long-term health of the company. In some industries, insurance can save the company tens of thousands of dollars in liabilities. Some professionals require coverage before they’re allowed to open a firm in some states. If your industry requires that you have business insurance, you will need to examine what each of the providers offer with their policies to ascertain the level of coverage they provide. An additional element that business owners ought to consider is what the insurance covers. Some insurance companies only offer the bare minimum of coverage. Their policies don’t cover damage to assets or the building, and may only offer third-party coverage to individuals the business may have caused damage to. It’s vital that a company that takes out business insurance know what their insurance can cover and whether they may need more than the basic third-party coverage. To help, 18 associates of YEC discuss what a business owner should consider when deciding on business insurance and why these elements are crucial to the decision.

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Some entrepreneurs who want to scale their companies and fast-track their growth hire a business coach to help them get there. These professionals often have years of business experience themselves and can help you take your business to new heights with their insights. If you’re on the fence about hiring a coach, take it from the members of Young Entrepreneur Council: It’s worth the investment. Below, 10 members shared one of the biggest benefits they’ve experienced from hiring a business coach and why they suggest others follow suit.

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Small-business owners realize almost immediately how different their businesses are to run than large corporations. For success, a small business needs to adopt its own strategies that work with limited available resources. Entrepreneurs in this position need to make critical decisions about what approaches they'll take to elements of business growth and development. From figuring out how to find and develop new talent to discussing how to expand the business's outreach, these entrepreneurs have to think creatively about solutions they can implement to improve operations and increase productivity. That’s why we asked 13 entrepreneurs from Young Entrepreneur Council (YEC) the following:

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Opt for gradual change and seek to align daily tasks with long-term goals.

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Protect your small business and your customers.

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If you’re a driven entrepreneur who also wants to make time for family, a home-based online side hustle may seem like a great idea. While this type of work offers more flexibility than a side business you have to run on-location, being at home doesn’t mean it’s easy to find balance. Managing your day job, your side hustle and family – not to mention taking care of yourself – is a lot to handle, but it is possible. Below, eight successful entrepreneurs give their best advice on how to successfully manage this balancing act.

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Recognize these potential pitfalls and take proactive steps to avoid them.

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No one likes to think about dying, but it is necessary for business owners to consider what will happen to the company after they're gone.

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How should a company make decisions when it is equally owned by two or more founders?

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Tax season might be behind you, but these changes and updates are always important to keep in mind.

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Incorporating as a Benefit Corporation (aka B Corporation) is a relatively new option for founders committed to doing social good. Is it the right choice for you?

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Buying into a franchise can be an excellent investment for some business owners, but do your due diligence before signing on the dotted line.