Working for Free as a New Startup Business Owner

Working-for-Free-as-a-New-Startup-Business-OwnerStartup companies are usually drawn out with only a basic idea. When that idea blossoms and plans begin to slowly roll into place, exponential growth and revenue start playing a role. Customers flock by the thousands and leads become somewhat of a bore. You’ve finally made it.

This may all seem like a dream and with the best of the best out there competing against you; the odds don’t work in your favor. But every startup company has to begin somewhere. You need your first customer and that first paycheck. You need the “free” investments where you essentially give away your product for case studies. You need to experience all of these things to be able to make a splash as an entrepreneur.

Consider working for free as an investment. If you are barely starting as a company, you need to spread word about what your company is about and why you’re qualified to do what you claim you do. Skepticism often occurs when people think about services offered mainly because they don’t really know what to expect. This is where you shine.

One small “yes” can create the exposure that your company needs to be able to attract the public. While it may be tempting to increase your prices tenfold after getting your first customers, you have to remember that you are still swimming in the shallow end of the pool. Hard work does pay off, and committing yourself to the nuances of free work in the beginning of your career could potentially be the best decision that you ever made.

Bio: Ferhan Patel, CCO of Payza, oversees the companies’ risk, fraud and compliance organizations.



A Reflection on the Greek Default Crisis

By Samuel Phineas Upham

The crisis involving Greek National Debt began in the latter half of 2009, and it has been ongoing until just recently. At the beginning of August in 2015, the crisis finally showed signs of becoming a thing of the past. As of this writing, it appears that Greece has mostly navigated this turbulent time period. What remains, what was gained and what was lost are worth reflecting upon.

The Bigger Issues

Greece as a country only accounts for a little over 1% of the European GDP, so why was it so important to keep this country in the Union? There was some concern that if Greece exited the Eurozone, that other countries might follow suit.

Because more than half of the GDP already consists of government spending, Greece further contributes to this problem and shows no signs of stopping the downward slope. The European taxpayers, meanwhile, are on the hook for a debt they aren’t even publicly aware they’ll pay.

There is also the European Central Bank’s promise that bonds will always be paid whatever it takes, so long as countries remain within the Union. Some might see this as a free ticket for Greece to continue mismanaging its funds. Certainly Germany hopes for a different outcome.

Bigger Challenges

The idea that a unified Europe solves all ills might seem attractive, but is there evidence to support such theories? Other, more developed parts of the Union like Spain or France have also suffered from the threat of default. Those past challenges may only grow more intense as time passes.

Samuel Phineas Uphamis an investor from NYC and SF. You may contact Phin on his Samual Phineas Upham website or Twitter page.