Personal
Home Bank accounts
Credit cards
Borrowing
Mortgages
Savings and investments
Insurance
Advice
Business
Home My business
Banking Solutions
International
Financing
Investing
Tips and Tools
Wealth Management
Home
CLOSE

Why should start-ups establish values within their company?

03 August 2017 by National Bank
business values

Establishing strong values within a start-up can play a critical role for its success and for the success of its product.

Contenu

According to Manaf Bouchentouf, director of National Bank and HEC Montreal’s Accélérateur program, start-up entrepreneurs could easily avoid many issues by establishing an “agreement on values” at the very beginning of their project.

“Generally, entrepreneurs that participate in a start-up are preoccupied by their product or market validation, but they wear rose-coloured glasses when it comes to important decisions that will eventually need to be made. Yet it’s the moment when these decisions need to be made that value conflicts can arise. These arguments can test relationships between partners… and test the start-up itself.”

How can you establish your start-up’s values?

The concept of values can seem abstract or difficult to grasp. Where should you begin?

Manaf Bouchentouf suggests creating a document for all the partners to sign, a sort of agreement on values similar to a shareholders’ agreement, that outlines everyone’s expectations.

“I suggest planning a long discussion during which you can create a list of concerns in order of importance. What kind of work environment do you want to create? What are your priorities in terms of work-life balance? What expectations regarding growth? Do you want to grow globally or concentrate on establishing a local market? What impact will your business have on the environment and the community?”

By answering these questions at the beginning of a start-up project, entrepreneurs will be better equipped to face situations that could test both their values and their business.

Legal disclaimer

Any reproduction, in whole or in part, is strictly prohibited without the prior written consent of National Bank of Canada.

The articles and information on this website are protected by the copyright laws in effect in Canada or other countries, as applicable. The copyrights on the articles and information belong to the National Bank of Canada or other persons. Any reproduction, redistribution, electronic communication, including indirectly via a hyperlink, in whole or in part, of these articles and information and any other use thereof that is not explicitly authorized is prohibited without the prior written consent of the copyright owner.

The contents of this website must not be interpreted, considered or used as if it were financial, legal, fiscal, or other advice. National Bank and its partners in contents will not be liable for any damages that you may incur from such use.

This article is provided by National Bank, its subsidiaries and group entities for information purposes only, and creates no legal or contractual obligation for National Bank, its subsidiaries and group entities. The details of this service offering and the conditions herein are subject to change.

The hyperlinks in this article may redirect to external websites not administered by National Bank. The Bank cannot be held liable for the content of external websites or any damages caused by their use.

Views expressed in this article are those of the person being interviewed. They do not necessarily reflect the opinions of National Bank or its subsidiaries. For financial or business advice, please consult your National Bank advisor, financial planner or an industry professional (e.g., accountant, tax specialist or lawyer).

Tags:

Categories

Categories