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How to pay yourself as a startup founder | Startup Finance Basics w/ Kruze's Scott Orn | E1860
This Week in Startups
Close the Salary Gap and Maintain Integrity
Data highlights the significant salary gap between female founders and their male counterparts, with female founders typically seeking lower salaries even when they secure funding. It is crucial for female entrepreneurs to advocate for equitable pay and not undervalue their worth. They should feel empowered to use a reasonable percentage of raised funds for their salary, ensuring it reflects their contributions. Additionally, founders are urged to avoid unethical practices such as paying personal expenses through company accounts, which not only raises red flags with tax regulations but also damages trust within the organization. To enhance transparency and accountability, it is advisable for founders to have someone else review their expense reports.
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