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Technology Law Blog

Entrepreneurs: Keeping a myth from disrupting one's dreams

When starting a company from scratch, prospective business owners in New York and elsewhere may need to address certain concerns and overcome a variety of challenges. However, sometimes the issues entrepreneurs feel might pose a threat to their plans may be nothing more than a misconception. Knowing the myths that surround the process of running a successful enterprise could help a person prepare to make informed choices without paying heed to unnecessary assumptions.

One of the most common myths associated with being an entrepreneur pertains to the level of risk involved. While business owners may take on a substantial amount of responsibility, running a business doesn't always have to be an exceedingly risky endeavor. Studies indicate that most entrepreneurs typically take a more careful approach to operations by knowing how to evaluate all the possible risks involved with each decision about the future of the company.

Creating Forward-Looking Founder Agreements

The founders of a venture and the investors in it have a unique collaborative – and sometimes conflicting – relationship.

Both want the venture to succeed.  The founders see themselves as the creative force moving the business forward.  They want it to succeed because of the substantial payoff that can result to them.

Entrepreneurs: Making certain decisions early in the process

While starting a business can be an exciting and rewarding endeavor, it can also be a stressful and complex process. Entrepreneurs in New York may encounter a variety of challenges as they attempt to push their companies to greater heights and many of these issues may exist right from the start. Although business owners may feel they already have a great deal on their plates, addressing certain concerns early on could prove essential to avoiding regret in the future.

According to experts, one of the first issues a prospective business owner should consider addressing pertains to his or her motivations. Achieving clarity on the desired direction or purpose of the company could act as a strong foundation for building a thriving enterprise. Since the future of a company may also be fueled by its success, forming a strategy to promote growth may also be vital to paving a path to prosperity.

Understanding the challenges entrepreneurs may encounter

Building a company into a successful and thriving enterprise can be a rewarding experience. However, entrepreneurs in New York may face a variety of challenges along the way to success and how they handle each in turn could impact their journey substantially. Knowing the issues that may accompany the decision to start and run a business might help one better prepare for what comes next, but it can also be an intimidating process.

One of the most common issues entrepreneurs might face may pertain to the level of difficulty involved with achieving balance. Running a company can be a demanding experience and finding a balance between home and work life could prove a challenging feat. Entrepreneurs may also be faced with high levels of responsibility and the potential threat of failure, and the manner in which they handle similar concerns could influence their ability to reach news levels of success.

JULY 14 PASSAGE TO PROFIT BROADCAST

Join me in the Executive Spotlight on the Passage to Profit radio show on July 14 at 8:05 PM on WOR 710 AM!

Tune in on the iHeart Radio App (available for iOS and Android), online on the WOR710 website or the "old fashioned way" on the radio.

Please join me as I approach subjects such as:

  • How to choose the right business lawyer
  • Top 10 Causes of Failure for Technology Startups - and how to AVOID them!
  • Importance of having the RIGHT written agreements (the ones you downloaded from the Internet to save $1,000 may cost you $10,000, $100,000 or more!)
  • Indemnity Agreements - what do they mean? what's typical? what are terms to avoid?
  • Limited liability entities - why are they important? How must you use them to enjoy their benefits?
  • Attracting investors - what techniques help technology entrepreneurs? What approaches hurt their chances?

Knowing the factors to address when forming a business

Prospective entrepreneurs need to address many issues when they decide to start a business.

Fortunately, they don't have to take on these issues alone. They can and should find advisors who have been "down the road before" and know where the snares and pitfalls lay. That helps entrepreneurs prepare themselves for the predictable - and some unpredictable - problems and opportunities they will face.

Tips to help entrepreneurs build a healthy client base

Upon starting a new business, individuals in New York and elsewhere may encounter a variety of challenges in building a healthy customer base. While attracting the interests of new customers is often a vital component to the success of a company, it can also be difficult at times. Entrepreneurs who wish to build a successful enterprise could benefit from seeking guidance on how to gain the attention of potential customers and how to keep them coming back for more.

There may be a multitude of prospective business owners who are enthralled by the level of exposure companies gain through larger marketing opportunities such as ads during the Super Bowl. However, these ads might not always come with an acceptable or manageable price range, especially for owners of startups. Those who still wish to gain exposure could benefit from finding other ways to promote products and services, such as through local trade shows and business conferences.

Taking steps to protect intellectual property early on

Upon staring a new business, owners in New York and elsewhere may have a multitude of issues to address every day. Concerns such as developing a marketing strategy and coming up with ways to attract potential customers can be demanding endeavors. While adding on additional priorities may seem like a daunting concept, business owners may also find that seeking out ways to protect their intellectual property could prove essential to safeguarding the longevity of their companies.

Experts indicate that seeking out ways to protect sensitive company information is vital and should be something that entrepreneurs begin planning for while in the early stages of forming a company. According to experts, the first step of the process involves determining what constitutes intellectual property. A company's trade secrets can come in various forms, ranging anywhere from product blueprints, operational procedures and even company logos.

Protecting Your Company’s Trade Secrets

Protecting your company’s trade secrets is key to building and maintaining a competitive advantage.

The first step in doing so is to identify the information you need to protect. A trade secret can be anything that has current or potential economic value for your company and is not generally known.  Here are just a few examples of information that could be a trade secret:

Entrepreneurs: Preventing potentially costly errors with guidance

Starting a new company can be an exciting endeavor.

It can also be a demanding task that may carry a certain level of risk. Since any mistakes they make along the way could have a devastating impact on the future of their companies, entrepreneurs in New York may wish to take steps to prevent them from occurring. However, without the necessary legal experience under their belts, many may be uncertain of the areas in which mistakes could be made.

One of the most common mistakes a business owner could make pertains to selecting the incorrect entity for his or her business. When starting a business, owners have several options to choose from and each of these options may come with its own set of potential advantages and disadvantages. Choosing the wrong entity could open an owner up to various risks, such as liability or adverse tax consequences.

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