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Technology Law Blog

Entrepreneurs: Fear does not have to be a deterrent

The idea of taking a business concept and making it into a reality can be an exciting process. However, it can also be somewhat scary and intimidating, and fear of the unknown can be a strong deterrent if it is not confronted. Entrepreneurs in New York who wish to see their ideas come to fruition could benefit from understanding the fears they might encounter and knowing how best to handle them.

One of the most common fears that entrepreneurs face pertains to the uncertainty involved with change. While forming a routine can be beneficial in various ways, in some cases, change is inevitable and may even prove fruitful, and knowing how to accept and adapt to change could be imperative. The threat of failure is also a common worry for many business owners, and confronting this possibility and making a backup plan could help an owner overcome this fear.

Entrepreneurs: Transitioning from an employee to a business owner

There are many individuals in New York and elsewhere who are content working for another entity. Then there are some who operate in a 9-to-5 setting that have entertained the thought of entering the realm of self-employment. Entrepreneurs who wish to start their own companies may benefit from seeking guidance on how to make the transition as seamless and stress-free as possible.

One concern for those wishing to trade in their jobs for self-employment pertains to the financial uncertainty involved. While the thought of losing access to a steady paycheck might be intimidating, entrepreneurs may still have dreams and plans they wish to see come to fruition. Focusing on these objectives could help prospective entrepreneurs better prepare to take the necessary steps to take to build an enterprise.

Questions entrepreneurs may ask themselves when forming a startup

There may be many individuals who have concepts they wish to put into motion by forming a new business. However, with a multitude of factors to address, starting a company can seem a stressful and daunting endeavor. Entrepreneurs in the New York metro area who wish to achieve success in a business setting could benefit from asking themselves certain questions about what they want for their companies, and in doing so, they may gain a better idea of how to handle the process.

When it comes to starting a new company, an entrepreneur may benefit from asking what products and services he or she wishes to provide consumers and how they can make the company different from the competition. While being distinct can be advantageous at times, business owners might also be also tasked with ensuring their services are in demand. Owners may also benefit from considering who their audience will be, as having a general idea of consumer wishes can be vital to forming a business strategy.

How balance may help entrepreneurs remain productive

Building a successful company can be a rigorous process and the various demands owners may face can have an impact on their productivity. Entrepreneurs in New York may constantly be on the look out for ways to remain productive and cultivate growth. While some may feel that devoting a significant portion of time to the company is vital, studies indicate that in some cases, slowing down and finding balance could prove beneficial.

It might not be uncommon for business owners to feel they have a great deal on their to-do lists each day. While each item may be essential to operations, rushing to complete all daily objectives might not always be best, as it could increase the risks of errors or accidents. However, that doesn't necessarily mean an owner should constantly delay addressing projects. Finding a balance to complete activities safely and effectively while remaining productive can be vital.

Special Protective Rights for High Tech Investors

Investors in life sciences and other technology companies face the potential of both high risk and high reward. One technique for reducing some of that risk is by requiring certain special buy/sell rights.

When you invest in a high-tech company, you are investing in the people who are involved as much as in the technology.  If a founder leaves the company, or a new shareholder takes control, your shares could become less valuable. If the company sells new shares to a third party, your percentage interest in the company could shrink.  So, it's important to consider how to protect yourself in those cases.

Traits that may help entrepreneurs reach their business goals

Forming a company from scratch can be an intimidating, yet exciting endeavor. While it may seem like the sky is the limit, simply starting a business doesn't necessarily bring forth a guarantee of success. However, there are certain traits that could help entrepreneurs in New York stand a much better shot at achieving their long-term goals and give them a higher chance at building a thriving enterprise.

While many entrepreneurs base their business endeavors on an idea or concept, how passionate they are about their goals could make all the difference. Another possible key to success could be the ability to spot potential areas for growth and to know how to apply them to daily operations. With an ever-changing business model in many fields, a constant willingness to learn and adapt may also be imperative to the longevity of one's company.

Entrepreneurs: Avoiding distractions and remaining focused

When it comes to starting a new business in the field of technology, the opportunities available may seem limitless. However, for entrepreneurs who are just starting out, resources might not be. To prevent possible opportunities from turning into potential distractions, entrepreneurs in New York could benefit from seeking out ways to achieve success by maintaining focus.

In some cases, a person may start a business with a singular goal in mind. Even in the early days of a company, new opportunities may come along, and although these may be enticing, a business owner who tries to take on too much at once could begin to struggle. However, if entrepreneurs can remain focused on their initial goals, they could become much more capable of building a thriving enterprise.

Entrepreneurs: Pursuing success by building a healthy image

As the owner of a newly founded business, finding ways to reach out to potential customers is essential to reaching new levels of success. However, knowing which areas to focus on when forming a strategy to market products and services can be complex. Entrepreneurs in New York who want to see their companies thrive could benefit from researching effective methods to build a positive company image.

One of the first steps to building a healthy company image could be to shift one's focus from promoting the sale of specific products to promoting a brand. Many consumers may make their decisions based on a company's brand, and if an owner can engage with customers and build a relationship of trust, they might be more likely to return. Customer satisfaction is essential to company growth, and ensuring that each individual consumer feels his or her business is valued is vital.

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