Key Considerations When Starting 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.
Commit to Time and Effort
First, entrepreneurs have to commit to putting in the time and effort needed to make the venture successful. Good ideas need excellent execution. There’s no substitute for that.
Seek Complementary Expertise
Next, entrepreneurs need advisors and/or co-founders with complementary skills. Few entrepreneurs possess all the skills to make a venture successful. And finding the right advisors can be critical in identifying and seizing opportunities and avoiding costly errors. That makes having an experienced business lawyer involved with a startup critical early in the process.
Structure for Limited Liability
Experienced counsel can help entrepreneurs structure their ventures to limit or eliminate personal liabilities of the founders as well as of the entities themselves. It’s much more effective to plan around potential problems up front than to remedy unanticipated problems when they come up. “An ounce of prevention is better (and less costly) than a pound of cure.
Prioritize Risk Management
Finally, your counsel can help entrepreneurs focus on risk management, both legal risks and non-legal risks. Entrepreneurs who take the time to plan out activities and identify risks and opportunities upfront maximize their chances for success. In the startup world, resources are frequently limited. They can’t be wasted on avoidable problems without risking the continued operation of the businesses and their ultimate success.
Maximize Your Chances for Success
So, keep those issues in mind as you plan out your approach to your venture. It’s a proven method to optimize your prospects for success.