The excitement of launching a startup tends to get the better of even the most mindful of entrepreneurs. When launching a startup, you are just learning your first steps in entrepreneurship as you stutter and stumble along the path, making your first few mistakes and make a few blunders on the way.
However, this is no excuse to others when you fail to let the whole picture to light to investors and maybe even infringe upon a trademark or two. These mistakes may be unintentional and could have been easily avoided had you been aware. But that doesn’t mean that others are going to let things slide just because you are new in the game.
These are of course, silly mistakes that can be avoided. With the right kind of knowledge and guidance, you can surely sail along the full length and the breadth of entrepreneurship with no serious hurdles. Here are a few pointers for you to get started.
Don’t make the wrong choice
By this we mean the type of company that you set up. Different companies come with different tax and legal requirements and some may be more complex than others to set up. Some offer distinct advantages to your condition of life. And one must consider these points carefully before arriving at a decision in order to make the most out of the situation.
More is more sometimes
It has been observed that 30% businesses have a better chance of succeeding with more than 1 founder. However, know what each person’s role is in this and make sure you have written down your own for future reference.
Records and backups of those records. This is crucial as this is the only way of knowing where you are as a company and even in finding out where you are going wrong if something doesn’t quite go according to plan.
Choose a unique name
The worst thing that could happen to you is choosing a name that someone else is using as well. This happens when the business owners don’t do their research. This could affect your band identity and also rob you of your sales. Not only this, this can also lead to lawsuits and the gravity of it will only hit you once you receive a “Cease and Desist” notice, costing you a pretty sum of money.
Count your employees in
Early startups may not be in a position to hire employees at the starting stages, but when they do, it is important to sign agreements with all employees with regards to side projects and additional incomes as well as with regards to the confidentiality of your trade secrets and etc.
This shoul also include clauses that cover the payments and the working hours. An employee may seem nice at first but when disgruntled, you will be facing very expensive charges.
Know the state rules – and abide by them’
Setting up a business requires an all rounded research on their field of interest and also the background in which it is launched. This includes the legality of it all as well. While this does not involve you reading through many dust-layered law books and byhearting them. This simply requires you to do a simple search on the internet and know everything that you ought to know about the laws and regulations that can either help or discourage a business.
Protect your intellectual property
A business basically is, an idea come to life. And these are your ideas and concepts that we are talking about and these form the backbone of the business without which everything will fall apart. It is not a fair world out there and concepts are stolen every day. And people get away with it because protections were not in place in order for them to be immune to theft.
So protect your intellectual property. With the proper protections in place, no one can steal your backbone away from you.