Starting a business is a challenge in every way, and many details which at first seem trivial can give their good headaches along the road. Many of those details that do not seem important at the beginning can mean the difference between success and failure of entrepreneurship in the future. However many of these problems can be avoided by planning well and executing steps according to these steps. Entrepreneur magazine published a list of what are the 5 most common mistakes entrepreneurs and discuss how to avoid them. They bring them today from our own point of view.
Consider the list
1. Seals deal with a handshake or verbal. Although it seems incredible that such things happen, they happen more often than you think. Sometimes we think if we fussy treatment we can fall, so we avoid pressure for formalisation.
It happens to everyone, sometimes we are so anxious or nervous about a client, business or commercial deal that does not formalise it in writing. It is naive to assume that there will be problems in implementing the deal.
Always put things in writing because if things go wrong, you and the counter-party will have a written plan to follow. Words are blown away.
To avoid such situations that may lead to future problems, you need to prepare in writing all business dealings. This will prevent wasting time, money and potential lawsuits.
2. Choosing a business structure for your business inadequate. Many times we think that a business is the simple facades that we see, but behind this there is much more than that. Especially the business and legal structure that supports it.
Be clear on the type of structure for your business (limited liability company, joint stock company, cooperative, corporation, etc.) prevent you from losing money on account of taxes.
It may even be an obstacle when expanded or if a claim can be seriously harmed. How to avoid this kind of problem? Take advice very well with his accountant and an attorney before choosing the business structure that suits your needs and capital.
3. Having partners without a detailed agreement. Many entrepreneurs and neglect associated documentation of the society in favor of “not losing time you can devote to the business,” but in the meantime there are many problems that can arise.
The film The Social Network shows as not having made things clear from the beginning he created problems for all involved.
No matter how much we like or trust we have with that person, we need a binding agreement which not only details the operations and responsibilities, but do provide that if there is a break in the future.
To avoid such things, experts recommend that lawyers have the difficult conversation, when everyone is on the honeymoon.
This moment is crucial to clarify in writing the important issues, such as ownership of the shares, which gives everyone in society, as distributed tasks, and especially how to break the company in case irreconcilable differences arise.
4. Establish a society 50 and 50. In theory it sounds fair and equitable, but problems arise when we do not think so. Such companies share this deal with half and half, is a dead end when it comes to making important decisions and there are differences between the partners, unless one of them buy the other.
It is very difficult for humans to decide how to divide things until you have something really to go around. Create partnerships 49-51, will avoid such problems there will always be a person to take the reins of the company in case of problems. A business is not a democracy.
5. Make registration of a trademark or patent without being sufficiently prepared. Registering a trademark or a patent is an issue both in USA and everywhere, if you launch the use of a fancy name or product registration or patent without first finding out if a previous registration.
Many companies have been sued by other employers for unauthorised use of a name or brand. To avoid a hard time like that, you need to investigate thoroughly whether their municipality, province or state and ultimately the country, there is a brand or product name you intend to use or register.