Starting your own business can be an exciting and fulfilling adventure. However, as with anything else in life, you have to make sure to start on the right foot. With that in mind, today we share three things you need to do before becoming an entrepreneur according to EBL Law Group Managing Partner, Estefan Encarnacion.
1. Get Informed
From finding providers to making hiring decisions, entrepreneurship can be a dizzying experience. With so many things to think about and pay attention to, you may forget to take a fundamental step: to gather as much information as possible about the potential pitfalls you may face.
“At the end of the day, if you’re not informing yourself on what you’re getting yourself into, that’s where the challenges and problems come,” explains EBL Managing Partner Estefan Encarnacion.
2. Seek the Assistance of a Lawyer
As part of the information-gathering process, you should pay special attention to the legal implications of the decisions you are about to make as you start a new business.
As the old saying goes, an ounce of prevention is worth a pound of cure. You can save yourself many headaches by talking with a business lawyer.
“My best advice to entrepreneurs is: Just pay for a little consultation with a lawyer, or find an attorney willing to give you a free consultation.”
3. Remember That No One Is Going To Look Out for You
You need to be aware that becoming a businessperson comes not only with pride and a sense of purpose, but also with a whole new set of responsibilities.
“When you are a business person, you are no longer considered a layperson by the judges,” Encarnacion explains. “You have decided to elevate your status and now you are a businessperson, and by the court standard, you are expected to look out for yourself. No one is going to look out for you.”
“You are expected to do your research, you are expected to know how to negotiate, you are expected to know your role in any situation because you’re putting yourself out there. Otherwise, just go back to being an employee.”
DISCLAIMER: The material on this website is for general information only and is not to be construed as legal advice or opinion, and does not constitute or create an attorney-client relationship between you and EBL Law Group.
EBL Law Group: Business Attorneys in Rancho Cucamonga
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