Successfully adapting requires re-inventing yourself. Skills do transfer, but it takes hard work and new approaches.
As an entrepreneur, it’s so easy to get lost in the details.
A common mistake is to spend all your time working IN the business, attending to the multitude details and issues.
It’s important to take time out from the day-to-day, to work ON the business. This is like stepping back from the “trees” in order to see the “forest.” Such a perspective is critical to developing your business.
Ten Practical Tips for Entrepreneurs
1. Focus your time in 3 main areas:
- Getting work.
- Doing work.
- Managing your business (profitability).
2. Take advantage of legal protections:
- Incorporation (S-Corp, C-Corp, LLC)
- Homestead Declaration
3. Insurance:
- Get competing bids.
- Check exclusions carefully.
4. Protect against copycats:
- Register Copyrights and Trademarks.
- Use Nondisclosure Agreements.
5. Pay attention to legal issues in hiring help:
- Employees or Contractors?
- "Assignment of Rights" – "Work for Hire"?
- Non-compete/non-solicitation agreements?
6. Be cautious in forming business partnerships:
- Have a written Buy-Sell Agreement.
- Develop a plan to exit business successfully.
7. Negotiating:
- Stay focused on your goals.
- Be flexible on solutions.
8. Use good business practices:
- Use contracts.
- Keep good records.
- Don’t pay under the table.
9. Get paid promptly:
- Require deposits.
- Accept credit cards.
- Bill promptly.
10. Put it in writing!
- Confirm agreements by email.
Bottom Line
As an entrepreneur you have to set your own priorities and manage your time carefully. Setting aside a few hours every week to focus ON your business is a really good business practice. Making a list of the follow up actions and planning priorities can really help you to stay focused and build your business.
NOTE: Information provided is intended as a broad, general overview and is not legal advice.
© Copyright, 2008, Jean Sifleet. All rights reserved. Used with permission.
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About This Author:
Jean D. Sifleet, Esq. CPA is the head of the Business Practice Group of Worcester. For practical information, check out Jean's articles and books, including the 2nd edition of Jean's book, "Smart Fast," which are featured on Jean's Website, SmartFast.com.
