Hidden Perils Lurk In The Shadows
The hidden perils that wait in the dark for entrepreneurs can take a business from riding high on Monday to under the gun on Tuesday and do it so fast it is like the strike of a viper. There is no way to predict every pitfall that lies ahead but there are ways to address the hidden perils that will minimize your exposure. The first one is vigilance.
That slogan is from a United States Military outfit that was in existence during the Viet Nam war era. It’s main job was to listen to radio chatter from foreign countries, looking for hidden perils. As an entrepreneur you need to be just as vigilant. I am talking about unforeseen and unexpected legal issues that might arise, resulting in costly losses and budget-busting attorney fees.
They Are Only Hidden Perils If You Don’t Know About Them
Here is what I have learned as a business coach. Entrepreneurs do not generally have a line item for attorney fees. What happens then is a legal problem comes up and it becomes a budget-busting event. As a speaker I teach entrepreneurs how to employ certain legal strategies to avoid costly legal mistakes. Let me make it clear, I am not looking to be anybody’s attorney here. I am a speaker and a Certified Professional Coach. I practiced law for more than 40 years and represented many entrepreneurs. Now I help them get to where they want to be faster than they can get there by themselves.
Get The Right Kind of Help
There are so many hidden perils that can trip you up if you don’t know what to look for. If you establish a relationship with an attorney before you get into a mess, you will find that the cost is actually very minimal. This help can range from setting up the right legal entity to drafting a simple scope of service agreement. There is just not enough space for me to list all of the things that could go wrong. But let me urge you to find an attorney, meet with that attorney and let that attorney learn about your business when you don’t have your back to the wall.
Rules and Regulations
In today’s business climate there are just too many rules and regulations that can trip you up. When I give presentations to groups, I never have enough time to address all of the hidden perils. As an entrepreneur, you owe a duty to yourself to be successful. You owe a duty to your investors, if your have them, to protect their investments as best you know how. And if you have a family you have a duty to them to succeed.
Don’t let hidden perils ruin the efforts your have made so far.
If you would like me to speak to your group about how to avoid costly legal mistakes and avoid budget-busting attorney fees, contact me. If you have any comments about your experience with hidden perils, please leave them below. Thanks.