AUTHOR: Jaan Larner
Being an entrepreneur is incredibly rewarding, and whether you want to build an empire to last the ages or simply be master of your own career, starting your own business is a highly attractive option for people who have the drive and enthusiasm to create something from scratch. Even at the best of times, starting a new business can be challenging, so the advice in this series looks at the considerations new entrepreneurs need to bear in mind when they approach their new venture
Contrary to some popular belief, having the right mindset doesn’t mean being ruthless. Entrepreneurs certainly need to be strong-willed and determined, but they do not need to be hostile or unrelenting. On the contrary - being flexible, responsive and, above all, collaborative, can help you through the challenging, early stages of a new venture. Your plan still needs to be viable, however. Sheer resolve, alone, has seldom made a flawed model work - but an inflexible approach can undermine even the best business plan.
It is important during these stages to listen to your own instincts, but also do be careful from whom you take advice. Third parties such as advisers, fellow entrepreneurs and mentors can be an invaluable source of inspiration and offer timely solutions, but also not everyone has yours, or your business’, best interests at heart. So be judicious in whom you place your trust.
I can also not stress enough the importance of preparation – as the maxim goes: fail to prepare, prepare to fail. This applies as much to business as it does to anything else in life: weddings, exams, driving tests. You should be wary of letting the ‘perfect’ be the enemy of the ‘good’ and leading to endless procrastination. At some point you have to pull the trigger, and if you have prepared sufficiently, you can always adjust your approach post-launch, if deemed necessary. And once you begin you may find it easier to do so – it’s often easier to steer a moving car!
So, dedicate your initial efforts to the vital planning stages: time spent in preparation will pay off in the long run, especially in preventing your business from becoming one of the 60% doomed to fail in its first three years. Consider what you need to know before launch and what you need in place, then don’t allow the preparation mission to creep. When you have met your preparation goals, launch – you will quickly know if you have done enough, and most of the time if you have a viable plan, you will be able to adjust to fill and gaps as you go.
Jaan is an experienced commercial lawyer with over two decades of experience in his field, specialising in the full range of private corporate work including mergers, acquisitions, MBOs and joint ventures. His experience spans both sides of coin, having once been an entrepreneur himself, and with an MBA from Oxford.
Jaan and the Commercial Team at Vardags offer substantial expertise and outstanding strategic solutions on company and commercial legal issues, advising clients from entrepreneurs and SMEs to private multinational corporations. Included within the team are Reputation and Privacy specialists Alex McCready, Gregory Monk, Tessa McKeown and Eva Wallace, alongside leading litigator Frank Ryan, who can deal with any litigious or reputation-based matters which may be involved in your case.
The information on this website is intended as a guide and does not constitute legal advice. Vardags do not accept liability for any errors in the information on this website, nor any losses stemming from reliance upon the statements made herein. All articles and pages aim to reflect the legal position at time they were published, and may have been rendered obsolete by subsequent developments in the law. Should you require specialist advice, tailored to your situation, please see how Vardags can help you.