Let’s hear it for entrepreneurs. Those brave, tireless people with a dream who start or run small businesses.
They possess more energy and perseverance than most of us. They form the backbone of our economy.
In honor of National Entrepreneurs Day, November 20th, let’s recap Soapbox’s best on being in business for yourself.
It’s probably not surprising that I like entrepreneurs, because I’m an entrepreneur too. I opened up my general law practice the day after I was admitted to the California bar.
Over the years, the focus of my law practice has narrowed as I’ve become an insolvency specialist, but I have always worked for myself.
So, small business folk are some of my favorite clients.
Clients I tend to see in my professional role when business struggles. Here’s what I’ve learned about small businesses and the hardy folk who run them.
Anytime you pool your money with someone else, you need a written agreement about how you unwind the joint venture. Just like marriage, business life changes and today’s partnership may not work at some point in the future.
Culled from my four decades of advising business people, these five things stand out as reasons businesses don’t succeed. Here’s what NOT to do if you want your business to survive and thrive.
The best reason to incorporate your business isn’t to protect yourself from the debts of the corporation. It’s just the opposite: incorporate to protect the business from your debts.
You incorporate to limit you exposure to debts of the business. Don’t throw the benefits of incorporation away by the way you sign corporate contracts.
Here’s hoping we never meet professionally. Savor National Entrepreneur Day.