(612) 206-3701 info@lucerelegal.com

Do You Have What it Takes? The Challenge of Entrepreneurship

Lucere Legal gives entrepreneurs a helping hand

“Why not go out on a limb? That’s where the fruit is.”
-Will Rogers

If you have ever sat back after a particularly long day at work for someone else and pondered what it would be like to chart your own course, you’re far from alone. Of course, when that pondering turns to real, in-depth thought, many of those idle dreamers will turn their minds elsewhere–entrepreneurship poses serious challenges to all those who dare embark upon it.

As with everything, there are positives and negatives to going into business. The positives come readily enough to mind when imagined as an alternative to the status quo:

  • You are free to be your own boss
  • You fear no pink slip
  • You earn as much as you make possible
  • You exercise your mind and creativity
  • You control your own hours

But then the negatives intrude on your thoughts:

  • You see risk in every decision
  • You fear failure (or your may even fear success)
  • You put in as many hours as necessary to stay afloat
  • You earn as much as customers/the economy allow
  • You face pressure and responsibility

In my experience assisting small business owners, the assumption of risk often has stuck out as one of the biggest entrepreneurial obstacles.

You’ve heard the saying–”No pain, no gain.” Pain, even if it amounts to no more than stress and fear, is the inevitable price of reaping the rewards of your work. The risk involved will never be completely removed. Which is not to say, of course, that there aren’t great ways to manage that risk.

You need to find that perfect equilibrium between risk and reward that will allow you to soar. As a creative business lawyer, I have helped many first-time entrepreneurs put in place the safeguards that enable them to rise to the challenge while limiting unnecessary risk. The legal system has tools in place to help you manage the dangers posed by starting your own business–with the help of a particularly talented attorney, of course!

If you are determined to be your own boss, we can help you discover if you have what it takes to start your own business and guide you through the steps to successful entrepreneurship. You may be a good candidate for entrepreneurship if you can see yourself having these qualities:

Courage. Courage isn’t the absence of fear, it’s moving forward despite the fear. Entrepreneurship is scary, especially when you have put everything on the line and all the pressure is on you to perform.

Perseverance. A good idea is great, and talent is great, and an education is helpful. But what really makes the difference between success in entrepreneurship and those who close up shop before they get off the ground is perseverance.

Mindset. Attitude, beliefs, and openness make a huge difference. Successful entrepreneurs are positive people who believe they can make it, and are open to the opportunities and people who come their way.

Follow through. You can talk about your dreams and ideas all day long, and you can have the most amazing and inspirational mindset in the universe, but if you don’t actually take action, you will never get anywhere.  Successful entrepreneurs know when to stop planning and to start implementing.

The great thing about all of these qualities is that they aren’t inherent – in other words, people aren’t born with them (like eye-color) –  they are learned and developed. That means that you can develop them, too, if you really want to.

As an attorney, I offer advice on entity formation and taxation, the intricacies of structuring solid business agreements, protecting your intellectual property, hiring and firing, and much more. As a fellow entrepreneur, I can also offer advice on courage, perseverance, mindset, and follow through. After all, I’ve been through it before.

Whether you are new to entrepreneurship or already operating a business, you can call on us for the advice you need. call us today at (612) 206-3701 or fill out our contact form to set up a business consultation session.

Image courtesy of Koratmember / freedigitalphotos.net

Contact us to see how we can help you with Best Business Practices

You may also like . . .

These 3 Questions Get to the Heart of Being a Successful Entrepreneur

Every day, millions of Americans express the same desire: “I wish I were my own boss.” Few actually run with the idea; fewer still succeed. Just what is it that enables these daring entrepreneurs to overcome the real challenges of going into business for themselves?...

New or Established, Your Business Can’t Afford these Four Mistakes

It doesn’t matter if you only just finished your business’s ribbon-cutting or have decades of experience under your belt, the complexity of the legal system practically ensures that some business will blunder into legal hot water. Have you taken the steps necessary to...

The Six Steps to Take If a Client Files for Bankruptcy

Whether you call them customers or clients, you depend on them for everything. The money they put into your business is its lifeblood—and probably that of you and your employees, as well. But, just as a clog in an artery can lead to a heart attack, so too can the...

The plain-English guide for Minnesota small business owners

When it comes to business, ignorance isn't bliss; ignorance is risk.

There's a handful of legal topics that business owners should be familiar with, at least on a rudimentary level, to reduce the risk of having something horrible come out of left field.

This book is a legal guide to help you put the most common business legal issues on your radar, with enough information for you to be on the alert for when you may need to get some professional advice.

The intention in arming you with this information is so that you can proceed in business confidently and with fewer legal quagmires.

Do you have a cabin?

The first generation that buys a cabin enjoys it to the fullest and it’s a magical place where happy memories are made and families go for some much needed respite. Unfortunately, without thoughtful planning, the chances of the cabin staying a place of happiness and tranquility into successive generations is very, very slim.

If you haven’t done the planning in advance and made it legally binding, the family members (and their ex-spouses and new spouses) will have to work every detail out for themselves. If they can’t, what is likely to happen is a lawsuit called an action for partition that forces everyone to sell their interest. This lawsuit is expensive, and the costs of litigation will come out of the proceeds of the sale of the cabin, so to add insult to injury to those who wanted to keep the cabin but couldn’t afford to buy the others out, they are footing part of the legal bills in the lawsuit against them. Ouch!

It’s no wonder that family members stop speaking for years after the cabin conflict is “resolved.” You can’t make family relationships perfect, but you can take away much of the fuel for the family conflict fire. That’s what cabin planning does, and it has the nice side effect of giving you peace of mind now.

That’s why Kimberly wrote The Minnesota Cabin Planning Guide and Workbook, and you can get a free electronic copy of her book on our cabin planning website, or you can find it in many county libraries in Minnesota, or you can get it on amazon.com.

Make An Appointment>

Join Our Mailing List

Subscribe to our newsletter list to get information and resources helpful to running your business and planning and managing your personal financial affairs delivered right to your inbox.

We don’t spam and won’t share your information with anyone, at anytime, ever.

Check out our podcast

The Small Business Buzz Podcast