Don’t summarily quit your day job.
At least not to take a stab at business ownership before doing all the due diligence sensibly required to truly make a viable go of it.
That bit of act-logically-not-emotionally advice comes from a member of the so-called Forbes Finance Council, an invite-only group of business experts that opines on American commercial matters. A select panel from that organization recently offered some start-up advice to entrepreneurs considering taking the plunge into a new career as small business owners.
If there is a collective mantra emerging from the tips provided by those experts, it is this: Tread lightly – and cautiously – from the outset, favoring a studied, piecemeal plan over an all-out, go-for-it effort.
Business is just too complex to adopt that latter tack, say those experts. A new kid on the block needs to be forearmed with relevant knowledge that can applied forward rather than in an after-the-fact manner.
Fundamentally, that means close and early involvement with experts. “Build a small network of key contacts to have at your fingertips,” says one pundit. And be sure to centrally include among that group an experienced legal team, she adds.
As the Forbes Council notes, close assistance from proven commercial lawyers and other professionals (many of whom legal counsel can refer) can ultimately spell the difference between business success and failure. It can knowledgably weigh in on matters ranging broadly from formation type, financing and contract execution to lawful tax avoidance, employment issues and risk mitigation.
Entrepreneurs on the cusp of business opportunity are understandably excited. That can also feel empowered through close association with a professional team that always has their best interests in mind and can help them prosper.