Entrepreneur…..a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so.
This is the definition of entrepreneur according to Google. What does it mean to you? That really is the golden question. Are you looking to be your own boss? Do you want to interrupt the market with a new innovation, way to conducting business, or challenge ideas? Do you want to be an innovator who has ideas and sells them for profit?
Reward over Risk
My job is not to tell you what to do or how to define entrepreneur. It’s not even to make sure you become an entrepreneur. My job is to make sure you are able to successfully navigate the legalities of becoming a business owner, are protected legally and financially and feel secure in the decisions you are making. The rest is up to you.
So let’s dive right in. What can I help you with? I can help you organize your business. We can discuss what that means, but generally speaking, the first step is to file for state entity protection. I typically recommend an LLC or Corporation, but partnerships are also an option. The decision of entity type should be jointly made between the members of the company, your accountant and the law firm to make sure all of your needs are being met. The next step is to make sure you have all of your foundational documents in order. These vary depending on the entity type, but generally it should outline who is filling each role in the decision making structure, what percentage of ownership each person has and how the business will wind up when it is time to be sold. Finally, you want to make sure the accountant has filed the necessary paperwork with the IRS and state for tax designations.
It is so tempting to dive right in and start a business. You have an idea, you have a plan, you have a little cash and you’re ready to go. Awesome. But what about a plan for success. The rest of the definition is what is fundamentally important and what sets an entrepreneur apart from a person with an idea or an employee. You are taking on greater than normal financial risks. Not an employee who is getting a bi weekly pay check with benefits and a mid level salary. You are the first, last, and sometimes only line of defense.
Business No Brainer
You have now organized your business to start work. So what is the operation about? Well that is the business no brainer discussion. Business No Brainer is a program that Ingram Law Firm developed to help new business owners consider the road ahead of them and ensuring they are fully prepared to make educated steps forward.
The Business No Brainer is available for download on the website and on socials for free. In short, it is your guidebook to becoming an entrepreneur. It contains a guided thought process that asks who, what, when, why and how. The fundamental questions for any decision, but also targeted to address marketing, employees, customers, product/services, and timing. The fundamental structures for anyone who is looking to make smart business decisions. Moreover, it is meant to eliminate some of the anxiety, fear and missteps most new business owners have.
If you don’t sell, produce, HUSTLE, you don’t get paid. That risk is huge regardless of what life stage you are in. It is equally problematic if you have an outside funding source because now you are dealing with someone else’s money. So pressure for you and pressure from them. Welcome to the world of entrepreneurship. It is not for the faint of heart. But it is manageable. It is rewarding. It is worth it. Follow the Business No Brainer and be confident.