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Business law provides a secure backdrop for new startup

Ohio has its fair share of entrepreneurs and business creators who have started or want to start a new business law enterprise. According to accomplished startup entrepreneurs, the first 90 days is the time to establish a solid foundation for the business, including the business law structure. During that time, they recommend a number of ideas for building that foundation and for nurturing the experimental entrepreneurial spirit.

It is perhaps surprising to know that the Panel Study of Entrepreneurial Dynamics, which follows the activities of new enterprises, has concluded that those who perform more startup activities faster are more likely to enjoy profits. The speed at which a startup launches is a heavy influence in its future profitability. An exploratory approach to most subjects is the initial perspective for the startup.

This approach belongs to the "effectual entrepreneurship," which views the new startup as an act of improvisation. That tends to go against common wisdom, and indeed people in this brand of entrepreneurship usually prefer not to have a structured business plan. Another early step is to launch the project through social networking.

One should get input from possible customers, consultants and other potential interested persons. When getting the product ready, try to get as close to the customer as possible and gage the customer's needs to make sure that the focus is in the right place. The customer must be known from all perspectives. It will help to bring in accomplished entrepreneurs for advice.

This will be especially helpful in the first several days, and one will get a good feel for being on the right track. One should remain sensitive for the signs on the direction of opportunities that appear to open up. In addition, research some similar businesses to see how they may have succeeded or failed. There are several other signposts and early tools that will open up the vistas to success. In Ohio and elsewhere, business law development is also important in the first 90 days because the company must be duly registered, licensed where necessary, and otherwise legally authorized to go forward at full steam.

Source: archetypes.com, "Finally Starting Your Business This Year? Here's Your Ultimate 12-Point Checklist", Jan. 5, 2018

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