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I never founded a company or started a business. I've been thinking about that a lot though and am doing so in intervals. Now my personality leads me to always
by rv-de 8y ago
I never founded a company or started a business. I've been thinking about that a lot though and am doing so in intervals. Now my personality leads me to always think through everything very carefully to avoid making mistakes - I'm regularly overthinking and often getting trapped in paralysis by analysis. This especially is true in the context of business with regard to laws and taxes.
Having worked in more than a handful of companies full-time by now I made an interesting observation I intend to learn from and have it inspire future decision making.
Most founders - especially in the earlier stages - don't worry very much about the intricacies of laws and regulation. I can safely say that most companies I worked at entered deeply into gray areas like sailing with a dinghy on high sea and enjoying the great weather. Every experienced captain would argue that is pretty darn dangerous. But the consequence of that would be staying home - meaning "no business".
So my conclusion is that successful entrepreneurs are the kind of people who take risks while being aware, half-aware or totally unaware - because successful entrepreneurs simply don't worry much in general. Sociologically those men and women usually have a somewhat wealthy background having kept them from worrying throughout their youth and hence their brain circuits dealing with worrying are somewhat underdeveloped - I suppose. Some get their finger's burnt and some don't.
- gamblor956 8y agoMost of the successful entrepreneurs I know that run real businesses--not the "startups" that have been all the rage the past few years, but real, money-making, profit-earning businesses--address the legal and regulatory stuff from the beginning. It's part of their business plan and business model from the beginning. This is true of the one-man contractors to multi-billion dollar corporations. Real entrepreneurs don't wing it. And for the ones that don't worry about the compliance stuff, it's because they're paying a ton of money to specialists like me to do the worrying for them.
- rv-de 8y agoWell, if it needs a ton of money to have you worry professionally then your sampling is biased towards large companies. The businesses I am referring to were all profit-earning.