1110: How to Legally Safeguard Your Startup: Key Legal and Strategic Insights with Business Law Attorney Mitch Beinhaker

Thursday, May 16, 2024

Starting a business is tough. It's not just about knowing how to run a business but also understanding laws, planning ahead, and knowing the market. Small business owners often have to do many jobs at once - from running the day-to-day to handling the finances - all while trying to build a business that lasts. Often, they don't pay enough attention to getting ready for legal issues and planning for the future of the business, even though these are really important for keeping the business stable and helping it grow over time.

Mitchell Beinhaker is a business attorney with over 32 years of experience. He works with entrepreneurs and startups, helping them with business transactions, corporate governance, and estate planning. Today, Mitchell discusses the importance of small business owners and entrepreneurs being prepared, paying attention to their numbers, and understanding their customers. He shares insights on the common mistakes he sees entrepreneurs make and the habits that successful business owners develop.

Quotes

“If you want to increase your chances of being successful, you have to do the things that successful people do.” – Mitchell Beinhaker

"Sometimes we get so focused on selling more to our current customer base that we overlook the opportunity to grow our customer base." – Mitchell Beinhaker

“Put things in writing, know your numbers and know your clients. The most successful people I work with are constantly asking their clients and customers what they want. They don’t assume they already know, because needs change over time.” – Mitchell Beinhaker

Takeaways

11:52 Developing the right habits, such as creating a business plan and delegating tasks, is crucial for building a sustainable business.

14:46 Successful entrepreneurs pay attention to their numbers, understand their customers, and put things in writing to avoid misunderstandings.

18:37 Becoming a student of one's industry and market is key to replicating success in new business ventures.

25:27 Investing time and resources in one's business, rather than relying on shortcuts or quick fixes, is necessary for long-term success.

28:42 Focusing on business development and building an infrastructure to support growth is essential for scaling a business.

Resources

Podcast: Play in new window | Download (Duration: 34:08 — 47.1MB) | Embed

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