Are You a Bad Entrepreneur?

February 2, 2023
CLARK.LAW

We are in the age of the entrepreneur. While there is nothing easy about finding entrepreneurial success, our economy provides ample opportunity to create something of your own and turn it into a successful career.

An expanded field for entrepreneurs also means more competition. Time spent standing out from the crowd can give you the edge over others and catch the attention of investors, partners, and stakeholders in your field. There are some ways you can do the exact opposite of that, however. There is, in fact, such a thing as a “bad entrepreneur.” Do any of these examples apply to you?

Saying More Than Needed

You need to get your passions and ideas out there, especially when you are looking for investors or partners. This means sharing those ideas openly and divulging important details about how you plan to ensure success over the competition.

There is such a thing as saying too much, though. Giving away the farm, so to speak, could expose your ideas to unneeded scrutiny or even theft. You can obtain intellectual property protection for certain aspects of your pitch but what is not protected could simply be free ideas given to the very people you are trying to attract.

Overvaluing A Business Idea

What you have is worth something. Finances are an important and necessary aspect of defining your worth as an entrepreneur. Still, many entrepreneurs make the mistake of shooting for the moon when what they have is somewhere in between.

Investors may love your idea but walk away from your asking price. It will be crucial to get an understanding of the market and the value of similar concepts and products before you talk numbers with outsiders.

An Inability to Be Objective

Right behind overvaluing your business is a lack of objectivity. Of course, you believe in what you have and are trying to do, but you will need to prove it.

Investors and potential partners will want tangible data and provable information to back your claims. Real numbers and impartial research will attract the right people to build and grow your idea with.

At CLARK.LAW, we have been around businesses of all sizes and have an eye on what the future of business looks like. We proudly support entrepreneurs as they look to shape the future and make a real impact in our world. Our clients know what we can do for them, so what can we do for you?

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CLARK.LAW

At CLARK.LAW, we’ve built a different type of law firm. Our attorneys and staff have impressive educational and professional experience – but, unlike traditional law firms, we embrace modern technology to create efficient workflows and processes. Today’s business leaders should have access to high-quality legal guidance without subjecting themselves to the waste and excessive overhead that plagues traditional law firms.

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