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Management

No matter the size of the business or the age the entrepreneur, there are some rules that can be applied to every new venture. Similar to how Newton developed the 3 laws of physics, I’ve developed 10 rules of business.

Alright, maybe there are exceptions. But generally these rules are accurate.

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Earlier this week my New Venture Management professor, Dr. Jeff Lewis, shared 10 things he has learned through his personal entrepreneurial experiences.

He has invented products that are being sold nationwide at major retailers, has managed a real estate finance business and worked as a church administrator and pastor. Needless to say, my professor has some good advice.

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You may not want to hear it, but you will inevitably encounter problems with your business and your customers. Some people are difficult to deal with and things will not always go as planned.

For example, one of my customers wanted his lawn mowed on Friday afternoons so it would look nice over the weekend. A reasonable request, but I had prior obligations every Friday afternoon. It was impossible for me to mow his lawn when he wanted me to. We couldn’t come to an agreement so he fired me.

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Typically when you first start a business, it is considered to be a sole proprietorship. Meaning, you are the sole owner and 100% responsible for your business.

In other words, if you damage someone’s property or sell a harmful product, then you are completely liable. Then your customer can sue your business and may be entitled to your personal savings.

To prevent this and become legitimate, you should file your business as a Limited Liability Company (LLC).

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