• February 2019
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What is the single biggest mistake entrepreneurs make when starting up?

There are a lot of answers here, implying that there are many mistakes that an entrepreneur can make when starting up. It’s hard to say which is the single biggest mistake, but here is what I think is a really big mistake and one that trips up a lot of entrepreneurs: trying to wear too many hats.

At some point, every startup is contained in only one person’s head. This is the nature of starting a brand new company out of thin air, or rather out of an idea. Because the idea was created in the head of the entrepreneur, he will generally want to exercise complete control over it to the point where he does not value other people’s input at the same level as his ideas. This is a mistake. As the business grows, the entrepreneur will not be able to exercise the type of complete control that he was once able to enjoy. An entrepreneur will need to adapt to the growth of his business and build a team that he can trust to make important decisions on behalf of him.

An entrepreneur should also understand which tasks his team can handle and which tasks require outside help. The main goal of every task and decision is to get it right. For that reason, an entrepreneur should not limit the sources of which he asks for help. For example, in the beginning stage there will be a lot of legal paperwork that needs to be done. If nobody on your team is a former attorney, it is unlikely that you and your team will be able get it right without the help of an attorney. You may not want to spend a lot of money or time searching for an attorney that can help you, but there are services that will help you find an attorney that will work with you and your team to meet the necessary requirements.

The entrepreneur can’t wear every hat forever and it is foolish for him to try to do so. So – at LawTrades – we work to make it easier for entrepreneurs to get the outside, personalized legal help they need so they can continue on doing what they do best: growing their business. We match entrepreneurs with attorneys who have experience working with startups and we trim costs by doing the searching and matching for you. If you have questions, you should check us out. The initial consultation is free and there is no obligation to retain the attorney after the consultation.

Good luck out there!

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