Today as we are living through a chapter of life where Covid-19 is ravaging through our society, I cannot but reflect on what we need to do to move forward. With this in mind, I cannot but recall how challenging life has been as an entrepreneur. I also cannot but be mindful that because of my profession, the legal side was much easier – but what if had not been an attorney?! I could not help but think of Ben.
Ben is one of the smartest and most hardworking people I know. I saw him put everything into his start -up, but he still failed in the third year, why? He is a smart guy and thought of every technical component. He literally put in everything he had in, but he never thought of an eventuality where his business partner lost interest in the business and exited abruptly. They never signed any contracts and never spoke about what they would do if either wanted to quit. The problem is that before exit, Ben felt that he was doing everything and working much harder than his partner. He experienced the exit as the ultimate betrayal. Ben ended up paying out large amounts of money to this now ex-partner.
The aftermath was even harder as Ben realised that his partner was actually running a separate business whilst there and had poached his clients. Had Ben simply sat down with his partner and recorded the arrangements to exit a lot of animosity and the ultimate failure would have been avoided.
Unfortunately many people face what Ben did on a daily basis and that contributes to the large rates of business failure. In a time where we need to create jobs and kickstart our economy. At PocketAdvisor, we support entrepreneurs to effectively establish legal foundations in their business for optimum growth and overall business success. Enrol for one of our Programs today!
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