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Nurture Your Unlikely Ideas

November 1, 2012

A number of years ago a turtle showed up in our Brooklyn backyard. My husband thought it had belonged to a next-door neighbor’s son. They’d moved some years earlier, and he had been very upset that he couldn’t find his pet.

It was exceedingly strange to see this critter appear from time to time. I was frightened the first time, as it moved a small empty planter aside as it walked — I thought it might have been a rat. I named it Anatole, for no good reason other than it popped into my head.

The new neighbors (the third owners since the boy’s family left) looked up the turtle, but I forget what kind it was. One time we put it in our daughter’s kiddie pool, and it was happy as could be. (more…)

Q&A: Boost Your Business Knowledge with a Board of Advisors

October 28, 2012

Q: I run a small business with seven employees. At times I find myself looking for advice on a variety of business decisions, but unlike big corporations I can’t afford to hire a high priced consultant. Who can I go to for affordable small business advice?

A: Everyone needs good advice when starting and running a small business, even those who have done it before. And it has nothing to do with size. Executive managers of large companies routinely consult highly experienced and respected advisors for unbiased feedback before making key decisions or implementing major changes.

So why should you be different? You can get the same kind of experience and insights, without the high fees of professional consultants, simply by forming an advisory board for your small business. (more…)

Four Business-killing Mistakes to Avoid

October 25, 2012

Franchise businesses are a wonderful way for professionals to build thriving small businesses, but there are some icebergs out there potential franchise owners need to avoid.

Here are four:

Failure to absorb the FDD

It’s baffling to think that a franchisee would invest thousands of dollars in a business venture without knowing what he or she was getting into — especially when the law requires franchisors to disclose detailed information about operations, costs, earning potential and legal requirements.

But it happens. People get so excited about their business venture that they don’t read the Franchise Disclosure Document, or just read the Item 7 expenditures and Item 19 earnings information and skip over the rest. Then they’re caught by surprise later when it’s too late. (more…)

Legal Myths That Can Cost You A Fortune

October 23, 2012

Myths about the law abound. They range from age-old lore, like “possession is nine-tenths of the law,” to mistakes about intellectual property rights. When you fall into the trap of letting these fables guide your decisions, you can get your business into trouble. So let’s dispel some of these legal myths.

Myth 1: Hey, I own that intellectual property. Misunderstandings about intellectual property ownership are rampant. Many businesspeople think if they register a new business with their home state, they automatically obtain trademark registration of their business’ name. No such luck. The trademark registration process is a completely independent process, and you don’t get any trademark registration rights just from setting up a new company.

Similarly, when businesses hire independent contractors to work on new ideas and inventions, companies often assume that they own the intellectual property created by the contractor. Wrong again. Unless you have a special agreement in place assigning the IP rights to your business, that contractor remains the owner of any copyright or patent associated with his or her work. (more…)

Protect Your Bargains

October 19, 2012

What to do when your partner won’t honor a contract

Every day in the business world, companies sign contracts, honor their part of the bargain and then discover that the other side isn’t living up to its end of deal. Most businesspeople enter into agreements assuming that the other party has the same intention and ability to honor the contract.

All too often, you learn – the hard way – that integrity and performance is a one-way street. But you can protect your bargains.

Due diligence

You should know with whom you’re doing business. Long-standing relationships can help, but they are not foolproof. One client just discovered that he had been doing business for a few years with someone who was recently indicted for serious crimes. (more…)