More questions before starting a business

As promised in the last column, here are the remaining questions “about your personality, plans, goals, finances and working habits,” as well as some of my thoughts, from the recent Wall Street Journal piece by Molly Baker, titled “ You Want to Start a Business? First Ask Yourself These Questions.” […]

As promised in the last column, here are the remaining questions “about your personality, plans, goals, finances and working habits,” as well as some of my thoughts, from the recent Wall Street Journal piece by Molly Baker, titled “ You Want to Start a Business? First Ask Yourself These Questions.”

$ How much am I prepared to put in – and lose entirely? The piece refers to the “affordable loss principle,” which is an overall number that will keep you from having to calculate affordability at every step of the start-up, and is a number that you could easily justify to a close family member.

$ Is Anyone else doing this? If it has been tried before and flopped, why would my experience be different? If there are competitors that you think you can improve upon, what is their history – what did they do as they overcame market and other challenges? How can you improve on the product or service? The piece suggests that you try to think of all of the ways that you could fail, so that you can realistically prevent those possible failures, or conclude that, for whatever reasons, like government regulations, they can’t be overcome.

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The Power Legal Influencer List - 24 Powerful Law Influencers

Mon Aug 16 , 2021
The term ‘legal influencer’ is probably a misnomer, as these people are not like the Kardashians of the Internet (although Kim Kardashian has legal pretensions, of course) where they seek to endorse and pocket indecent sums of money from their ‘influence’.   Remember, they are (mostly) lawyers, or former lawyers.  […]