There’s an old saying that business owners refuse to work a 40-hour-per-week job for someone else, so instead they work 80+ hours for themselves. We see this play out time and time again with many entrepreneurs. Entrepreneurs are by nature problem solvers and take great pride in being able to solve challenges themselves. But as the world faces the challenges of the pandemic, entrepreneurs are feeling the increasing weight of the world on their shoulders, which can lead to risky shortcuts to “save” a few dollars; a price that can end up have detrimental effects on their business later down the line.
Preparing a set of contract templates for a company may not be nearly as costly as the owner thought it would be, especially in light of the risk to the business in the event the company needs to enforce the agreement. This seems to be the primary reason early entrepreneurs go at it alone: fear of spending too much capital on anything but product development or marketing. Although not a scientific analysis, the tendency to prepare documents themselves favors entrepreneurs who bootstrapped their companies, rather than those who had seed or angel funding. Once a bootstrapped company reaches a level of runway in its owners’ minds, they tend to be more willing to seek assistance from legal professionals.
Before spending hours of your time misdirected from your product or service, have a conversation to find out what the cost really would be to have legal services performed by a professional. It might not be nearly as costly as you imagined, you might appreciate the extra hours in the day to devote to expanding your business, and you might feel a weight being lifted off your shoulders.
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