A recent report highlights the entrepreneurial spirit is alive and well in the younger generation. In fact, the study conducted by America's SBDC indicates that millennials are poised to be the most entrepreneurial generation yet, as they have a greater desire to start businesses than any other generation.
However, there are some limitations that come with being a young, first-time business owner. Further, the same characteristics that make millennials motivated entrepreneurs also leave them exposed to possible complications. Below are some examples of this, as well as explanations for how legal guidance can help.
Unfamiliarity with standard business operations
Young entrepreneurs looking to start a business typically won't have much (or any) experience with standard business operations, like employment agreements and company policies. In some cases, it can be good to avoid outdated or tired processes for running a business; in other cases, certain processes become standard for a reason.
Without the benefit of experience, it can be very difficult to know which operations to ignore or revise and which operations to utilize.
Importance of financial success
As noted in the report, most millennials are looking to start businesses primarily to find financial success. With money as the top priority, any mistakes that cost money and jeopardize the financial bottom line can be especially upsetting. Legal guidance can help business owners avoid costly mistakes by reviewing complaints, enforcing contracts and coordinating various business transactions.
Determination to be self-sufficient
Millennials want to be their own boss and set their own rules. While this can help any business owner find success, there is only so much an individual can do alone. At a certain point, various legal complications can arise, including complex business transactions, growth opportunities and/or contentious disputes.
Rather than trying to address all these problems alone, California business owners can seek guidance from experienced attorneys so they can stay focused on doing what they do best.
Know where to go for help
The study also found that nearly three-quarters of respondents would be more likely to start a business if they had more guidance and support. Understand, though, that legal help is available and it can be vital in forming, expanding or protecting your business.