I simply love entrepreneurs! They look at the world with a sense of creativity and problem-solving. Whether their business is within an existing industry or they are disruptors, they challenge the status quo and enhance our society.
Unfortunately, a view toward business with a pure entrepreneurial lens can create new, additional and likely expensive problems for the problem-solver. There are laws and regulations that govern business that can often be substantial impediments to the creative business.
Not only do entrepreneurs need a healthy understanding of the laws and regulations that govern their industry, but they need to partner with a lawyer who can either help them to navigate through the regulations or walk them through the necessity of compliance.
While the regulations may seem contrary and unnecessary to the business, the failure to properly comply with the such regulations may cause substantial financial hardship to the business. In some cases, the failure to comply may destroy the business.
No matter your industry, your business should have a well-developed understanding of the laws and rules that govern it. Furthermore, your business should have an attorney who can analyze the risks and benefits of compliance and assist you with navigating your way through such rules.