Ten Legal-Issue Mistakes That Entrepreneurs Make

1. Failing to incorporate early enough.
2. Issuing founder shares without vesting.
3. Hiring a lawyer not experienced in dealing with entrepreneurs and venture capitalists.
4. Failing to make a timely Section 83(b) election.
5. Negotiating venture capital financing based solely on the valuation.
6. Waiting to consider international intellectual property protection.
7. Disclosing inventions without a nondisclosure agreement, or before the patent application is filed.
8. Starting a business while employed by a potential competitor, or hiring employees without first checking their agreements with the current employer and their knowledge of trade secrets.
9. Promising more in the business plan than can be delivered and failing to comply with state and federal securities laws.
10. Thinking any legal problems can be solved later.

[Thank you, Connie Bagley]

[4.95]

Perspectives on Corporate Entrepreneurship

1. Companies must constantly innovate ... without innovation they tend to do what they've always done and run the risk of getting stale and becoming competitively disadvantaged.
2. For a company to thrive, it must tap the individual initiative of its team members ... this must be a major area of focus.
3. On any initiative being pursued, team-member buy-in is absolutely essential for success.
4. If a company want its people to be intrapreneurial in their thinking, they must be kept well informed about the company's processes and visions, and the impact of these processes and visions on profit.
5. Leaders must give team members everything they need to be self-motivated and take the initiative to succeed.
6. Companies must reward the creativity of their people.
7. If a team member owns an initiative, he or she should be accountable for all aspects of its success.
8. Companies must encourage resourcefulness and out-of-the-box thinking.
9. All thought leaders must be constantly focused on customer needs and now to satisfy and exceed them.
10. Leaders and managers must work to maximize team-member involvement in all key initiatives to tap the collective intellect of the team.

[Thank you, The One Minute Entrepreneur]