Don't allow failure to stop you from achieving the goals you set for yourself. Don't even call it failure like Zig Zigler says “It’s not how far you fall, but how high you bounce that counts.” Stay positive, focused and learn from your experiences to move ahead.
1. Selecting the wrong business structure How did you choose your business structure? Did you select a sole proprietorship because it was the easiest? Perhaps you signed up for the lengthy process of forming a C Corp because it seemed to be the standard? Choosing the wrong business structure can present unnecessary challenges and risks in the future. For example, in the case of a sole proprietorship, you are your business and you are also personally liable for all debt incurred, including egregious lawsuits . If something goes wrong, your personal assets are at risk. Meanwhile, if you plan to follow the traditional route of investment to an ultimate sale or IPO a C corporation can be suitable. However, a C Corp is also complicated and costly to set up and maintain, and not ideal for a local mom and pop shop. You can get the same benefits from a limited liability corporation (LLC) for less effort and less money. Before you ...
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