In an effort to celebrate the will and spirit of the entrepreneur, November 2016 was declared National Entrepreneurship Month by President Barack Obama. There are currently 27 million Americans of working age who are starting or currently running their own business, which represents close to 14 percent of that population, according to the Global Entrepreneurship Monitor.
Furthermore, 51 percent of the working population expressed a belief that opportunities exist for those who go their own way. One benefit to being an entrepreneur is that there is never a bad time to start a business or otherwise explore a new career opportunity. As long as an individual has an idea or can solve a problem, it may be worthwhile to start a company regardless of that person’s age or experience.
To succeed as an entrepreneur, it is important for people to do something that they are passionate about. Entrepreneurship can be a lonely endeavor at times filled with stress about making payroll or fretting about foregoing a steady paycheck. However, the fact that starting or running a business is challenging is part of the charm and what makes it worth pursuing in the first place.
Those who are looking to start their own company may want to talk to an attorney who has experience with providing advice and counsel to business startups. There are a variety of legal issues that will arise, and one that needs to be confronted at the outset is the choice of legal entity that the new venture will operate under. Other matters that an attorney can describe is the type of regulatory compliance that the company will face.