10 Common Mistakes When Launching a New Business

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10 Common Mistakes When Launching a New Business
Esperanza Espitia
Mapa Mental por Esperanza Espitia, actualizado hace más de 1 año
Esperanza Espitia
Creado por Esperanza Espitia hace más de 5 años
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10 Common Mistakes When Launching a New Business
  1. 1. Choosing A Business Name Without Rights To An Online Presence
    1. Choose a business name that a company can use online with a website and presence in social networks, verify the potential trademark and the status of social networks of a business name before proceeding to register, incorporate or try to register a company.
    2. 2. The Business Name Does Not Comply With Applicable Legislation
      1. The business name should be unique and not confuse a consumer with the goods, services, or trademarks of another business. The name should also not falsely describe the business.
      2. 3. Failing To Trademark A Business Name
        1. A business must obtain the necessary federal, provincial/territorial and municipal permits and licences, Business Number, registered business name, GST/HST number, corporation income tax, payroll and import/exports accounts. A business must register their brand.
        2. 4. Failing To Obtain International Trademark Protection
          1. Obtain author's rights, trademarks and patent protection in the countries where they carry out their operations, so as not to endanger the company's trademark
          2. 5. Failing To Properly Secure The Intellectual Property Rights From Co-Founders, Employees, Licensees Etc.
            1. A company must obtain intellectual property rights (patents, trademarks, copyrights, including moral rights) from independent contractors such as website developers, software engineers, programmers, graphic designers and their own employees who work and develop ideas and improvements
            2. 6. Disclosing An Invention Outside Of The Time Limitation To File A Patent
              1. Not disclose the invention without the necessary protections
              2. 7. Failure To Sign Agreements With Co-Founders
                1. A company can ensure that the founders are issued shares “subject to vesting. All founders should assign all inventions, ideas, and anything they worked on or contributed to the company’s proposed business.
                2. 8. Use Of Generic Non-Disclosure Agreement And Templates
                  1. The company must customize an NDA, with the purpose of protecting ideas and guaranteeing legal concepts.
                  2. 9. Failing To Put Together A Proper Pitch Deck Or Business Plan
                    1. It is important for a business to have a good business plan
                    2. 10. (Unknowingly) Violating Securities Laws
                      1. It’s important to not add any slides or information regarding fundraising or financing to potential investors such as investment opportunity slides, “ask slides” etc. not permitted under securities legislation. Similarly, it’s important to add a disclaimer on any opening slide presentations to make it clear that the business is not soliciting investment from the attendees or potential investors.
                      2. Name: Esperanza Espitia Vega Group: 212032_16
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