16761963
Description
Mind Map by victor quintero, updated more than 1 year ago
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Created by victor quintero
almost 6 years ago
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10 Common Mistakes When Launching
a New Business By
- 1. Choosing A Business Name Without
Rights To An Online Presence
- A business should ensure that they can have exclusive right to
use it in association with the goods and services of their company
to prevent others from hijacking or diverting attention from their
brand
- A business should ensure that they can have exclusive right to
use it in association with the goods and services of their company
to prevent others from hijacking or diverting attention from their
brand
- 2. The Business Name Does Not Comply
With Applicable Legislation
- There are many factors and limitations in choosing a business name.
Generally, 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.
- There are many factors and limitations in choosing a business name.
Generally, 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.
- 3. Failing To Trademark A
Business Name
- 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 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
- 4. Failing To Obtain International
Trademark Protection
- The last thing a business wants is to be ready to launch
after pitching to funders and investors only to find out that
someone else holds the trademark rights. It’s important for
founders to think about where their markets are or could be
in order to protect their brand in those markets.
- The last thing a business wants is to be ready to launch
after pitching to funders and investors only to find out that
someone else holds the trademark rights. It’s important for
founders to think about where their markets are or could be
in order to protect their brand in those markets.
- 5. Failing To Properly Secure The
Intellectual Property Rights From
Co-Founders, Employees, Licensees Etc.
- A startup may fail to spend money to obtain the intellectual
property rights (patent, trademarks, copyright, including moral
rights) from independent contractors such as website developers,
software engineers, programmers, graphic designers and their
own employees working on and developing ideas and
improvements to existing intellectual property rights.
- A startup may fail to spend money to obtain the intellectual
property rights (patent, trademarks, copyright, including moral
rights) from independent contractors such as website developers,
software engineers, programmers, graphic designers and their
own employees working on and developing ideas and
improvements to existing intellectual property rights.
- 6. Disclosing An Invention Outside Of The
Time Limitation To File A Patent
- . New business owners make the mistake of disclosing an invention
without the necessary protections and then lose their right to filing a
patent leaving it vulnerable for competitors to come in and steal their
ideas. It is advisable to not disclose the invention where possible and if
absolutely necessary,
- . New business owners make the mistake of disclosing an invention
without the necessary protections and then lose their right to filing a
patent leaving it vulnerable for competitors to come in and steal their
ideas. It is advisable to not disclose the invention where possible and if
absolutely necessary,
- 7. Failure To Sign Agreements
With Co-Founders
- .Todos los fundadores deben asignar todos los inventos, ideas
y todo lo que hayan trabajado o contribuido al negocio
propuesto por la empresa. De esta manera, si un fundador se
va, una empresa no está en peligro de perder los derechos de
propiedad intelectual que la acompañan.
- .Todos los fundadores deben asignar todos los inventos, ideas
y todo lo que hayan trabajado o contribuido al negocio
propuesto por la empresa. De esta manera, si un fundador se
va, una empresa no está en peligro de perder los derechos de
propiedad intelectual que la acompañan.
- 8. Use Of Generic Non-Disclosure
Agreement And Templates
- The danger is that legal concepts found in foreign laws
may not be applicable to contracts in the business owner’s
jurisdiction. For instance, a template from the internet
may have a clause stating that the governing law is in
London, UK but the parties may both reside in British
Columbia
- The danger is that legal concepts found in foreign laws
may not be applicable to contracts in the business owner’s
jurisdiction. For instance, a template from the internet
may have a clause stating that the governing law is in
London, UK but the parties may both reside in British
Columbia
- 9. Failing To Put Together A Proper
Pitch Deck Or Business Plan
- It is important for a business to have a good business plan which can even be a one
page business plan. The principles for creating a good business plan can be found in
the book, “he Lean Model Canvas consists of the following elements: Problem
Solution Value Proposition or Mission Statement Competitive Advantage Key
Metrics Distribution Channels Customer Segments Cost Structure Revenue
Streams Legal Disclaimers
- It is important for a business to have a good business plan which can even be a one
page business plan. The principles for creating a good business plan can be found in
the book, “he Lean Model Canvas consists of the following elements: Problem
Solution Value Proposition or Mission Statement Competitive Advantage Key
Metrics Distribution Channels Customer Segments Cost Structure Revenue
Streams Legal Disclaimers
- 10. (Unknowingly) Violating
Securities Laws
- In the rush to get launch a business, a new entrepreneur may miss the
important details or be sloppy in protecting their ideas or assets. A business
owner may even make things worse in the interest of saving money and
time in the short run. While Eric Ries expounds on the virtues of having a
“lean” start up model, the misinterpretation has resulted in many start ups
taking the concept of being lean to the extreme and not spending money in
areas where they should. Hopefully, this legal checklist dispels that myth
and spending money wisely is more important than being lean when
starting a new venture.
- In the rush to get launch a business, a new entrepreneur may miss the
important details or be sloppy in protecting their ideas or assets. A business
owner may even make things worse in the interest of saving money and
time in the short run. While Eric Ries expounds on the virtues of having a
“lean” start up model, the misinterpretation has resulted in many start ups
taking the concept of being lean to the extreme and not spending money in
areas where they should. Hopefully, this legal checklist dispels that myth
and spending money wisely is more important than being lean when
starting a new venture.
- Launching a new business for the first time is not always easy. There
many factors to take into consideration – whether financing,
marketing, customer acquisition or dealing with legal issues. Many
new businesses place legal concerns on the back burner due to costs
and time constraints. They assume that legal problems can be dealt
with later, but it may be too late or even more costly to fix
- VICTOR HUGO QUINTERO
GRUPO: 35
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