LEGALPRENEUR (THE ENTREPRENEUR AND THE LAW)

In recent times, the concept of entrepreneurship has become a widely known and accepted one. This is mainly due to the advantages accruing to an entrepreneur like, 100% benefit if he/she plays his/her cards well, the opportunity to build an empire with one’s name on it, the opportunity to use one’s skills and ideas to make income and more. Also, the fact that majority of independent states around the world are capitalist oriented helps inspire entrepreneurs to take the bold step towards entrepreneurship. The strongest point is that there are numerous amounts of manifest testimonies of entrepreneurship ventures that have paid off, big time. Consider Colonel Sanders K.F.C (the Colonel is dead but his name and legacy lives on in the concept of specially fried chicken and a legally protected special recipe), house of Tara makeup enterprise and Linda Ikeji’s blog page (these started out as one-woman shows), the Google that has educated many of us and the Facebook that we cannot seem to stay away from. The three major partners of Facebook conceived the idea as students. Zuckerberg, being the most popular and major founder had to go through as much problems as many entrepreneurs encounter today; not to mention the psychological and emotional challenges he had to overcome. DHL was founded Dalsey, Hillblom and Lynn, who thought it best to use the combination of their last names as their business name because they could picture the magnitude of their delivery business if it paid off. Then there’s the big record labels, the massive oil companies, the rich and popular bloggers, the rich law firms, and more. With all these people already up there because they had the courage to step up to their dreams, it is no wonder that the road to stardom and financial freedom is already jammed with hundreds of entrepreneurs. And then, there’s this my friend, very intelligent individual with all these wonderful ideas, studying Petroleum Engineering, talking about dumping his studies to venture into entrepreneurship. Due to this popular trend, this post and subsequent posts in this aspect of this blog will squarely focus on the legal aspect of start-up entrepreneurial ventures. “A startup entrepreneurial venture is a newly formed, growing business that aims to meet a popular need developing viable business models centered on an innovative product or service.” At this early stage, the entrepreneur moves from the conception stage to securing, financing( Read: how to start with little or no cash) and laying down the basic structure of the business and more. While doing all of this, it is very important for the entrepreneur to understand the legal consequences of his actions. It is very important to note that the Law is a very pervasive tool and as such it applies to every single area of a human’s endeavor, including startups. Failure to adhere to, or ignorance of the rules of law will not vindicate a defaulter from the pangs of sanctions. So, from this aspect of this blog page, I will walk you through every legal rule you need to adhere to, every illegal pothole you have to jump over and every legal suggestion that will move your innovation forward and keep you out of trouble. Major areas of focus will range from basic legal concepts every startup entrepreneur should be aware of, intellectual property law, tax law, to contract law, employment law and more. Stay connected to this blog and check out for new, informative and educative updates. Trust me, it is better to be aware of and armed with the Law than to be on the other side and in ignorance of its provisions. The latter party always loses. Let us help you become a Legalpreneur.  
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