10 Common Mistakes When Launching a New Business

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10 Common Mistakes When Launching a New Business by Mind Map: 10 Common Mistakes When Launching a New Business

1. 10. (Unknowingly) Violating Securities Laws

1.1. - 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. - An entrepreneur can even fall into worse things by trying to save money and short-term time

2. 1. Choosing A Business Name Without Rights To An Online Presence

2.1. - Choose a business name 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 - Once you have checked for its availability online and the potential for trademark protection, then a business should proceed to register it.

3. 2. The Business Name Does Not Comply With Applicable Legislation

3.1. - 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. - Take into account the requirements and limitations of a business name

4. 3. Failing To Trademark A Business Name

4.1. A business must obtain the necessary federal: - Business Number, registered business name, GST/HST number, corporation income tax, payroll and import/exports accounts - The Corporate Registry to register cooperatives - Registrations, non-profit companies, societies, trade names and partnerships

5. 4. Failing To Obtain International Trademark Protection

5.1. - Obtain copyright trademark and patent protection in those other countries at the outset - Failing to do so can jeopardize a business

6. 5.Failing To Properly Secure The Intellectual Property Rights From Co-Founders, Employees, Licensees Etc

6.1. - 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.

7. 6.Disclosing An Invention Outside Of The Time Limitation To File A Patent

7.1. - A patent gives the owner of the patent exclusivity over the right to that invention for a certain period of time in a particular jurisdiction. - In addition, business plans should note that all information contained in them are confidential and proprietary.

8. 7. Failure To Sign Agreements With Co-Founders

8.1. - By incorporating early instead of waiting later, a company can ensure that the founders are issued shares “subject to vesting”. This would prevent a founder from leaving a company and then returning once the venture gets financing or go public. - This way, if a founder leaves, a company is not in jeopardy of losing the intellectual property rights that go with it.

9. 8. Use Of Generic Non-Disclosure Agreement And Templates

9.1. - A business may fail to customize an NDA by using templates they obtained from others or on the internet. -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.

10. 9. Failing To Put Together A Proper Pitch Deck Or Business Plan

10.1. - It is important for a business to have a good business plan. The 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

11. Cristian Daniel Revelo Goyes