Issues to consider before starting a new business

Twenty years from now you will be more disappointed by the things you did not do rather than by the things you did do. So throw off the bowlines. Sail away from the safe harbour.

Catch the trade winds in your sails. Explore. Dream. Discover,” - Mark Twain, Author.

“There will come a time when big opportunities will be presented to you and you have got to be in a position to take advantage of them.”- Sam Walton Founder of Wal-Mart Inc.

Both of these quotes are from famous entrepreneurs and authors describing the characteristics of entrepreneurs.

Entrepreneurs are innovative people who are able to identify business opportunities where most others are not able to.

They see the glass as half full rather than half empty.

They go a step further in risk taking and are willing to bear the risk associated with the venture, obviously anticipating a high return.

They are also very persistent people despite numerous failures.

Thomas Edison a famous inventor and scientist once said: “I have not failed, I have just found 10,000 ways that won’t work.”

As a business person supposing you have identified a new business opportunity that seems innovative and rewarding, what are the legal issues to consider?

One of the most important things to do is put down your plan in writing in form of a business plan.

A business plan will come in handy when analysing the legal issues for your venture.

The first thing to do would be to establish the legal environment for your venture.

For example if a venture is illegal in Kenya then no matter how well it is laid out, it remains impossible to pursue it.

You may consider carrying out the venture in a friendlier jurisdiction.