Startup Tip: Working With Lawyers (Part 4 of 4)

This is the fourth of my four part series, focusing on ways that startups, entrepreneurs and small businesses can work better with their lawyers.

Last week, a post on Venture Hacks briefly discussed the 10 reasons why entrepreneurs hate lawyers. I felt that post, while good, missed an opportunity to offer practical advice on what entrepreneurs and small business owners should do when working with lawyers. Many of these frustrations are fair, but you can take steps to improve your relationship with your lawyer – and more importantly, to find a lawyer you trust. In the video below, I discuss five things that entrepreneurs and small businesses can do to reduce their frustrations and to improve the relationship with their lawyers.

By way of background for those who don’t know me: prior to crowdSPRING, I practiced law for 13 years. During that time, I counseled and represented clients (from internet startups to Fortune 100 companies) in transactional matters and in complex trials. I’ve set at the table as a lawyer, and now have the perspective of an entrepreneur. Here we go (Part 4):

Startup Tip: Working With Lawyers (Part 3 of 4) (Interest, Fees, Responsiveness)

This is the third of a four part series, focusing on ways that startups, entrepreneurs and small businesses can work better with their lawyers.

Last week, a post on Venture Hacks briefly discussed the 10 reasons why entrepreneurs hate lawyers. I felt that post, while good, missed an opportunity to offer practical advice on what entrepreneurs and small business owners should do when working with lawyers.

Over the next two days (If you haven’t seen it, here are parts one and two of working with lawyers.), I’ll talk about how you can better work with your legal counsel and will suggest some strategies to help you find a good lawyer. I’ll use the Venture Hacks post as a guide. Every day, working backwards from reason 10, I’ll discuss three of the reasons why entrepreneurs hate lawyers (I’ll save the top reason for the last day).

By way of background for those who don’t know me: prior to crowdSPRING, I practiced law for 13 years. During that time, I counseled and represented clients (from internet startups to Fortune 100 companies) in transactional matters and in complex trials. I’ve set at the table as a lawyer, and now have the perspective of an entrepreneur. Here we go (Part 3):

Working With Lawyers (Part 2 of 4) (Listening, Experience, Focus)

This is the second of a four part series, focusing on ways that startups, entrepreneurs and small businesses can work better with their lawyers.

Last week, a post on Venture Hacks briefly discussed the 10 reasons why entrepreneurs hate lawyers. I felt that post, while good, missed an opportunity to offer practical advice on what entrepreneurs and small business owners should do when working with lawyers.

Over the next three days (If you haven’t seen it, here’s part 1 of working with lawyers.), I’ll talk about how you can better work with your legal counsel and will suggest some strategies to help you find a good lawyer. I’ll use the Venture Hacks post as a guide. Every day, working backwards from reason 10, I’ll discuss three of the reasons why entrepreneurs hate lawyers (I’ll save the top reason for the last day).

By way of background for those who don’t know me: prior to crowdSPRING, I practiced law for 13 years. During that time, I counseled and represented clients (from internet startups to Fortune 100 companies) in transactional matters and in complex trials. I’ve set at the table as a lawyer, and now have the perspective of an entrepreneur. Here we go (Part 2):

Startup Tip: Working With Lawyers (Part 1 of 4) (Communication, Information and Over-Lawyering)

Last week, a post on Venture Hacks briefly discussed the 10 reasons why entrepreneurs hate lawyers. I felt that post, while good, missed an opportunity to offer practical advice on what entrepreneurs and small business owners should do when working with lawyers.

Over the next four days, I’ll talk about how you can better work with your legal counsel and will suggest some strategies to help you find a good lawyer. I’ll use the Venture Hacks post as a guide. Every day, working backwards from reason 10, I’ll discuss three of the reasons why entrepreneurs hate lawyers (I’ll save the top reason for the last day).

By way of background for those who don’t know me: prior to crowdSPRING, I practiced law for 13 years. During that time, I counseled and represented clients (from internet startups to Fortune 100 companies) in transactional matters and in complex trials. I’ve set at the table as a lawyer, and now have the perspective of an entrepreneur. Here we go:

Startup Tip: Entrepreneurs Need To Get Their Hands Dirty

I believe that it’s important for entrepreneurs to get their hands dirty by doing certain jobs before hiring people. Getting your hands dirty not only gives you a better perspective on the work that must be done, but also helps you contribute when your team’s capacity is stretched – as it often is at a startup. Moreover, most investors, and especially VCs, prefer to work with entrepreneurs who are not afraid to get their hands dirty. I discuss these issues in the following short video.

Startup Tip – Five Suggestions About Dealing With Investors

Many entrepreneurs prefer to bootsrap their startup. But this is not always practical or possible for all startups. Some startups must bring in outside investors (for strategic and financial reasons).

Investors can provide great strategic value, but can also bring turmoil. Entrepreneurs who are not experienced dealing with outside investors can get easily distracted and unfocused trying to manage those relationships.

crowdSPRING raised its seed round from a small group of angel investors in 2007. We have a strong relationship with each of our investors and have learned numerous lessons along the way about dealing with investors. I share five of these lessons in the following video.

Startup Tip: Understanding Your Competitive Advantage

Some startups launch me-too products without any effort to differentiate their products or services from those of their competitors. Whether a startup idea is unique or an improvement on someone else’s original idea, it’s important to understand your competitive advantage. If you don’t – you’ll fail. I discuss these issues in the following short video.

What else would you add? What other factors are important in understanding your competitive advantage?

Startup Tip: How To Determine Market Size

It’s important for companies, especially startups, to properly measure the size of their market. Without this information, it’s difficult (if not impossible) to raise funds, understand how much you can/should spend, evaluate the success of your marketing efforts, etc. In the following video, I offer five suggestions you can use to determine the size of your market.

crowdSPRING Interview (Beyond The Pedway)

A few days ago, Tim Jahn of Beyond the Pedway spent the morning talking with me and co-founder Mike Samson about crowdSPRING, crowdsourcing, chia Lincoln (see the video!), and our community. Tim did a very nice job editing – here’s a concise version of our conversation:

Beyond The Pedway is a weekly video podcast dedicated to discovering creative companies in Chicago. Beyond The Pedway seeks to learn about the people behind Chicago’s creative companies, what they do, and why they do it in Chicago. A song from a local Chicago band is featured during the intro and credits of each episode. There are other interviews with Chicago startups on Beyond The Pedway (including 37signals, Threadless, Groupon, and many others) and I’d encourage you to take some time to watch them.

What Numbers Should Be Important To Startups And Small Businesses?

A number of small business owners and young entrepreneurs have asked me what numbers and measurements are most important to crowdSPRING. We measure many different things, so there’s no simple answer to that question. But in thinking about the categories of numbers we measure, I came up with a list of five categories – I discuss those categories in the following short video:

(I originally posted this video earlier this week on the crowdSPRING blog).

What numbers do you find important in your business?