10 Laws Every Entrepreneur Should Know

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There really is no choosing to become an entrepreneur; there are some who are simply born to bring new ideas, products and solutions to the marketplace and others who do not have an entrepreneurial bone in their body. But even those who have the skills and ambition to become an entrepreneur must be prepared to face the harsh realities of the business world and to gain the knowledge required to bring their brilliant ideas to fruition.

Before you quit your day job to devote your time to becoming a successful small business owner, there are 10 important laws you need to become intimately familiar with as you begin your journey down the road to become an entrepreneur. Ignore them at your peril because each comes with a sting in its tail for those who, intentionally or due to ignorance, abuse them.

1. Copyright – Everything you write will affect your business, but if your words are plagiarised, it can also affect your credibility and your purse. Copyright infringement is serious business, and if you use words that belong to another, the original owner can come down on you with copyright laws soundly on their side.
2. Patent – Patent laws are in place to protect your brilliant ideas, as well as the brilliant ideas of others. Lack of attention to detail can leave your intellectual property unprotected, while lack of research can leave you open to lawsuits.
3. Employment – Part of the drive to become an entrepreneur usually comes from wanting to be the boss. Employment law can be a minefield that pushes some small business owners to opt for contractors and freelancers, as opposed to permanent staff. However, understanding employment law will help you to properly manage staff and ensure that you are protected as the employer.
4. Financial – Financial laws, such as the legislation regarding Capital Gains Tax, can seem daunting when you first become an entrepreneur. The sale of assets and other covered activities requires a special kind of attention, which is one reason to choose an excellent accountant who will provide the necessary advice.
5. Contract – Contract laws cover the agreements you have with suppliers and purchasers, as well as the contracts you have with those who work for you or with you. It is essential that anyone planning to become an entrepreneur has a good handle on this particular set of laws; otherwise, you could leave your organisation open to all manner of unnecessary risks.
6. Health and Safety – An intimate knowledge of these regulations will guide you through exactly what you should and should not do to cover yourself in the event of an accident in your workplace. We’ve all seen those adverts on the TV for law firms that will help you to bring down an employer who has allowed you to have a “slip or a trip that was not your fault”. Don’t let your company become a financial victim of such an incident.
7. Distance Selling – Selling online is a huge business and is the primary reason why many choose to become an entrepreneur. Before you make your first online sale, it is imperative that you know your customers’ rights in regards to online purchases. Without an understanding of return policies, cooling off periods, and privacy you could get in all kinds of trouble.
8. Advertising – Regardless of what you may believe about the honesty of advertising in this country, there are specific laws that govern what you can and cannot say when advertising your product or service, and there are bodies that police them.
9. Property – Many entrepreneurs overlook the need to be familiar with property laws. However, not knowing them could leave you looking for a new office space or finding yourself liable for massive, unexpected payments.
10. Murphy’s – Just when you thought you might know all you need to know about the laws that will affect your business after you become an entrepreneur, there is always this last one to consider. Murphy’s Law runs rampant throughout the business world and anything that could go wrong, most likely will. This means that above all, you need to be prepared for anything.

Fully understanding these must-know laws will assist you in ensuring a successful journey to become an entrepreneur. Even if you employ accountants and solicitors to keep you informed, it is essential that you understand the ins and outs of these legal areas. You can never be too prepared when it comes to taking on the big, bad world of commerce, so take the time to ensure you always have these laws on your side.

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