How to Stop a Frivolous Lawsuit From Sinking Your Business

You may think you are protected from a frivolous lawsuit, but remember the McDonald’s hot coffee case? September 9, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. What would happen if you were sued? Now, you might say there’s no reason for someone to sue you. And while there might not be a legitimate reason, business owners are sued all the time. Just because a lawsuit is unfounded doesn’t mean you won’t find yourself in the middle of one. What’s more, lawsuits can be stressful and financially disastrous — even if you did nothing wrong. The way to mitigate the possibility of being sued — as well as the longer-term impact of an undeserved lawsuit — is through a formal process of asset protection planning. Related: A Financial Stress Test May Help Avoid a Frivolous Lawsuit Threat Asset protection planning is pre-litigation risk management intended to […]

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2 Necessary Skills for Success at the Negotiating Table

Learn the two simple skills you need to conduct a successful negotiation. August 29, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. As an entrepreneur, you are no doubt aware that your ability to negotiate effectively is one of the more useful skills in building a great company. Very often negotiation success translates directly into entrepreneurial success. That’s true whether a negotiation involves partners, investors, employees, governmental agencies, suppliers, vendors, business buyers or sellers. Being an adept negotiator in any of these situations can potentially make a significant difference in how successful you ultimately become. Related: 5 Steps to Master the Art of Negotiation Of course, there are different approaches to negotiation — and it makes sense to determine which style you should adopt based on your goals. Although there are lots of ways to categorize negotiation tactics, the methods largely boil down to two: Get maximum […]

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Surprising Funding Ideas for Your Business

Look at alternative investments, and find new funding ideas for your startup. August 28, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Mastermind and CEO groups have long been popular among driven entrepreneurs seeking to learn new strategies and ideas for improving their operations. It’s no secret why. These groups provide a safe haven environment in which entrepreneurs can share and learn from the accumulated experiences of fellow members — as well as from the executive director who leads the group and any speakers who make presentations to it. Entrepreneurs commonly applaud these groups for their ability to help build relationships that make a meaningful difference in their business success — and sometimes even their personal lives. But increasingly, high-end mastermind and CEO groups are also becoming an avenue for connecting business owners with investors — giving entrepreneurs a new way to access and raise capital. […]

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Is It Time for a Financial Stress Test?

Unsure about your financial wealth planning? Consider a stress test. August 22, 2019 4 min read Opinions expressed by Entrepreneur contributors are their own. If you’re a successful business owner, it may be high time to conduct a financial stress test on one or more aspects of your business and wealth planning. I’m regularly involved in overseeing financial stress testing for exceptionally wealthy families with considerable business interests. Often, the outcome of the process is that everything is as good as it can be. However, when problems are found, they tend to be severe and potentially quite damaging. Related: Preempt Crises With a Financial Stress Test Before Problems Occur A few years ago, I was introduced to a billionaire family that was feeling uneasy about some aspects of their wealth planning. The family’s advisors were very creative and, as a result, the family paid very little in taxes on both the […]

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Want to Make Money and Get Rich? You’ll Need to Get This One Decision Right.

Hard work earns you money, finding the right financial professional is essential to growing your wealth. August 7, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Entrepreneurship is the most likely way to become personally wealthy. You have the highest probability of becoming a millionaire or a multi-millionaire through your ownership in your business — which is the foundation that can potentially generate enormous wealth now and in the future. But, you guessed it, there’s a catch. Your ability to leverage your company to build significant personal wealth — as well as ensure both are legally protected as best as possible — is largely rooted in one fundamental decision you make: The financial professional you choose to work with. Related: 32 Proven Ways to Make Money Fast Let me be clear, I am not a financial advisor or wealth manager. Therefore, I’m not trying to sell you on my services or […]

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How to Negotiate With a Narcissist

Negotiating with narcissists — people who only care about their self-interests — is a skill all entrepreneurs need to master. August 1, 2019 6 min read Opinions expressed by Entrepreneur contributors are their own. We live in an increasingly narcissistic society. Narcissists are people who have an overwhelming need to be admired. They tend to lack empathy and other core components that emotionally healthy people possess. They are typically self-important, arrogant and demanding — and they especially don’t take kindly to criticism. You’re likely to find lots of narcissists in positions of political and business power — which means you’ll probably have to negotiate with them as you build your business. Lucky you! The good news: You can take certain steps that will help you bargain and make successful deals with these hard-to-handle personalities. How to spot a narcissist This is the easy part. In talking to them, their worldview often quickly […]

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Why Entrepreneurship Alone Isn’t Enough To Make You Really Rich

You can’t just be savvy about your business strategy. Keep these steps in mind to make your money work for you. May 28, 2019 5 min read Opinions expressed by Entrepreneur contributors are their own. Entrepreneurs become entrepreneurs for a number of reasons. Being your own boss ranks high on the list. The sense of accomplishment that comes with creating a company and making it a success is another motivation for some. The primary driver for many is the prospect of becoming extremely wealthy. While some entrepreneurs like the idea of being rich simply for the sake of being rich or for the hedonistic pleasures money makes possible, that’s not the case for most business owners. Generally, the desire to become really wealthy is accompanied by loftier goals, including taking care of loved ones and supporting non-profits. Many entrepreneurs are a personality type known as the family steward. They care […]

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