The Top Five Questions To Answer Before Starting Your Own Business
According to a reports by analysts and fellows at the Kauffman Foundation for Entrepreneurship, young firms account for most of the job creation in the U.S. However, blogger Paul Kedrowsky maintains that the statistic is really reflective of the mathematical predictability – regardless of the business’s viability – that to create a company more employees will be hired then will lose jobs, resulting in a net positive outcome.
While many economists suggest these start-up ventures won’t succeed past five years, futurist John Krubski believes small business will prevail over the big companies by 2030 and many of them will be operated by women.
If you asked Joleen Winther Hughes, Founder of Hughes Media Law Group, if she believes in Krubski’s prediction, she’d no doubt reply with an enthusiastic, “Absolutely!” Hughes, a former Senior Counsel at RealNetworks, Inc., participated in the company’s largest transactions in consumer services and digital media, including forming MusicNet, the precursor to the company’s current music service, Rhapsody. She has since founded her own firm specifically to support entrepreneurs and inventors with new business ventures, burgeoning media properties, or a germ of an idea and a plan to change the world.
Hughes also understands the trials and tribulations of starting a business from having had a career as a successful entrepreneur representing and promoting music industry talent in the booming Seattle music scene before becoming an attorney. In addition, she currently owns and operates a popular beachfront restaurant, the Celtic Swell Irish Pub & Restaurant in Seattle, with her husband.
“Over the years working with numerous types of entrepreneurial businesses in various stages of operations, I have seen great ideas fail because the founders don’t understand what they really have,” Hughes begins. “It’s important to know what you have to protect, so you know where to take risk sensibly. And that comes from understanding the real value your business creates for your customers.”Continued on the next page