Few goals in life are fully realized without a considerable amount of advance creativity and effort being first expended by one or more individuals who are pursuing them.
The business realm in New York and elsewhere routinely tests that truism, especially as regards a start-up enterprise that is firmly on the minds of partners who seek to transform a commercial idea from an on-paper potentiality to a proven marketplace success.
Here’s a point that we centrally make in an article from our website at the proven Manhattan business and commercial law firm of Rich Michaelson Magaliff Moser, LLP: Few business partnerships ever arrive as fully realized enterprises.
Put another way: Most profitable business ventures were preceded by careful steps that their principals took to ensure that full analysis was given to all material factors influencing both success and possible failures.
That is, comprehensive and timely due diligence must be a reality from the very inception of a partnership idea.
We stress in the above-cited website source that thoughtful business partners will take the time to identify and address opportunities and challenges before they simply arrive during ongoing business operations.
Among other things, partners will candidly discuss their values and goals and then “work together to put a values statement into writing.” They will consider things like growth strategy, funding, leadership style, customer niche and other important subjects.
And they will also consider — importantly, before it happens — how they will respond to stark business challenges. No reflective American community lacks a plan for responding to emergencies, and no business principals should be found similarly wanting, either.
Of course, business partners will want to timely and fully set forth all key elements of their partnership in a formal written agreement. A proven attorney can help negotiate and draft that cornerstone legal document to ensure coverage of important points ranging from duties/ownership and compensation to exit strategy and dispute resolution.
The bottom line regarding business success is that it is often influenced just as much by advance planning as it is subsequent diligence during actual operations.