Watch: 3 Common Legal Myths New Business Owners Fall For

Small business owners, especially new business owners/entrepreneurs, inspire me. They’re risk-takers who break the status quo to do something different. They’re out here chasing dreams, creating new paths, and finding ways to build generational wealth, and I honestly can’t big them up enough.   

But even with so much skill, talent, and drive under their belts, I’d be lying if I didn’t admit that new business owners also have a BIG weakness. 

They’re more likely to believe and put energy behind a legal myth. To be fair, it’s not their fault. Most people in any given circle don’t know the first thing about running a business or making it sustainable, so, understandably, new business owners would believe the hype. But by definition, myths are wildly held but false beliefs of an idea, and when it comes to business, they’re often the reason for delayed success or the forfeiture of dreams. 

So if you’re a new business owner, read on to learn the three most common myths that new business owners often believe so that you can save the headache and turn your attention to more promising tactics. 

Myth #1: I Don’t Need to Worry About Intellectual Property Because My Business Is Small.

Lord. Let me put my drink down because we’re starting strong. 

Regardless of the size of your business, you need to understand that the moment you decide to be a business owner, you have intellectual property (IP). Whether it’s emails, Facebook posts, Instagram posts, Tik Tok videos, or YouTube videos, everything you put on social media or anywhere else is intellectual property, and you must ensure it is secure. You can secure your IP in the form of contracts, trademarks, copyrights, and patents. 

Myth #2: I Don’t Need to Worry About Contracts

Let me guess. You trust them people you met online? Y’all Gucci? Y’all dapped it out?

No ma’am. No, sir. No way. People are shady, and people lie, and because your livelihood often depends on your business, you need something to fall back on anytime you are in a business transaction. That is what a contract will do for you. Even if you trust the other party, contracts can help secure your business and outline expectations, so there’s no he said, she said. I cannot stress this enough. GET. IT. IN. WRITING.  

Myth #3: I Can Just Copy Someone Else’s Business Model.

I mean, they already did the work, right? 

Wrong. Child, copying someone else’s business model can result in you having to put me on speed dial because you’re gonna have problems. 

Copying anything of any person, whether you see it outdoors, on the internet, or anywhere in the world, can result in copyright infringement, trademark infringement, you name it. Trust me when I say that you don’t want those problems. 

Note: It’s one thing to study tried and true frameworks and models or business ideas, but copying it’s a totally different thing. So do your own research and come up with your own original ideas (aka secret sauce). It comes with fewer subpoenas. 

Don’t Go Chasing Myths.

While there are many myths floating around in the business world, these are the three most damaging myths I hear new business owners constantly repeating. You’ll want to make sure you avoid them in order to build a sustainable and successful business. 

The easiest way to do that? Retain counsel with an Intellectual Property Law Firm that you can trust. One with the experience and expertise to help pull you out of the trenches and avoid the mistakes that throw you into them. 

At Anderson Law Firm, we provide our clients with this exact service. With a dedication to providing you the support you ask for and the guidance you didn’t know you needed, we ensure you’re always doing what’s right for your business so you can protect your sauce and your future.

Click here to schedule a free consultation.