As children, to keep us in line, our parents often told us about how the police are to be feared and whenever possible avoided at all costs. These little fibs were spoken to make sure children behaved, but if stretched too long it often resulted in the child developing a genuine fear of the law.
However, if the child grows up to be an entrepreneur he will invariably run into the legal system of the country while creating a business from the ground up. From registering the business to getting a license or getting a patent, it is imperative to have at least basic knowledge of the laws that govern these things.
In the world of business, the law plays an important part. There might be trouble with past employees or with contracts or with competitors just trying to bring you down. If you are on the right side of the law, you need to suppress your childhood instincts to run and face the challenge head on.
Contracts and agreements
As a startup, you will employ numerous people; work with investors and other parties. This will involve drawing up contracts and agreements. Even though this doesn’t happen too often, these agreements are enforceable through law. It is better to be aware of what each term means in this kind of paperwork than to be caught unawares when you run afoul of the law.
The law is your friend
India ranks extremely low on the ease of doing business index created by the United Nations. Even though the current prime minister is working towards making it easier to cut through all the bureaucratic red tape, it will be a while since it actually becomes easy to work with the government. A great step in the direction is the funding for start-ups allocated by the government. The law is your friend, follow it to the letter and any future problems will be mitigated easily.
Legality in business
Regardless of what you’ve been taught about the law and the police, there is no avoiding legality when you’re running a business. In the journey of success, one has to be able to handle legal issues with a calm head on his shoulders.
People envious of your success will work to bring you down when you succeed, and scare you with pointless legal notices. If you have always been on the right side of the law, there is absolutely no need to be fearful. Honesty and meticulousness in your work will mean that you will always be in the clear.
Part of regular life
As an entrepreneur, or even in life in general, you may be dragged to the police station and the court for no fault of yours. Circumstances may even make them a part of regular life, but there is no reason to feel scared, dejected or ashamed. This is something you have to deal with as part of your job. Don’t make too much of it, because it is just one aspect of your life journey.
A great example is when you are following the rules while driving. There may yet be others who break all the traffic rules may come and hit you from the wrong side of the road. The police and court cases that follow are nothing but a part of the journey you have undertaken. You didn’t want it. You were no party to it. Yet you have to go through it till it is behind you.