What's Holding You Back from Business Success?

In this conversation, Nata Salvatori interviews Nancy Steidl, an international business consultant and intellectual property law specialist. They discuss the importance of having the right structure when starting a business and common mistakes made by new entrepreneurs. They also delve into the topic of intellectual property (IP) and its various forms, such as trademarks, copyrights, and patents. Nancy emphasizes the need for startups to secure their IP early on to prevent others from copying their ideas. They also highlight the key areas that require attention for long-term business success, including business planning, IP protection, and financial management. In this conversation, Nancy Steidl discusses various aspects of starting and running a successful business. She emphasizes the importance of setting up legal binding websites and contracts, developing a strong marketing and brand strategy, and utilizing technology, including AI, in a sustainable and accountable way. Nancy also highlights the significance of understanding the difference between branding and a brand, and the role of brand identity in today's market. She shares two analogies from her upcoming book, 'The Art of Analogies in Business,' comparing starting a business to having a baby and building a house. Nancy also discusses the influence of her extensive education in international business law and intellectual property on her approach to business consultancy. She advises entrepreneurs to focus on structure, embrace change, and stay resilient in order to succeed in the ever-evolving business world.
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Takeaways
• Having the right business structure is crucial for running daily operations and ensuring financial stability.
• Common mistakes made by new entrepreneurs include choosing the wrong business entity and not having clear agreements and legal contracts.
• Intellectual property (IP) encompasses trademarks, copyrights, patents, and trade secrets.
• Securing IP early on is essential to prevent others from copying ideas and to avoid lengthy legal battles.
• Key areas that require attention for long-term business success include business planning, IP protection, and financial management. Set up legal binding websites and contracts for clients
• Develop a strong marketing and brand strategy
• Utilize technology, including AI, in a sustainable and accountable way
• Understand the difference between branding and a brand
• Focus on structure and create a business plan
• Embrace change and stay resilient in the face of challenges
• Consider cultural differences and market dynamics when expanding internationally
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