Even entrepreneurs have to comply with the law.
How this helps you
Checking the legislation and liability concerning your product or service, helps you to manage your risks.
What is it?
Each business is subject to certain rules, laws and regulations. These could be related to the type of industry you are in, your production process, staffing or ways to sell your products on the market.
Being an entrepreneur means you have to take risks and look for the boundaries. Sometimes you’ll even cross them. But at least it is wise to know which lines you cross and for what reason. Understanding the legal risks to your company and being able to deal with them is a key factor for success.
How does it relate?
Legislation is part of the external analysis that is needed to find your place in the market. It is a part of the DESTEP analysis. Thinks to look for the changes in laws, rules and regulations, as this may influence your potential success. Some sectors, such as Finance or Healthcare will have more and stricter rules and reghulations than for instant the flower market. Be advised that legislation will differ from country to country and even region by region. In B2C markets take special care of privacy laws.
Your next Waypoint
The Chamber of Commerce is always a good place to start. They can inform you about the specifics for your idea and direct you to the proper regulator or industry association. Futhermore there is vast information on the internet. Go check that out. And maybe ask a friended lawyer for advice.