Standing out as a young entrepreneur can be difficult. There are many small steps budding business men and women can take to bring themselves closer to being successful in the field. Some strategies are as small as keeping up on current events, but others take more time and effort. From the small tips to the more significant tips, here’s a list of the Capitalista’s pointers for being a successful young entrepreneur.

Know Every Aspect of Your Industry and Then Some

Know more about your industry than just the two biggest names in that field. Maybe the little guys will be more helpful in your search. All entrepreneurs should brush up on their knowledge of the tech field. Pretty much every company today has some tech-related component. Observing and understanding your target audience’s technology habits will help you reach them better. Lastly, make sure the business you build is right for you. Does your company mesh with your personal life? Does your business have its own niche? These are all things entrepreneurs should consider before delving into the market.

Be prepared to dress for success

Sometimes the key to success starts with the way one presents him or herself to others. Entrepreneurs should always be prepared to look the part of a strong, successful businessperson, even if a suit isn’t part of their daily wardrobe. Stay prepared by keeping some vital items in your closet. For women, that could include a pair of flat shoes, a pair of dress pants and a simple button-up. For men, a clean suit, shirt, and tie will usually do. These items may be useful when you least expect it, and on a moment’s notice.

Keep Up with Current Events

What better way to connect with others than to discuss the trends? Knowing what’s going on in the world — whether it be news, pop culture, or business — is a great way to start conversations with fellow entrepreneurs. Networking is imperative for entrepreneurs, as it helps create and maintain relationships with potential partners, vendors, or even customers. Attend local trade association events, reach out to other local business people and community leaders, and participate in online discussions. Use your knowledge of current events and trends to foster these relationships.

Learn to Accept Criticism

A young entrepreneur who can accept constructive criticism exhibits his or her strength as a businessperson. Though women are more likely to receive criticism in the workplace, they should never allow these critiques to hinder their entrepreneurial spirit. Furthermore, entrepreneurs should learn to become their own harshest critics. Kelsey Ramsden, a $50 million entrepreneur and founder of four companies, says wise entrepreneurs are capable of judging themselves without bias. This means successful entrepreneurs are honest with themselves about their capabilities and maintain realistic goals.

Starting and growing a business is not an easy feat to accomplish. Oftentimes, finding funding is one of the hardest parts. In order to get a leg up on your competitors and learn about how to grow your idea, read “How Does the JOBS Act Help Millennial Entrepreneurs?”

Just remember, that in order to succeed as an entrepreneur, young entrepreneurs should keep these tips in mind to strengthen their businesses and their careers.

Natasha Paulmeno

Natasha Paulmeno is an aspiring PR professional studying at the University of Maryland. She is learning to speak Spanish fluently through travel, music, and school. In her spare time she enjoys Bachata music, playing with her dog, and exploring social media trends. Contact Natasha at staff@LawStreetMedia.com.

The post The Capitalista’s Tips for Young Entrepreneurs appeared first on Law Street.

The Obama administration passed the Jumpstart Our Business Startups (JOBS) Act into legislation in 2012. Two years later, the JOBS Act has been amended several times and the market for IPOs has seen some stark changes in the right direction as a result.

Accessible Capital Ventures

The JOBS Act in its initial form legalized equity crowdfunding in an effort to create more jobs. The legislation allows individuals to invest in start-up companies in exchange for equity. This act was designed to foster growth of start-up companies and create more jobs for young professionals. Furthermore, entrepreneurs were given new outlets to fundraise for their budding enterprises.

Last summer, the Securities and Exchange Commission (SEC) added an amendment to the JOBS Act. Title II removed an eight-decade-old ban on general solicitation or advertising for private enterprises that were not formally registered with the SEC.

By requiring the SEC to remove this general solicitation restriction, Congress sought to make it easier for a company to find investors and thereby raise capital.

The success of many companies depends on the timing of their first public sales. When the JOBS Act made it possible for companies to conduct their initial paperwork behind closed doors and control the time of their public announcement, many new companies jumped on the bandwagon.

In 2013, the number of initial public offerings (IPOs) increased by 70 percent. The biotech industry has seen an incredible boom thanks to the JOBS Act. Biotech investors and CEOs of emerging companies are pushing for further legislation to make access to capital easier so they can focus on breakthrough developments and treatments for HIV/AIDS, cancer, and diabetes.

Jumpstarting Young Professionals

What does all this mean for young professionals eager to launch their own business ventures? With more control over IPOs and easier access to investors, Millennials are more likely to land investors. Rather than depending on one main investor, emerging companies can acquire several smaller investments from various investors.

For Millennials, perfecting the art of investor relations will be a key component of their start-ups’ success. Young business proteges interested in the tech or biotech industries have lots of room to grow and should start creating connections with investors.

Title III of the JOBS Act opened up the opportunity for companies to crowd investing. Individuals who invest online into private companies do not have to be accredited, though there are certain limitations set for these individuals. For example, a potential investor with an income below $100,000 can invest at most 5 percent of his or her income or net worth.

For Millennials who are interested in launching a company in an emerging market and seeking private investors, websites like RealCrowd exist. RealCrowd is an investment website dedicated to the real estate market.

Lastly, it’s imperative for start-up companies to get to know their investors. The JOBS Act allows for emerging growth companies to learn their investors’ motives and style. Because IPOs are now private, companies can back out of deals without public backlash.

The market is ripe for start-up companies – not only do they stimulate the economy, but they also create job opportunities. The JOBS Act benefits job seekers, entrepreneurs, and investors and makes it easier for start-up companies to become successful.

Natasha Paulmeno

Natasha Paulmeno is an aspiring PR professional studying at the University of Maryland. She is learning to speak Spanish fluently through travel, music, and school. In her spare time she enjoys Bachata music, playing with her dog, and exploring social media trends. Contact Natasha at staff@LawStreetMedia.com.

The post How Does the JOBS Act Help Millennial Entrepreneurs? appeared first on Law Street.

The difference between believing that the internet is vital to life and just accepting it as a useful tool is the difference between having government regulation and allowing the market to regulate it on its own. Nobody supports unwarranted government interference, but it would be unwise to think government involvement for the purpose of regulating industries is unnecessary. This brings me to the topic of Open Internet, also known as net neutrality.

In January, the US Court of Appeals in the District of Columbia changed several rules established in 2010 by the Federal Communications Commission’s Open Internet Order. The Court’s decision rolled back the rules that disabled the blocking of legal content and enforced nondiscriminatory practices, but upheld the rule that enforced transparency. The Court’s decision terrified many people and left us wondering how open and free the internet will remain. Recently, an official document was leaked that may give insight to exactly where the FCC is headed in regulating net neutrality, and unfortunately the odds look like they’re in favor of major Internet Service Providers.

The leaked FCC documents show that the Commission is considering allowing major Internet Service Providers to give large, well known companies the option of paying for faster lanes through which their videos and other content travel. This amounts to deregulating the more equalizing practice of having all content from all companies travel the same internet lanes. This means that well established companies will have an extra advantage in supplying their content to their users. How is this harmful to small startups and new innovation?

In the age of faster is better, the ability to use a service faster is more likely to be chosen over a service that runs slower. For example, you can either choose wireless internet or dial-up. They both supply an internet connection, but when was the last time you heard the screeching sound of a dial-up connection?…. Exactly!  If the FCC follows through with this idea, small startups will not be able to compete against the financial strength of giants that have the resources to provide speedier service. In addition, these costs for faster internet lanes may be passed to consumers as companies work to maintain profits.

Another possibility that hasn’t been talked about is the larger companies’ ability to recreate the innovations of smaller, lesser known companies. For example, if Company X creates a new way to shop on the internet and the larger Company Z recreates this technology, Company Z would have the advantage of faster internet speed to their site over Company X.  Even though Company X created the technology, Company Z would benefit, leaving small startups asking “what’s the point in trying?”

With our economy’s strength and growth hinging on new innovation, it is counterproductive to have an unfair system that doesn’t allow companies both large and small to have the same service capabilities. This goes directly against the entrepreneurial spirit of our country and shows that lawmakers have gotten it wrong in their assertion that the internet is important but not vital.

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Teerah Goodrum (@AisleNotes), is a graduate student at Howard University with a concentration in Public Administration and Public Policy. Her time on Capitol Hill as a Science and Technology Legislative Assistant has given her insight into the tech community. In her spare time she enjoys visiting her favorite city, Seattle, and playing fantasy football.

Featured image courtesy of [Svilen.milev via Wikipedia]

Teerah Goodrum

Teerah Goodrum is a Graduate of Howard University with a Masters degree in Public Administration and Public Policy. Her time on Capitol Hill as a Science and Technology Legislative Assistant has given her insight into the tech community. In her spare time she enjoys visiting her favorite city, Seattle, and playing fantasy football. Contact Teerah at staff@LawStreetMedia.com.

The post Leaked FCC Documents Signal Bad News for Startups appeared first on Law Street.

When you decide to start a business, you need to get all of your ducks in a row. Financially. Mentally. And legally.

The JOBs Act has helped a lot of new businesses sprout up over the last year, and crowdfunding sites like Kickstarter have proven to be the catalyst that a lot of budding entrepreneurs needed. Crowdfunding and earlier access to funding is making it easier for people (especially young people) to start their dream of being self-employed sooner than ever before.

While all of this new business development is lubricating our economy, creating opportunities for employment, and adding to the overall landscape of innovation and creativity, it is also raising legal questions.  As I’ve touched on previously, the SEC has gone through many adjustments and set in place regulations to protect both the entrepreneur and the investor.

Here’s a list of the most recent crowdfunding regulations (thanks, Forbes!).

• The amount an issuer can raise is capped at $1 million in any 12-month period.
• The amount a person can invest in all crowdfundings over a 12-month period is capped at 10 percent of annual income or net worth (incomes of $100,000 or more) or the greater of $2,000 or five percent of annual income or net worth (incomes of less than $100,000).
• Crowdfunding must be done through a registered broker-dealer or registered “funding portal.” Broker-dealers and funding portals may not solicit investments, offer investment advice or compensate employees based on sales. Traditional investment banks have shown little interest in crowdfunding, leading to speculation that crowdfunding will be facilitated by lesser-known financial institutions with little or no retail investment track record.
• Crowdfunding requires a disclosure document to be filed with the SEC at least 21 days prior to first sale, and requires scaled financial disclosure, including audited financial statements for raises of more than $500,000.
• Unlike Regulation D Rule 506 private placements to accredited investors following the JOBS Act, crowdfunding does not allow advertising except solely to direct investors to the appropriate broker/funding portal.
• Annual reports must be filed with the SEC by a company which completes a crowdfunding round.

Law firms specializing in business law need to accommodate the new influx of startups and stay up to date on the ever-changing and developing market, and I can’t stress enough the importance of speaking to someone who knows the exact you need to take. Startups have high risk potential, so it’s important that when presenting your idea to investors or to future clients you have everything organized appropriately. Many law firms, such as Manhattan’s Cohen Schneider & O’Neill, are taking note of the new potential market opportunities. One of this firm’s main areas of focus is on entrepreneurship and startups, for which they offer a comprehensive package for those ready to venture out on their own. For example, they can help the budding entrepreneur with particulars such as: required document preparation in the appropriate jurisdiction; compliance requirements and training, drafting and executing bylaws, resolutions, and stock issuance; tax ID registration; as well as brainstorming and consultations with a legal startup team.

So, basically, although things are getting easier in the market for new businesses, you still need to lawyer up, because it’s never easy when things aren’t done by the books. Save yourself some time and lots of money and take care of the legalities before you finish designing your logo.

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Alexandra Saville (@CapitalistaBlog) is a PR & Media Outreach Manager. She has experience in the publishing and marketing worlds and started her own publishing company right out of college.

Alexandra Saville

Alexandra Saville is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalista and Capitalista Careers, focus on the young and the entrepreneurial.

The post Have a Great Startup Idea? Find a Good Legal Team First appeared first on Law Street.

My boyfriend and I have been binging on The Food Network lately. The show Restaurant: Impossible, to be exact. It’s amazing. The perfect combination of food and drama. Maybe it’s the fact that we’re both trying to be better about food (resolutions blah blah blah) or maybe we just get some ridiculous satisfaction out of watching a guy with a faux pretentious accent yell at people about garnishes. Whatev. It’s our thang. Don’t judge.

But in all seriousness, the show did get me thinking. For those of you who haven’t seen it, here’s a synopsis: Robert Irvine is the host and an executive chef who roams around the country saving restaurants that are about to shut down. It’s great. There are tears at the end. But anyway, I was really shocked at how some of these businesses were being run, and the reasons that the owners were finding themselves in this impossible (pun intended) situation. There was literally an Italian restaurant that ran out of pasta. There was another place that only served canned food. All of the owners were disgruntled and close to personal and financial ruin.

The restaurant biz aside, there are lessons to be learned here. I write about startups and going out on your own. I write about how many great kickstarter and crowdfunding opportunities there are now. But today we’re concentrating on the basics. You might have a great idea for a business, but there are things that you need to do before you turn this idea into a very expensive reality.

1. Mind your own business. You have to know your business before you start it. Not just your store, your website, your personal effort, but the ins and outs of the industry as a whole. How would you start a knitting store without knowing how other knitting stores function? Is there a place for you in the market? Is the market doing well for your industry? Are you taking a brave and awesome step, or setting yourself up to fail? Know these things.

2. Do you know what you’re doing? Beyond knowing about how other businesses with models like yours are doing, you have to know how to do the every day functions your company would require from you.

3. Your costs. One thing all the people on the show have in common is that no one has a handle on their finances. They all think that starting their business would help them save money…which is almost never the case, especially within the first few years. It’s true that it takes money to make money. Are you hiring employees? Do you need office supplies? Computers? Produce? Electricity? Whatever your business is, you’re going to need things. And these things cost money. Know your startup costs, how you’re covering them, and how you’re moving forward.

4. Your environment/clientele. Are you selling fishing gear in the middle of the desert? Think about your location, and whether or not your idea will fit. If it will be a struggle from the get-go, rethink. There are enough hardships within the first year that you don’t want to add more to your plate. Next, think of the best way to reach your clients. Who are they? What kind of promotional efforts will they respond to? You have to know who you’re marketing toward.

And if you do open a restaurant, make sure to do a good job because you don’t want this guy yelling at you, do you?

Robert Irvine, Restaurant Impossible host and bicep extraordinaire, courtesy of Loren Javier via Flickr.

Yeah, I didn’t think so.

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Alexandra Saville (@CapitalistaBlog) is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalista and Capitalista Careers, focus on the young and the entrepreneurial.

Alexandra Saville

Alexandra Saville is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalista and Capitalista Careers, focus on the young and the entrepreneurial.

The post Business: Impossible appeared first on Law Street.

Last year proved to be a solid year for startups as the kinks continued to be worked out with the JOBS act. There were 237 IPO debuts in 2013 — a 62 percent increase over 2012.

What does this mean for you in 2014, though? You’re (sort of) young. You’re (relatively) new to the work force. You are (in all likelihood) certainly no where near an IPO. So, why is this important? It’s important because things like this help to close the gap between where you are today and becoming what you’ve always dreamed. In many cases this means starting out on your own. Creating a company is one of the most fun, exciting, exhausting, and exhilarating things you can do, and we’re in a time of such overwhelming creativity that there is no limit to what you can achieve.

What makes a business owner is changing. It used to mean being someone who graduated with a business degree, took out a loan, and followed certain steps. Now, with the rise in crowd-funding that we saw in 2013, the path is a lot less stringent.

That, however, doesn’t mean that you can skip those fundamental steps. Just because it’s easier than ever now — with technology and resources at our fingertips — doesn’t mean that this is a career path for the lazy. It still takes hard work. Most small companies fail within the first year and more drop off within the second. Even after that you’re never really safe. The only way to keep your company afloat is to keep swimming hard — sometimes upstream.

One of my favorite books on the topic is The E-Myth: Why Most Businesses Don’t Work and What to Do About It by Michael E. Gerber. I strongly suggest it to anyone going down the self-employment path. Anyway, one piece of his advice is to always work in the business as much as on  the business. This means, instead of just doing day-to-day work, you also have to work on the greater picture of what you want it to become. Do the networking, marketing, and social work as well. If more people did this, so many more businesses would stay, well, in business.

It’s definitely not for everyone. But I have a feeling that this year more people will discover the entrepreneur in themselves. If 2013 was any indication, 2014 should see a lot more entrepreneurs discovering their calling. Now is the time.

Maybe you’ll be next!

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Alexandra Saville (@CapitalistaBlog) is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalistaand Capitalista Careers, focus on the young and the entrepreneurial.

Alexandra Saville

Alexandra Saville is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalista and Capitalista Careers, focus on the young and the entrepreneurial.

The post The Year of the Entrepreneur appeared first on Law Street.

It’s that time of year again. Everyone agonizes over resolutions, mistakes, new beginnings. For the next few weeks, we get to make vows of change and actually believe ourselves.

So, while we can still be optimistic, let’s try one of mine together, shall we? And it might even be more manageable than losing those 20 pounds or writing that novel. Let’s stop apologizing.

Now, don’t get me wrong. There’s a time and a place for an apology. If you accidentally run over someone’s pet, apologize. Profusely. If you forget a major meeting, apologize — and pray that you’re not jobless. (But if you are, use our job board.) But I’m thinking that we all might do it a little too much — I know I do.

People (especially women, but I think we can safely say that everyone has this issue) tend to resort to “I’m sorry” too quickly. And this kills you at work. When I was in my last year of college, I started a business that I continued for the next four years. Being a young person in New York City (where naïveté is eaten for breakfast) who started a business requires a certain amount of balls. And I didn’t have them. At first.

When I first moved here to grow my business, I didn’t realize that I would have to grow myself first. I quickly learned that people will question you, push you down, and try to make you doubt yourself and your vision. Don’t apologize for who you are, what you’re trying, and what you’ve planned. If you’ve properly executed a business plan, don’t apologize for it — out loud or within. You won’t make it if you do.

In this blog as well as Capitalista Careers, I write about entrepreneurship, kickstart campaigns, and new career ventures. But the very first step is self confidence, and that is diminished if you are an over-apologizer. We should try, when possible and appropriate, to wipe the word from our professional vocab.

For instance, when you mishear someone, instead of “I’m sorry?” replace it with “Can you please repeat that?” If you do something incorrectly, instead of “I’m sorry,” try “I’ll make sure to do that better in the future.” The slight adjustments will do wonders for your confidence, and the way others perceive you. You want to be strong, and you can do that while still being polite.

xo, The Capitalista

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Alexandra Saville (@CapitalistaBlog) is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalista and Capitalista Careers, focus on the young and the entrepreneurial.

Alexandra Saville

Alexandra Saville is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalista and Capitalista Careers, focus on the young and the entrepreneurial.

The post Sorry, Not Sorry appeared first on Law Street.

Happy Thanksgiving!! I hope everyone takes at least three trips to the dinner table, two naps in your bed, and one family outing — whether it be to see Hunger Games, look at Christmas lights, or pick up more beer for your uncles. Do it. And if you run out of topics to discuss or if you’re one of those people who just remember things better when they’re in list form then this is for you!

Here are 7 things that I think you should know about intellectual property. Before you take that first nap of the day, think about it. Think about your thoughts — how you express them and how you can protect that expression. What about that business you wanted to start — what did you want to call it again? How would you like it if someone tried to capitalize off of the goodwill you built behind that name?

That’s what I thought.

1. You don’t need to register your creation with the US Copyright Office to have copyright protection. The moment you place your expression on paper (or in some tangible form) it’s protected by copyright. But here’s the catch: if someone infringes on your copyrighted material, you will have to register to bring suit.

2. Federal registration of a trademark isn’t necessary either! You have trademark rights in the name or slogan that you create the moment you place it into commerce. (Commerce = in the market.) Also, you don’t need federal registration to use the TM symbol either. The ® is off limits unless you’re registered though.

3. There are two types of patents. Design patents are for, well, novel designs. For example, the sleek makeup of iphone display stands is covered by a design patent. Utility patents protect new inventions and processes, i.e the detection of your headphones in your phone or the analysis of your face to unlock an Android. Clearly, I have phones on the brain today.

4. Applications filed with the Copyright Office are public records and only $35. Why not register your art with the Copyright Office? Shine bright like a diamond, Riri.  But keep in mind that this is not the avenue you want to take if you’re trying to protect your family’s mac-and-cheese recipe.

5.  Registration of a mark is not guaranteed upon filing. Your potential mark may cause confusion with another owner’s mark, among other issues. It’s $325 to file a trademark application online and $375 to file for federal registration on paper. Your money may not be refunded so it’s a good idea to conduct a preliminary search (or hire an attorney to do so) before you file.

6. Copyright Law doesn’t protect ideas, only the expression of those ideas. Don’t rely on Copyright Law for that great business idea you have brewing. I would recommend nondisclosure agreements. If you’re meeting with investors to build your capital, get them to sign nondisclosure agreements so that if they share or utilize your idea beyond the bounds you establish you’ll be able to bring a breach of contract suit.

7. Timing. Copyright protection (for works created after ’78) lasts from the moment of creation until the end of the author’s life plus 70 years. Trademark registration can last indefinitely as long as you file the requested paperwork the years you are told. Utility patents filed after June 8, 1995 are granted protection for 20 years from the date of the application. Design patents have protection for 14 years from the date the patent is granted.

Learn more at these sites:

On Copyrights

On Trademarks

On Patents

Gena.

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Featured image courtesy of [Lynn Friedman via Flickr]

Gena Thomas

Gena Thomas, a recent graduate of Howard University School of Law, was born and raised in Lafayette, Louisiana. A graduate of The University of Texas at Austin, she enjoys watching scary movies and acquiring calories from chocolates of all sorts. Contact Gena at staff@LawStreetMedia.com.

The post 7 Things to Place In Your Back Pocket appeared first on Law Street.

We’ve all been there. Many of us stay there — in a job that just doesn’t feel like our career. What do you do about this? Lose your will to live? No. But some people do fall down the slippery slope of losing their will to work. Or at least, to work hard.

It’s tough to stay motivated in a job that isn’t motivating. This wasn’t your goal. Wasn’t your dream. Maybe it wasn’t even your second or third or tenth choice. It is how you pay your rent.

In my previous post, we looked at the internal struggle people face who are looking for more from a work situation than just a paycheck. This generation of people entering the work force crave more than clocking in and clocking out. But sometimes it’s just all about the bills. It has to be.

That doesn’t mean that your dreams need to take the back seat. Today’s society is a breeding ground for a whole new model of entrepreneur. And guess what? It could be you. That entrepreneur is more creative than lucky. The great thing about the surge in technology, and other social advances, is that you can have so many things going on on the side. You want to start a business? There has never been a better time. With crowdfunding possibilities it might even be simpler to fund than ever before. You want to be a writer? You can start a blog. Self-publish a novel. The list is endless.

Maybe there is a way to have it all. At least as far as work goes. Maybe slinging cappuccinos isn’t your forever-and-always career. Maybe your administrative position really is just a way to make ends meet. You can still develop yourself and hone your skills. It takes time and dedication. It will feel like you’re working two full-time jobs. But maybe this will lead to the full-time day job that you’ve always wanted. So, develop a plan. Look into your funding options. Think about your goals. Put in the work after work. You never know where it might lead.

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Alexandra Saville (@CapitalistaBlog) is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalista and Capitalista Careers, focus on the young and the entrepreneurial.

Alexandra Saville

Alexandra Saville is the Media and Writing Specialist at Law Street Media. She has experience in the publishing and marketing worlds and started her own publishing company right out of college. Her blogs, The Capitalista and Capitalista Careers, focus on the young and the entrepreneurial.

The post What’s Love Got to Do With It? appeared first on Law Street.