Are you a budding entrepreneur that is hoping to bring your idea to fruition in 2022? Life as an entrepreneur can be exciting, filled with challenges, risks, and rewards. For the right people, it’s the perfect career path. But any successful entrepreneur is quick to point out how important it is to stay humble and aware of what’s happening in your business and the market at large. This will allow you to react to challenges promptly. With that said, here are three concerns that budding entrepreneurs should be aware of in 2022.
Choose the State Wisely
One of the first things entrepreneurs should do is pick wisely when it comes to where they set up their business. There is no denying the fact that some states are better positioned for entrepreneurs. The good news is that there has been an exodus of sorts over the past few years where companies are learning there is no reason to only open in large cities which are usually over-priced; instead, it comes down to the particular state you pick. Some of the best states for starting your business in 2022 include:
- Texas
- Virginia
- Tennessee
- Utah
- North Carolina
You’ll notice that not all these states are the traditional “big ones” that people think of when starting up a business. They can also be much more cost-effective than states such as New York and California, for example.
Having Your Trade Secrets Stolen
It’s a topic that budding entrepreneurs don’t want to think about but, unfortunately, this is the reality. If you’ve come up with a great idea, fleshed it out and are starting to form your company, the last thing you want is someone or some entity swooping in and stealing your trade secrets. This is exactly what the Economic Espionage Act of 1996 addresses – something that entrepreneurs would be wise to read up on. It defines criminal trade secret theft in detail.
This most commonly happens when an employee steals sensitive trade secrets which they then use to their benefit. Some of the ways you can protect your company include confidentiality and non-disclosure statements that must be signed by all, making sure all sensitive information is encrypted, setting up security cameras in the office/workplace, and staying on top of insider threats.
Keep Things Lean and Tight
Then there is the size of your workforce. When you first start, chances are you’ll have a limited number of employees, but there is a trend towards keeping things lean and tight even as your business starts to find its footing. This will keep costs down and in such an unpredictable marketplace, both here and abroad, anything you can do to keep costs in check will be smart. It will be a fine balance because you can’t overwork employees, but you don’t want to be stretched too thin in terms of wages being paid out.
By being aware of these potential concerns, it allows you to go into things with eyes wide open and a contingency plan in place.
