A startup can be defined in many ways, but I like to think of them as innovative, growth-oriented, newly-created businesses. Starting a startup has become popular over the last decade thanks to the great success stories of geeks turned into self-made billionaires, both internationally and locally. Starting a startup can be difficult at the beginning, but extremely rewarding. It involves being innovative, thinking outside the box and taking risks. Starting a startup means long nights, doing more than one job and knowing how to be resourceful.
Many experts will tell you the best way to start is by taking the MVP route. What is an MVP, you may ask? A minimum viable product (MVP) is a development technique for building a basic version of a product. It envisions that early adopters can test and provide feedback to improve the product further. Building a minimum viable product can take multiple iterations to reach completion.
Although this technique is important – so is having your legal documents. I personally think what is more important is having the passion and the love to start the business. Make sure you have thought of how the business fits your personality and your belief system, how you can help people with it and be a positive impact on society.
LEGAL BASICS FOR STARTING A STARTUP
- Business structure: There are a number of factors to look into before figuring out the business structure – this includes the cost, your activity and location of services/products provided.
- Constitutional documents: If you do end up obtaining a commercial license, make sure the documents of the company reflect what you and your partners want to achieve.
- Employment agreements: Make sure everyone working in the company including the founders/partners have employment agreements with the company and are registered officially as employees.
- Trademarks and copyright: You would want to trademark your logo and copyright any artistic or creative work.
By Attorney Fajer Ahmed