This is a rather late post for last week, but I think it’s better than skipping it totally. Now, I know that some of us entrepreneurs especially the start-ups, are sometimes reluctant to do the formalities regarding legal and statutory including regulatory matters. In some countries it’s quite difficult to even start a business and operate without those formalities, yet in others people start and operate small scale enterprises even for years without those formalities. Being an entrepreneur, you need to know that several interest groups or stakeholders take concern about your statutory and legal compliance.
Even so, can one operate a good enterprise without these considerations? I don’t think so. Isn’t it a bit strange that some of us enjoy illegalities, and informality? Possibly it could be an effort to stay beyond the radar of the tax guys and other regulatory restrictions and requirements, but is it really worth it? This I think is a question that we should consider as entrepreneurs launching out. The size of the business also matters. If you have got big plans you simply can’t afford to be informal and illegal. Can you? So, why should an entrepreneur avoid ignoring legal and statutory matters?
I guess it’s time to go. I do hope that you have got something good from this article. There is the common saying that forewarned is forearmed. You can’t blame anyone for your ignorance or inaction. Can you? Beyond avoiding problems in your business, don’t you think you do well to assist the authorities do some planning? You make your money from society, and it’s only fair and just I think if your business adds value to society through such compliances.
The Wise Entrepreneur