5 Reasons why Lawyers can be Good Entrepreneurs
Although many people think that entrepreneurship is not for law graduates, we have five major reasons to believe that law graduates can be good entrepreneurs. Read on to know more.
The vision of today's youth about their career is not just limited to traditional professions and industries, because they believe in doing something out of the box and entrepreneurship certainly give them this opportunity. Today, startups are growing rapidly in every field, be it Healthcare or Ecommerce, Service or Education and the field of Law is no exception to this. There is a plethora of entrepreneurship opportunities in this field, which can provide lawyers with better career prospects. However, many believe that lawyers cannot become good entrepreneurs because they do not have the understanding of business and fund generation, which is a must for being a good entrepreneur. If you think so too, here are five reasons that can prove that lawyers can be good entrepreneurs as well.
Research oriented
Do you remember how much time you spent in law school doing research in the library? It was almost a daily routine to find books and make relevant points from them to understand the context of each case. Obviously, doing quality research is a specialized skill that not everyone possesses. It plays a vital role in planning and building a business. To start your own venture, you will need to research a lot of things like office space, competitors, specialties, marketing plans, etc. You will need to conduct a thorough analysis on a variety of factors to determine whether you are making a long-term business decision. Thus, good research skills ensure that you are making decisions based on accurate and relevant data. Since the foundation of the research style is laid in the law graduate right from the beginning, even as an entrepreneur he/she does extensive research before taking any action which ultimately benefits their startup.
Negotiation skills
Negotiation is a skill that is extremely important to get success in both business and for a lawyer. As a lawyer, you typically interact with clients and appear in court on their behalf to bring the matter to a judge. Whereas as a business owner, you have to negotiate on a wide range of issues from business contracts to funding with your employees and investors. Obviously, it is very important to learn the art of expressing one's point of view in front of others and, lawyers are known to keep their point of view vigorously and with grace. Therefore, this quality will prove to be very useful in taking your business to new heights.
Collaboration or team work
Have you ever wondered why teachers used to give us group projects in school? Maybe because they knew that whatever field we choose to pursue, we have to work as a team or in collaboration with others. This also applies to independent practice in the field of law or starting your own business. Collaborating with a group of different personalities and achieving goals together is a skill that can be used by everyone. You also need the support of others to practice independently because there are so many things that you learn while working. So having a network of good contacts with whom you can collaborate or seek advice and feedback on matters is nothing short of an invaluable asset. As a lawyer, you need to cooperate with clients, court staff etc. Similarly, as an entrepreneur, you will need to collaborate with vendors, customers, etc. The skill of working together with others gives us the opportunity to learn many new things, which can be useful for us in every field.
Ability to devise a strategy
Just as you need to have the best strategy for the case considering all the angles while dealing with a legal issue, building a business also requires an efficient strategy. While making strategy for business you have to consider many things including important business details like- location, specialty, marketing etc. Also, since you have limited funds to invest in the beginning, there is a need to strategize about budgeting and finances to ensure that the capital is utilized in such a way that ensures the effective growth of business. A solid business strategy is vital to the success of a business, especially in the early stages. So just as you devise a strategy to win your case, create a business strategy that will take your business from start-up to success.
Ethics
It is a fact that a thorough understanding of ethics is one of the essential requirements to become a lawyer. We may not see it as a skill, but it is a quality, without which no lawyer can succeed. Similarly, it is very important to have ethics to start any business. A solid ethical foundation goes a long way in helping you grow as both a lawyer and an entrepreneur. Your reputation as an ethical advocate or an entrepreneur serves as a major selling point for your services. This helps you to create new customers, increase your credibility in the market and increase your influence among people. If you have made your mark as an ethical advocate and are going to start your business then you will definitely get investors for your start up.
