Time is Scarcest Commodity of Entrepreneurship

Shadow by Martin Lopatka from Flickr (Creative Commons License)

Being an entrepreneur is one the most challenging and rewarding things I’ve done in my life. I have almost total autonomy over the type of work I do, and I get to hand-pick my clients. I get to write books, speak at conferences all over the world, and develop new products. Although my work allows me to be involved in creative projects, the one thing I can’t create is more time.

As an entrepreneur, I feel like I’m constantly running against the clock. There are only so many hours in the day, and every time I accept an invitation to an event or take on a new project, there are other opportunities I have to decline. I’ve also learned that I have to allow enough time to do basic things like rest; otherwise, I’ll get overwhelmed, short circuit my system, and crash-and-burn where I’ll need several days to recoup.

The older I get and the more complex my projects get, the more selfish I’ve become with my time. I’m grateful to have a receptionist who screens my calls and makes people contact me via email to set up appointments. The reason for this is simple: when it’s your turn, you’ll get my undivided attention; when it’s not your turn, you don’t get to distract me from my work. Every distraction is a potential delay. So, the fewer distractions, the more I can get done, and the more people I can help in the long run.

One of the biggest frustrations I have to deal with is people who waste my time, especially when I’ve set aside time for them, or worse, arranged my entire day around the expectation that they would meet a deadline or arrive for an appointment. I often run a “tight ship” when it comes to my schedule, so a delay can throw off the rest of the day. I’ll have to rearrange my calendar – and often not just for that day – and if I get angry on top of it, that can be really hard to shake off.

I had such an experience recently – a contractor working on my condo was more than an hour late for our appointment. He was supposed to arrive between 8:30 A.M. and 9:30 A.M. – and he didn’t show up until 10:30 A.M., and he didn’t call. While I waited for him, I channeled my frustrated energy into drafting a contract template where the parties agree to respect the other’s time and the penalty for wasting my time is paying me (at my hourly rate) for the time they wasted. (Yes, I had another lawyer put a set of eyeballs on this contract to verify it was legally sound. He said he was going to steal it to use in his life.)

This is a contract I want to use with all service providers moving forward. I wrote it to put everyone on the same page from the beginning of the professional relationship, where both sides commit to being on time for the other person. They acknowledge that I’m an entrepreneur, and as such, when they waste my time, they interfere with my ability to make a living.

This agreement is not as bitchy as it may sound on its face. I have to commit to following their policies for scheduling and rescheduling appointments too, and there are allowance for some delays – hitting every red light, etc. If it’s a situation where insurance is involved, it requires them to let me know two hours before my appointment time if there are any issues with getting the right approvals, so I’m in the loop, and perhaps it’s something a call from me can rectify.

Besides augmenting my service contracts with this mutual agreement to respect the other’s time, I want to bring the Law of Two Feet back into my life with a vengeance. If my needs aren’t being met wherever I am, or in whatever I’m doing, I have permission to peace out and do something different. It’s been a while since I’ve walked out of a meeting, but it’s something I may have to start doing more often.

One of the things I love about writing contracts is they can be customized for your needs (as long as the terms are legal). If you’re interested in getting a custom contract, you can contact me directly or a business lawyer in your community. I regularly post about legal issues impacting entrepreneurs on TwitterFacebookYouTube, and LinkedIn. You can also get access to more exclusive content that is available only to people on my mailing list, by subscribing here.

When’s the Last Time You Reviewed Your Contract Templates?

Inspiration as Commodity by exquisitur from Flickr

Inspiration as Commodity by exquisitur from Flickr

I had the pleasure of speaking to the Photographer’s Adventure Club last week. In addition to discussion the basics of copyright and how to protect their rights in their work, we talked a lot about the importance of contracts.

I know the subject of contracts makes a lot of people’s eyes glaze over – it’s that fine-print-legalese-crap-that-no-one-reads-anyway stuff. A lot of people think contracts are boring and a lot of contracts are . . . but they don’t have to be.

I love contracts. They create the basis of so many relationships – whether they are written, oral, or pieced together through a series of emails. Too often people come to me with a question about a problem in one of their professional relationships and when I ask, “What does your contract say about this?” the answer is “I don’t know” or “We don’t have a contract.” We can still resovle the problem but we could have avoided a lot of headaches and frustration by putting everything on paper in advance so everyone’s on the same page from the beginning.

Having contract templates is often the best way to create the relationship with others that you want. In regards to photographers they should have a file of contract templates for clients who hire them, for other photographers when they have to hire an additional person to work a shoot, a copyright license for publications, a model release, and a location release. And contracts don’t have to be long, complicated, or riddled with crazy legalese to be effective. I prefer to write contracts in straight-forward English and I wish more of my legal counterparts would get on board with this idea.

And contracts can be fun. Recently I saw an episode of Man v. Food where Adam Richman took on the Hellfire Challenge at Smoke Eaters – 12 wings covered in crazy hot sauce. Before he could begin the challenge he had to sign a waiver that required the person signing to acknowledge that “I am an idiot.”

You can put almost anything you want in your contract as long as it isn’t illegal. And if you downloaded your contract templates off the internet, that’s not a bad place to look for ideas, but you should at least consult an attorney to make sure it suits your needs before you start using it. If the contract is valid and you sign it, you’re stuck with the terms so you want to make sure you’re not opening yourself up to get screwed over.

If you need additional information about the minimum you need for a valid contract, please check out my video below or here.


If you want to chat about your contract needs, please send me an email or contact a business attorney in your community.

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How To Start a Business in Arizona

National Geospatial-Intelligence Agency Ribbon Cutting by US Army Corps of Engineers, Carter Law Firm, Ruth Carter

National Geospatial-Intelligence Agency Ribbon Cutting by US Army Corps of Engineers

This week I had two speaking engagements on the basics of starting a business in Arizona. I thought I’d expand my list of tips into the ideal timeline an entrepreneur should follow for setting up their business.

  1. Figure out what type of business you want to have.
  2. Select a name for your business. From a trademark registration perspective, it’s best to pick a name that contains a word or words that don’t already exist. Also be mindful of any business name restrictions that exist in your industry.
  3. Do a search on the U.S. Patent and Trademark Office (USPTO) website to see if someone in a similar business has registered a similar name for their business. If they have, they can prevent you from using your desired trade name. Run a Google search as well to see if someone has a similar name but hasn’t registered it with the USPTO.
  4. Create a business entity by sending the appropriate form and payment to the Arizona Corporation Commission.
  5. Open a bank account for your business. Never use your personal accounts for business expenses or your business accounts for personal expenses.
  6. If you have more than one owner, create an operating agreement. This is a contract that dictates how the company is owned, how you will run your business, and how you will resolve problems. You need this no matter who your partners are, including your spouse and family members.
  7. When you have a business, you have intellectual property – at least copyrights and trademarks, and perhaps trade secrets and patentable ideas. Create an intellectual property strategy to protect these things. This is another time when you should at least buy an hour with a lawyer.
  8. Draft contract templates for documents you will regularly use with vendors and customers. Many business owners get contract templates from the internet. This is an acceptable way to start this project, but you should have a lawyer review them to make sure they are legal and address your needs.
  9. Register your trademark with the USPTO.
  10. If you have employees, you will need employment contracts and an employee handbook that includes a social media policy that complies with the National Labor Relations Act.

Ideally, every new business would have a lawyer to help them set up avoid any legal missteps, but many entrepreneurs can’t afford it. There are a lot of things you can do without a lawyer’s help, but you need to be well-informed about what your’e required to do when going into business for yourself and when it’s worth it to pay for a lawyer (like me).

It’s much easier and cheaper in the long run to consult a lawyer a few times when you’re starting your business than to have to hire one to clean up the mess that can result if you do it the wrong way.

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