How to Understand the Legal Aspects of Your Business – In Just 7 Minutes with Jeremy Streten

 Learn about the legal aspects of business and be briefed on how the business’ legal world works Discover the problems entrepreneurs usually encounter and the ways on how to deal with such Find out why it is important to seek legal advice even before a problem appears at your front Resources/Links: Learn more about the Law and its relation to Business through this link: www.jeremystreten.com/mti Summary Are you a business owner that is stuck with an event that needs legal assistance? Have you been an entrepreneur for a long period of time but is still stagnant with the state of your business? Do you manage your business on your own and you’re bothered by the countless possibilities of conflicts you’re not sure how to resolve? Jeremy Streten is a successful entrepreneur and lawyer applying his passion and experience to help entrepreneurs succeed in their business so that they can live the life that they want to live. He collaborates with lawyers from different countries – especially the US, UK, and Australia – as he works and writes books to help lawyers and business owners in dealing with the legal aspect of their businesses. In this episode, Jeremy talks about the legal aspect of people’s businesses and the common mischief entrepreneurs experience as they manage work. Here, he shares his ideas on how to prevent a problem within your business and how helpful a legal advice would be in terms of knowing the legal aspect of what you do. Check out these episode highlights: 1:18 – Jeremy’s ideal client: “My ideal clients for The Business Legal Lifecycle are actually other lawyers, because they can help their clients.” 2:18 – The nature of the problem Jeremy helps to solve: “So for the lawyer, we help find the blind spots that their clients don't know that they're missing, and that's what we do for the business owner client as well. We find the problems that would otherwise arise if they didn't get that advice.” 3:10 – Typical symptoms that clients do before reaching out to Jeremy: “So, for the lawyer, what we find is the lack of work, and they're constantly finding new clients. For the business owner, it's really just a lack of knowledge. It’s a lack of not knowing what's going to happen.” 4:23 – Jeremy’s Valuable Free Action (VFA): “So for the lawyer, I've got a very specific action they can take and that is to pick their top 10 clients. Who are the top 10 clients by revenue that they like working with? Pick up the phone and have a chat to them. If you're a business owner listening to this, pick up the phone and call your lawyer and have a chat to them about what's going on at your business and find out what other opportunities there might be for them to help you.” 5:51 – Jeremy’s Valuable Free Resource: Check out Jeremy’s website: www.jeremystreten.com/mti 7:16 – Q: What's the block that most lawyers have in getting that repeat work? A: "It's really because they're focused on doing the work. Most lawyers are great technicians – they're great at getting in there and doing the work. Their block is that they don't even spend time getting the work in, and they think ‘sales’ is a bad word – they think that they don't want to do that, but really, it’s necessary for their business." Tweetable Takeaways from this Episode: “Law is too reactive, we react to problems. And we want to change that to make it proactive so we can actually find the problems before they arrive.