Goodyear, Arizona, 19th August 2023, ZEX PR WIRE, Cheryl Guz, JD, a distinguished Professor of Business Law & Ethics, shares valuable insights on how aspiring entrepreneurs and small business owners can lay a strong foundation for success. With years of expertise in the legal and business realms, Professor Guz provides practical advice and tips to guide individuals in their entrepreneurial journey.
Regarding the time to pursue entrepreneurship, Professor Guz emphasizes that entrepreneurship is not limited to a particular age group. While many people might associate startups with young entrepreneurs, studies from CNBC, Bloomberg, Harvard Business Review, and other reputable sources reveal that the average age to start a business falls between 34 and 45 years old. Additionally, individuals over 50 who embark on their entrepreneurial journey are twice as likely to succeed compared to those starting in their early twenties.
“The statistics make a lot of sense when you consider that mid-life often comes with valuable experience, financial stability, and a deeper understanding of how to navigate business challenges,” stated Professor Cheryl Guz. “It’s a perfect time to turn those business fantasies into reality.”
For those contemplating starting their own business, Professor Guz emphasizes the importance of nurturing passion and excitement during the daydreaming stage. She offers a series of questions to help aspiring entrepreneurs clarify their motivations:
- Why do I want to do this?
- Can I daydream about my potential business for three months without sharing it with anyone else?
- How exactly am I going to do this?
- Am I willing to invest in myself and my business for success?
“Answering these four questions allows individuals to understand their driving force and build momentum,” explained Professor Cheryl Guz. “Having a clear vision of why you want to create a business will fuel your determination during challenging times.”
Professor Guz emphasizes the significance of a well-structured Business Plan to set goals, identify ideal clients, determine pricing, establish marketing strategies, and outline a roadmap for success. She advises seeking help from government programs, like the Small Business Development Center or SCORE, for guidance in creating an effective Business Plan. Additionally, a Business Coach can provide focused individual service to refine and execute the plan.
To set themselves and their business on the path to success, Professor Cheryl Guz recommends that aspiring entrepreneurs invest in professional services such as accountants, attorneys, financial advisors, and business coaches. These experts can provide valuable insights on business entity setup, tax structures, financing options, and more, ensuring a solid foundation for the business.
“If you’re serious about entrepreneurship, be willing to invest in yourself and your business. The right professional guidance can save you time, money, and headaches in the long run,” advised Professor Guz.
By following these key principles and utilizing expert resources, aspiring entrepreneurs can equip themselves with the knowledge and confidence needed to build a successful business.
About Business Law Professor Cheryl Guz
Cheryl Guz is an attorney and the owner of Cheryl Guz Law. Ms. Guz also currently works as an adjunct professor of Business Law and Ethics for the Colangelo College of Business at Grand Canyon University. In the law practice, Cheryl assists with the formation of Arizona corporations, LLCs, and non-profit organizations, as well as provides legal advice and risk mitigation ideas to business clients, including real estate brokers, property managers, restaurant owners, etc. Ms. Guz works in structuring, negotiating, and drafting simple and complex legal agreements, such as partnership and joint venture agreements and the corresponding documents. Ms. Guz’s practice also focuses on probate avoidance estate planning. Along with a network of professionals, she helps people create a comfortable pathway for the care needed as they age and for their hard-earned assets to pass to their loved ones with minimal court interference.
As an adjunct professor since 2019, Cheryl Guz is a traditional instructor for business major undergraduate students. Cheryl teaches an overview of laws affecting businesses in the United States and guides students through real-world scenarios while discussing the ethics of decisions from the perspectives of stakeholders.
Cheryl Guz is a founding member of the West Valley Business Exchange, which helps local business owners and professionals create lasting business relationships through warm referrals. Each member represents a unique market that oftentimes overlaps with other industry needs. Ms. Guz has a mission to make legal services affordable for small business owners and ordinary individuals. She also seeks to combine legal services with coaching in a concierge format, while teaching people the necessary skills to perform these tasks on their own and the know-how to accomplish them.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Pure Economic journalist was involved in the writing and production of this article.