Starting a business is a bold move, and with every bold move comes inherent risk.
In this episode of The Unsure Entrepreneur Podcast, host Roger Pierce speaks with Albert Luk, J.D., a seasoned lawyer with over two decades of experience helping entrepreneurs navigate the complex legal landscape of business ownership. If you’re thinking about starting your own business or are in the early stages, have a listen to the podcast to benefit from Albert’s invaluable advice.
Albert Luk’s career spans multiple industries, from video gaming to digital advertising, but his approach to legal strategy is always grounded in practicality. “I tend to say these days I'm more of a business person who practices law than a business lawyer,” he shares during the podcast. Albert is currently General Counsel and Chief Privacy Officer at Bond Brand Loyalty.
Advice from "The Entrepreneur-Friendly Lawyer."
From his earlier years running a private practice where he was known as "The Entrepreneur Friendly Lawyer" and his work with early-stage and high-growth companies, Albert says one of the most common mistakes new entrepreneurs make is underestimating the risks involved—both legally and financially.
He encourages new business owners to think deeply about their risk tolerance and to develop a solid strategy. “What lever do you pull from the risk perspective to get the most amount of reward?” Albert asks. In simpler terms, every decision should be calibrated to maximize growth while minimizing unnecessary risk. For example, a catering company might insist on a 50% upfront deposit from clients to help cover the cost of food supplies while mitigating the risk of cancelation.
Here are three key takeaways from the podcast episode:
Understand your risk: Every business carries some level of risk, but not all risks are created equal. It’s important to understand what kind of risks you’re willing to take on—whether that’s financial, legal, or operational—and prepare accordingly.
Get the right legal protections: Whether it’s incorporating your business or getting the right insurance, make sure you’ve covered your legal bases. Albert stresses the importance of contracts, saying, "Your contracts protect you in ways you might not even realize until it’s too late.”
Know your partner: If you’re going into business with someone, make sure you have clear agreements in place from the start. Many partnerships fail because the partners didn’t have honest conversations about their goals and risk tolerance.
"Your business is a reflection of you."
Albert also touches on a unique aspect of entrepreneurship—how personal traits can influence business outcomes. “Your business is a reflection of you,” he says. Whether you’re risk-averse or a high-risk taker, your personality will shape how you run your business. Self-awareness, in this sense, is just as important as understanding the market or having a good product, says Albert.
Albert reminds upstarts that seeking professional help early on can save entrepreneurs a lot of pain down the road. From ensuring your contracts are solid to having a clear risk management strategy, having the right legal support in place is critical for long-term success. As Albert put it, “Invest in your business’s legal health now, and you’ll avoid headaches later.”
For those in the early stages of entrepreneurship, his advice is clear: be mindful, be prepared, and most importantly, know yourself and your business inside and out.
Check out this value-packed episode of The Unsure Entrepreneur Podcast.
[Photo credit: Albert Luk]
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