Reib Law October 2019

REIGNITE YOUR PASSION LESSONS IN INNOVATION FROM HENRY FORD

CONSUMER-FOCUSED Ford realized cars were unreliable and unaffordable to most and set out to change that. After developing the first moving assembly line, Ford lowered the price of cars and made them accessible for people outside the upper class for the first time. As long as you keep the consumer and their needs in mind, you’ll find ways to make their experience better and increase your success. SMALL CHANGES, BIG IMPACT Unlike many companies today who sacrifice quality for quantity, Ford found ways to focus on both. He looked at how cars were actually made and found that, if he could build more cars within a certain time frame, he could pay less per car, per worker. Thus, the moving assembly line was born. When looking for ways to innovate in your industry, rethinking even the smallest, simplest details can make a huge difference for your business. You may not be able to reinvent the wheel, but who said you couldn’t reinvent the brake pads? Henry Ford may have changed the automobile industry forever, but you don't have to go to such lengths to innovate in your own. The next time you find yourself uninspired or stagnant, look to those who made your industry what it is today. You might just find the inspiration you’ve been searching for. deal gone bad. Afterward, she reached out to a millionaire mentor to talk about what she could have done differently. “You only did one thing wrong,” the mentor told her. “You didn’t get legal advice. You didn’t get your contract ironclad.” Scott points out that business owners often have a blind side. They’re good at what they do, but they don’t know how to do heart surgery, clean teeth, or create legal contracts. They often think they know more than they do. Calling or meeting with a lawyer who knows you allows them to enlighten you very quickly about crucial decisions you're going to make. Havenwood’s takeaways? “I now have two lawyers on speed dial,” she says, reaffirming that, in business, it’s part of the process. Just like you do your taxes and rely on your tax advisor to get them in order, you need to have legal documents in place to protect your business and a business attorney you can trust to make that happen.

As entrepreneurs scale their businesses, there is a lot to focus on: hiring the right staff, creating the most effective marketing strategies, and setting up efficient operations. With so much to do, it’s easy to lose sight of your initial vision for your company. If you’re stuck in a rut, know that you’re not alone. Plenty of the most successful entrepreneurs have endured the same struggles and, with a little ambition and a lot of creativity, came out on top. Take Henry Ford, for example. Henry Ford made the automobile accessible and appealing for the common citizen. This ignited interest in the market from consumers and manufacturers alike, which led to innovations like air conditioning and other appliances we can’t imagine living without today. There were some key factors that played into his success, and, if you apply them to your own journey, you could gain a new perspective and be inspired to create and innovate in your industry.

DON’T WAIT UNTIL THERE’S A FIRE TO PUT OUT PODCAST EMPHASIZES THE IMPORTANCE OF EARLY LEGAL ADVICE

Recently on the entrepreneur-focused podcast “Like a Boss,” Heather Havenwood spoke with our own Scott Reib about the importance of meeting with an attorney and creating an ironclad structure for your

business. Here are some of the key takeaways from their conversation.

Heather Havenwood is an experienced businessperson and entrepreneur, yet she still struggled to know why or when it was necessary to seek legal advice. “As someone in business, if things are not on fire, I won’t call them,” she says. Scott emphasizes that, as an attorney, he can usually put out the fire, but it’s going to be very expensive. Havenwood can relate. Several years ago, she experienced a bankruptcy because of a business

You can hear this episode of “Like a Boss” in full at ReibLaw.com/podcasts.

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