AWARE - A Business in a Book

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Submit Search. Successfully reported this slideshow. We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime. Employment laws differ substantially from jurisdiction to jurisdiction and are usually applied strictly by the local authorities.

Making sure you comply with all relevant wage, health and safety and other legal requirements is a must for the proper operation of your business. Here are a few other key legal considerations covered by LegalVision. Please note that violating employment laws may lead to severe penalties from the governmental authorities and even closure of the business.

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Read more about the importance of an employment contract in the UK. Corruption is still a major issue in most of the countries in the world. When doing business internationally, you will notice that every different State has various customs regarding the way business is done. In that regard, it often appears that certain payments or presents are asked in order to foster the development of your business on local soil. Please be extremely cautious with such payments, as they can be considered a corrupt practice in other parts of the world.

Especially if you fall under the jurisdiction of the US Foreign Corrupt Practices Act, you can get prosecuted for a payment that was presented to you as completely ordinary customary practice. When deciding whether to expand your business to a different country by investing there, it is worth having a look if there are any investment agreements in place between your home country and country in which you intend to invest. There are numerous bilateral between two states and multilateral between more than two states agreements which goal is to promote foreign investment and afford substantial protection to investors.

Making use of such treaties is really beneficial, as they impose a number of obligations to the receiving state as to the level of legal protection they should afford to foreign investors. Another important issue for businesses that operate on an international level is the respect for the fundamental difference between legal systems.

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There are generally two legal regimes — the Civil law and the Common law systems. The UK and USA are representatives of the common law culture, where legal precedent is the leading factor. Continental Europe is the core of the Civil law countries, where mandatory legal rules are the primary source of law. The discussion of the differences between the two cannot be even slightly touched in such an article. As a basic consideration, it is worth knowing that such differences exist, and not to be surprised if the legal regime looks greatly uncommon to your previous experience when operating in a different jurisdiction.

If you want to remain a leader--of your market, and within your own company--it's crucial that you keep a finger on the pulse of what's happening, and stay on top of relevant facts, figures, and best practices.

2. Decisiveness

The ability to come up with new and innovative ideas that propel your business forward is what allows leaders to stay around for the long term. Building a profitable company isn't the hard part.

What's hard is keeping a company profitable over the course of a decade, two decades, three decades. And what's even harder is taking a profitable company and doubling its revenue over, and over, and over again. Too many entrepreneurs, founders, and CEOs think this growth process is a directly reflection of hard work. There is a significant amount of creativity required in order to propel your business forward.

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Because often times, it's not a straight line--which means what's required is not "more hard work," but a different approach altogether. And finally, every leader knows that what's more important than anything else in the world is the ability to persevere--even when things go wrong.

Part of being a leader is learning to be alright with ambiguity. You won't have all the answers. You won't always know where to move next. You'll have your wins, and you'll have your losses. But through it all, you can't lose your sense of confidence. You have to always believe in yourself, and your ability to see things through to the end. Being an effective business leader takes years of practice.