Small and medium-sized enterprise (SME) owners should ensure they have some idea of how the law affects their activities as an entrepreneur, it has been claimed.
Writing for Bytestart, Angel’s Den founder Bill Morrow noted that every SME founder must be prepared to face “the harsh realities of the business world” and gain the knowledge required to bring their ideas to fruition.
He commented that SME owners should become “intimately familiar” with a number of pieces of legislation, including copyright and patent laws.
“Copyright infringement is serious business, and if you use words that belong to another, the original owner can come down on you with copyright laws soundly on their side,” Mr Morrow stated.
“Patent laws are in place to protect your brilliant ideas, as well as the brilliant ideas of others. Lack of attention to detail can leave your intellectual property unprotected, while lack of research can leave you open to lawsuits.”
Knowledge of finance, employment and contract laws is also critical, he added, along with health and safety, property and advertising regulations.
“Ignore them at your peril because each comes with a sting in its tail for those who, intentionally or due to ignorance, abuse them,” Mr Morrow added.
Earlier this month, the Federation of Small Businesses called on the European Union to alleviate the burden of red tape currently faced by small businesses in the UK.