{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Don\u2019t Make These 4 Startup Mistakes With Amy Cosper","description":"Brian Thompson chats with Amy Cosper, former Editor-in-Chief of Entrepreneur Magazine, award-winning journalist, and author of the new book, \u201cThe Ultimate Guide to Startup Success.\u201d In this episode, Amy brings fierce honesty, contagious energy, and deep wisdom about what it really takes to build a mission-driven business in uncertain times. You\u2019ll also hear some of the biggest legal and financial mistakes founders make and be reminded why entrepreneurship can be a radical act of hope and defiance. Episode Highlights Mission-driven businesses don\u2019t have to be altruistic. Amy describes a mission-driven business as one fueled by a higher purpose, but she\u2019s careful to clarify that purpose doesn\u2019t have to be altruistic. \u201cHaving a mission-driven or purpose-driven company is what you stand for,\u201d she said. \u201cIt doesn\u2019t have to be altruistic, but it is what you believe in.\u201d The mission should be the company\u2019s soul that emanates out to the branding, business plan, and revenue streams. As a consultant to startup founders, Amy routinely sees that entrepreneurs struggle with finding clarity. \u201cIf you don\u2019t have clarity in what your company does, it\u2019s going to be really hard to find your purpose,\u201d she said. Avoid common legal and accounting mistakes. Because entrepreneurs are visionary, they often overlook important, practical needs. Amy shared four, common mistakes she hopes future founders will avoid: Not maintaining accurate books from the start: While you may not want to think about the numbers, it\u2019s important to do accurate accounting as a business owner. Not getting an IRS Employer Identification Number (EIN): Your EIN is like a Social Security number for your business and should be tied to your entity. Giving your business short-sighted name: Naming your business after a fleeting trend or something specific to a geographic region becomes problematic when you want to grow. Not understanding how to structure partnership and operating agreements: If you don\u2019t plan for how a business will get split up or choose an appropriate business structure, you\u2019re setting yourself up for headaches when it\u2019s time to pivot. \u201cMy hope for the book is that entrepreneurs and founders don\u2019t make the same mistakes that I made,\u201d Amy said. \u201dWhen you\u2019re creating something new, or you\u2019re disrupting a known way of thinking, you\u2019re not thinking about how to structure an operating agreement or whether it\u2019s better as an LLC or S Corp. My advice is to take a pause and do a little bit of research.\u201d Just start. Amy knows people who have been about to launch their business for 20 years. While it\u2019s scary to take the first step, she encouraged want-to-be entrepreneurs to just start. \u201cYou get to make your own destiny,\u201d she said. \u201cYou\u2019re in charge.\u201d Resources + Links \u201cThe Ultimate Guide to Startup Success\u201d Amy Cosper: LinkedIn Brian Thompson Financial: Website, Newsletter, Podcast Follow Brian Thompson Online: Instagram, Facebook, LinkedIn, X, Forbes About Brian and the Mission Driven Business Podcast Brian Thompson, JD\/CFP, is a tax attorney and Certified Financial Planner\u00ae who specializes in providing comprehensive financial planning to LGBTQ+ entrepreneurs who run mission-driven businesses. The Mission Driven Business podcast was born out of his passion for helping social entrepreneurs create businesses with purpose and profit. On the podcast, Brian talks with diverse entrepreneurs and the people who support them. Listeners hear stories of experiences, strength, and hope and get practical advice to help them build businesses that might just change the world, too. ","author_name":"Mission Driven Business","author_url":"https:\/\/btfinancial.com\/podcast","html":"