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Coming aboard the “Law & Business” Podcast is Polina Chtchelok. Polina is an Australian lawyer and engineer. She started her career in the energy sector, where after having lived in 5 different countries and working on various investments and projects, she saw a business opportunity due to lack of specific legal services and she moved from working in-house to creating her own niche market law firm in a controversial and challenging business environment of Bolivia in South America. After completing Executive MBA from HEC Paris with specialization in finance end entrepreneurship her focus now is on development of financial and operational strategies for business growth.
This episode on how to define a business vs. how to define a startup was fun to record and we hope you enjoy it, also.
Anthony Verna: (00:02)
All right. Welcome to the Law and Business podcast, the most blandly named podcast out there. With me today is Polina Chtchelok. Polina, how you doing?
Polina Chtchelok:
I’m good, and you?
Anthony Verna:
I’m well. How badly did I butcher your last name?
Polina Chtchelok:
It was actually quite well.
Anthony Verrna:
All right. Oh, good. Okay. That’s because your last name is Polish in nature.
Polina Chtchelok:
Russian.
Anthony Verna:
Russian, I’m sorry, I keep making that mistake. I grew up near our Lady of Czestochowa, which is I believe a Ukrainian saint. So anyway, I’ve learned a little bit about trying to figure out some of the Eastern Europe…
Polina Chtchelok: (00:53)
The region of my last name is Ukrainian Cossacks.
Anthony Verrna: (00:58)
Okay. Okay. So, all right. Thank you for the diversion. Uh, Paulina is an Australian lawyer and engineer. Speaking of a diversion. You started your career in the energy sector after having lived in five different countries, working on various investment and projects. Polina, you saw business opportunity due to lack of specific legal services. And you moved from working with in-house to creating your own niche market law firm in a controversial and challenging business environment in Bolivia, in South America. And then after completing your executive MBA from HEC Paris, with specialization in finance and entrepreneurship, your focus is now on development of financial and operational strategies for business growth. So welcome because law and business is exactly where you and I collide and intersect and thanks for being on today.
Polina Chtchelok:
Oh, thank you for having me here.
Anthony Verna:
Hey, so we’re going to talk a little bit about what you think of as an ongoing concern for a business versus a startup. And hopefully our listeners can take away some ideas for thinking about if you’re a startup out there thinking about taking your startup, what do I need to do to be an ongoing business concern?
Polina Chtchelok: (02:14)
It’s a very complex subject, and it’s a very current subject because as you know, with COVID-19, there’s a lot of businesses being impacted. You have to shut down, but at the same time, COVID-19 accelerated in entrepreneurship. It’s accelerated creation of startups. Its accelerated people being innovative and creative because of their restrictions they’ve been under. They had to think of new ways of doing a business, implement changes to keep the business afloat and, and even the current customers, they change their habits. And you had to adjust to these changes in the habits of your customers.
Anthony Verna: (03:06)
I completely agree. And we see that as well. We’re seeing a lot more trademark applications come through the door. We’re seeing a lot of patent application inquiries, and a lot of people trying to figure out if their invention is something that they want to invest the time and the money to get a patent application. And, that really begins one of the thoughts, like how much have you invested of your own money in your business?
Polina Chtchelok: (03:35)
Well, before we get into this point in terms of how much we invest, I want to highlight two things. And the two trends you see in the news is the first one, as I said before, a lot of businesses got impacted, and there is a discussion in terms of, okay, how you get economy going, et cetera. And people just go up private equity, they have lots of money. They have lots of dry powder.
Anthony Verna: (04:01)
It’s just because of Shark Tank and Dragon’s Den the GB franchise. I mean, that’s really why private equity is very popular.
Polina Chtchelok: (04:10)
I will get back to the Shark Tank and the Dragon Den, because it’s important point for the discussion in terms of what startups and businesses need to do in how’s it prepared to sort of launch themselves and to grow and to get funds for the growth. But just to let us get back to what I was saying before, the second trend you see is the it’s banks. That basically, because a lot of businesses had a bank loan, the bank day defaulting on the loans because they’re going bankrupt, et cetera, et cetera. And the second trend is saying that banks is Christmas guarantee when they’re giving out new loans and that’s coming back again. So, the people were think, okay, the bank increasing security, private equity has money, lots of money. It will be easy for us to get.
Anthony Verna: (05:02)
Bank loan. What’s a bank loan? I mean, until COVID 19, nobody wanted to give Verna Law a bank loan.
Polina Chtchelok: (05:11)
I mean, when you start preparing your business, you’re analyzing what you have to do depending, what is your idea? What is your business? Actually, the bank loan might be the way to go because in Europe, we can get personal loans with very low interest, like 1%.
Anthony Verna: (05:30)
Color me jealous.
Polina Chtchelok: (05:33)
Like, I’m in France. So, our current loan market is very low interest rates. That’s why I’m mentioning the bank loans. Maybe it’s different in United States, but for me, bank loan in Europe would be one of them quite solid options to consider.
Anthony Verna: (05:52)
Okay. Yeah. I would say here in the United States, that’s actually not a very easy avenue to take just because it’s personal guarantee. The rate is definitely not going to be that low. And it’s basically based upon an idea that the bank has to take a leap of faith on you.
Polina Chtchelok: (06:12)
But as we probably have like a very diverse audience, I feel like we need to cover different options because which something might work in Europe might not work in the United States, but something that works really well in the United States really might not work in Europe. So, basically, we now have this perception that, okay, we might get easy money from private equity, but what do you need to think about it is how many people’s thinking it. It’s quite a lot of people thinking about this. So the guys who run the different funds, they get a lot of applications. And because they are not in a charitable business, they give money, they invest money, but they want to make return on their money. They’re not there to just give it out.
Anthony Verna:
No, they’re not charity.
Polina Chtchelok: (07:08)
And the thing is, is that because we do have the Covid-19 situation, we have the more risk there will be also employing higher scrutiny when they’re analyzing the business. And that comes down, is that okay? You have the business or startup, you want to develop it. You want to grow it. You need to prepare it for it. And you need to have money to do this. And when you go into the bank or the private equity fund, et cetera, you need to show that you have something workable in terms of what is your idea? Are you having a product or are you developing some sort of digital business or you’re developing a platform or you developing an application to meet some need that there is nothing existed in the market that can make that need?
Anthony Verna: (08:05)
I mean, that sounds like what is your business plan?
Polina Chtchelok: (08:08)
Well, yeah. And what is a business plan? And before we even get to the business plan, we need to differentiate what is the business and what is the start up? Because that’s become really popular. There is a fundamental difference between a business and start up. And I feel like a lot of people actually using a startup to kind of sound cool, but in reality, they just have a business. The fundamental difference between a business and startup is business is you have the fixed product, and you have the fixed model to sell the product. You’re not testing anything. And the way to illustrate it is the, I don’t know, you live in countryside, you have a of different farmers around you and you open a shop to sell the local farming products. This is a business because you have defined products behind way to sell.
But if you’re open the same store with this products, but you will be selling it as a say, subscription. You have the basic subscription where every week you can pick up like the basics that you need. You have the big levels, you get some additional items, and you have the sort of a luxury thing where you have items. Then you are start up because you’re not selling it in a normal way. You’re testing it to see how many people will subscribe. What’s going to be popular? Are they’re going to be happy with the basket you’re proposing, or you need to do some adjustments?
Anthony Verna: (09:49)
You need some extra yolk for your oxen, not a problem. You’re a subscriber. You can come and upgrade once a year.
Polina Chtchelok: (10:00)
So that’s the fundamental differences. You need to look and say, I have this brand idea for the product. You need to make this product because you cannot just turn up to the bank or the PE guys to say, Hey, I have this idea. I have this widget that I think everyone wants. You need to test. You need to build it. And this is where it comes at you need to invest a little bit of your own money, or maybe not too much a little bit, but you need to see, I mean, you need to analyze what would you require to build this product? I mean, if you need to build a prototype, can you do it with a 3-D printer? Because there’s now a lot of services providing this opportunity to do it. Or if you’re building some sort of platform to sell items, so you building up is like, okay, you need to hire programmers. I mean, where are you going to be doing programming and cost of it?
Anthony Verna: (11:08)
And, I was going to say, what are the costs involved with putting together those prototypes? So, for example, if you’re, as you said, a 3-D printer, but there are services that create prototypes for different industries. And is that going to be the cheaper way of doing it then getting a 3-D printer? If it’s software, you’re right, who’s going to program it for you? And then what are the legal costs of putting together? Maybe some of, some of those particular items? Like with software, you got to make sure the copyright goes back to the business. So, you have to consider those costs as well in putting this together, right?
Polina Chtchelok: (11:46)
And this is where I was going to get back to the point. You mentioned about the intellectual property and if you analyze why a lot of businesses or startups fail. One of the major factors is that failing is that they didn’t do enough analysis verification at the initial stage in terms of first of all, can they protect the idea. And in parallel, what of there is this idea already been like, it should be the patent, because if you think of the big tech giants, they want to stay in the business. And they have a big innovation department and they have a huge army of lawyers who will be filing different patents, good ideas.
Anthony Verna: (12:36)
I always say, welcome to intellectual property. You have to put your big boy pants on because you’re swimming. You might be a small fish, but you’re swimming with the same big fish that everybody else is swimming with. So, for example, when it comes to a new patent, , excuse me, a new invention for a patent application, a new trademark that comes in, the first thing that we do on either of that is a search. Why? Because we want to know what big boys are out there with something similar.
Polina Chtchelok: (13:11)
And this it’s an important thing. And it’s one of the steps we need to see in terms of you have to put your own money into it, and you need to do this research because you don’t want to end up in a situation that would happen in a case of smiley.
Anthony Verna: (13:30)
You mean the smiley face, a yellow smiley.
Polina Chtchelok: (13:33)
The yellow smiley face, yeah.
Anthony Verna: (13:36)
So boy that with the tortured history, then nothing has happened. Yes.
Polina Chtchelok: (13:41)
But I mean, is that it’s like in the initial design, I think the marketing guy, he got paid 45 dollars for it. And now the French family horn in business, then…
Anthony Verna: (13:55)
I know, I know. And he’s fought very hard to try to get some kind of portion of that, / and that doesn’t work, but it’s something that if it’s not generic, it feels generic. So a lot of companies come with some kind of similar smiley face and then that company is always defending its rights as well. So yes, there is a long, tortured history for the smiley face logo.
Polina Chtchelok: (14:20)
Yeah. But it’s just proves the importance of checking and protecting intellectual property.
Anthony Verna: (14:29)
I completely agree with you.
Polina Chtchelok: (14:31)
Yeah. But this is just a one part of it. Then, it’s okay, you have a product, you kind of find a ways you’re going to be making it, and then you also need to think about how are you going to register your company? Like what would be your entity? If you’re thinking of providing some specific service, do you need the licenses? Then also it’s like are you doing this business yourself, or you have a partners, how are you going to spleen the partnership? I mean, and in case of the platforms, you have to think, especially digital platforms or platform to sell something is like, you need to also involve tax lawyers, accountants to see like what taxes you might have to pay. And then another thing you have to think is like, who’s going to be your clients?
Are they just going to be based in your country, or it’s going to be global? How do you, how do you perceive your business? Because you need to be very aware of the GDPR, the whole data privacy protection. And the basic claim is this: If you’re thinking of having clients from Europe, you need to comply with this law in terms of protect the personal data of your clients. And even though you’re based maybe in US, Canada, or South America, if your client’s coming from Europe, you have to comply with this regulation.
Anthony Verna: (16:03)
And that’s going to be very similar here. If you’re in the United States or you really anywhere in the Americas, you have to make sure that you’re complying with California’s new privacy laws, which I’m not going to say line up exactly what GDPR, but I have a feeling that if you’re compliant with GDPR, you’re probably going to be compliant with California’s data privacy laws probably I’m speculating there a little bit because there is still a lot of GDPR that kind of sits there and frustrates me every time I read it.
Polina Chtchelok: (16:42)
And the problem is in GDPR, it’s even been quite a song for young companies in Europe, is that from one side, this, this legislation created lots of business opportunities for the lawyers and consultants and for the IT professionals, but…
Anthony Verna: (17:07)
Once they figured it out.
Polina Chtchelok: (17:09)
They figured it out and they figure out how to make lots of money with it. But then if you’re company and you have to comply with it and you start the dialogue, then your clients or users, et cetera, your clients and users can’t use this legislation against you because they’re not happy with something and lodged the complaint that saying that you are not compliant. And then most likely you will be investigated.
Anthony Verna: (17:40)
Right. Which you don’t want. Look, it’s the same in California. And I always point to the fact that I have heard the state attorney general from California, sit on stages and say, “California’s position is that if you have a website you’re doing business in California.” And while that might violate traditional norms of jurisdiction, that’s their position at, until they’re overruled by maybe the US Supreme court or even California State Supreme court, until that happens, that is California’s position. And so, it’s the same issue. It’s like, if you’re going to be doing business in the United States, you really have to be mindful of what California’s data privacy laws are as well.
Polina Chtchelok: (18:36)
So this is kind of all the points that we covered. It illustrates what you need to think about it and what you need to cover up out of your own pocket before you actually proceed in go to banks or crowdfunding, or to angels, et cetera, try that and ask them for more money. And this is why I want to go back to the Dragon Den and Shark Tank, because it is an entertaining show. But you said entertaining factor. If you listen carefully to what the sharks or dragons asked to each like a startup or business who are coming in, how much of your own money you already put in, how much you already invested, because they want to see your commitment. To see, I mean, how well you thought about things, and if you tell them, okay, invest in that much, I thought about this. It’s actually gives the investor indication in terms of how much you committed, how much you are serious about your idea.
Anthony Verna: (19:41)
I completely agree, because if you’re dealing with an entrepreneur who wants to put the due diligence, and who wants to understand what the business is, who wants to understand the competitors who want. When you have that due diligence and whether you’re coming from your particular angle or my particular angle, because the due diligence will look different, but that is the beginning part of the success. And then understanding, well, okay, if the product is already out there, what changes do I need to make to make it? What improvements do I need to be to make it new and to whom will that actually be attractive as a product that I can sell it to?
Polina Chtchelok: (20:21)
And this actually comes to the next point that it’s important to mention that, okay, a lot of entrepreneurs business, young business and startups, they make a mistake. They come up with a product, they think it’s a great product. And the first testing they do, they do with friends and family. And this is the main issue is, because it’s your friends and family, it puts them in a situation, a little bit subconscious situation, that any of the support needs to be nice to you and you get quite often false positive feedback. You don’t get sort of an objective review of your idea. I mean, you might get, um, some very direct, I don’t know, uncle who will tell you exactly what he thinks, but you will have the majority of the people being nice. You will probably disregard that objective, grumpy uncle, and you just go, Oh, but all my other aunties, uncles, brothers, sisters, cousins, they think that great.
So I feel good. Is it because this group of people think it’s great. My friends all encourage me. And that’s why you need also invest the money into like professional focus groups, professional market surveys, because they will get a variety of people to try out, to review your product or your idea for a service. And during just reviews, maybe you will come to see the things that, okay. So just some features that you thought things are great, but no one likes it, but you missing something and does a group saying, okay, well, we would like to see this, this and this. And this is kind of allows you to improve what you’re trying to put out there. And also, there is a 1 tendency that I seen, especially in my aluminum group of downs, what you see is that the services that tried to do it themselves. One problem I see is when you try to do your surveys yourself, you accidentally disclosed what you’re trying to do.
Anthony Verna: (22:44)
Because you don’t necessarily know how to word it correctly.
Polina Chtchelok: (22:48)
Exactly. And when you, if you’re not verdad Catholic, and as a person who is being nice, filling up your service users, just go, “Ooh, this person is trying to do this, but I actually have a connections and I have some spare cash. I will do it faster.” and your idea is lost but when you go to actually the professional survey companies, they work with you and then generate the surveys to get that feeling for your idea, for the product or service without disclosing what it will be.
Anthony Verna: (23:25)
Polina, I’m reminded of a conversation I just had earlier today with the new client and basically they they’re looking to take their business and have a franchise model around their business. And so they already have the business. It’s ongoing, it’s steady. So they have a business model that they can license. But I said on the franchise part, I said, well, how about your furniture? How about your furniture in your office? Have you thought about that? And they’re like, “No. Why?” Well, because when somebody walks into your New York location versus your New Jersey location, they want to know that they’re in the same company. And so you want your furniture to look the same. You want the colors to look the same. You want the set up to look the same. It’s a franchise you’re licensing, not just the trademark, but everything else, the color scheme, the furniture, The look, the feel, the whole deal.
And I said, so you need to think about that all the way through. And I even said, as much as you have fallen in love with the trademark for your business, I said, the way that it was worded is very regional to the New York, New Jersey, Philadelphia region of the United States. I said, if you’re looking to do business outside of that region, I think your trademark is terrible. And that’s from somebody who works with advertising. And I said, look, I’m only saying that because, because I work with advertising agencies and I can tell you that that’s what’s going to happen. And I’m reminded of another trademark from another client where I said, look, your trademark gives a promise. And so you’re going to have regulatory issues with the promise that your trademark gives to consumers. And they were like blown away when I started talking about the federal trade commission and other regulatory issues, like those were just issues that they hadn’t thought about. And you know, they come here and I just want to give them that bigger holistic overview of what their business model may or may not run into that they never thought of.
Polina Chtchelok: (25:37)
That’s what it’s important to analyze those things. It’s important. I mean, yes, there is a notion that, okay, all those professionals are expensive. Lawyers are expensive, everything is expensive. I can do it myself, but it’s impossible to do it yourself. My point is that maybe it’s the case. Okay, you’re starting to do it. This business, you have your idea. Maybe it is necessary for you to take out personal loans, to cover all those fees, to have everything kind of iron out and check from the beginning because you don’t want to come to a situation that, okay, you have a great idea. You did a hundred presentation to private equity. You had one fund investing, 10 million, you kind of opening up your office. And all of a sudden you have a knock from the state regulatory body or knock from the Microsoft lawyers saying, ah, but you’re infringing our patent. You are infringing this legislation, or you haven’t got this license. And all of a sudden everything is gone because you didn’t do these initial checks. And it’s another factor. Whereas a lot of startups fail because they don’t invest enough from the beginning to do those checks. And I mean it, and when you do those checks, it might be the case that, okay, actually my idea will not fly, but then you are, you have a small bill to pay and you haven’t as much as you lost down the road.
Anthony Verna: (27:15)
And, and you know, what else Polina, I think one of the other items that a lot of business owners really forget is that an angel investor venture capital is very difficult to receive. And in a way it’s a bit of a matching game. So that, that if they’re hanging their hopes on that, it’s probably a business that’s not going to be successful because it’s hard to go in that direction.
Polina Chtchelok: (27:46)
Yeah. Well, now we’re getting to the interesting discussion. Okay. You prepared your plan, you analyzed it, you analyze your different supply and demand scenario because this is also important to look down because you don’t want to be in a situation where you have a great product, et cetera, you launched it. And it just sold out so quickly because it’s so great. And then because no one else can sort of get it anymore, then they kind of just go, okay, this is not a serious business. Forget it. And so when you’ve done all those things, you have all those ready. You have all this paperwork ready, you have simulations ready, you have your budget ready. You have your different scenarios ready, you’re ready for the due diligence and now, when you do all those things, the case could be that the money you need to launch, it’s actually, maybe not that much, if you’re doing a sort of a product. And I mean, and if it’s not that much to get going, do you need private equity? Actually, no, you don’t because you can go to crowdfunding and you have a different types of crowd funding because you can go to different websites and the fees for crowdfunding and their charge is not so much. And you can just go for say, okay, I have this great product, please give me a little bit.
Anthony Verna: (29:12)
And what I like about crowdfunding is that your advertisement on crowdfunding websites is a demonstration of the product. You show the product, how it works, you hold it up, put it to the camera. I mean, it’s an advertisement that frankly is straight out of the 1950s. You show people how to use your product. It doesn’t matter what kind of graphics you put on the screen. You’re not going to get the crowdfunding, unless you tell people here’s the product, here’s how to use it. Here’s what it’s good for. Here’s the solution that it solves. I mean, it’s your pitch.
Polina Chtchelok: (29:56)
Yeah. And some great companies and some great products, they’ve been basically crowdfunded that they invested into the original prototype was indeed excellent, they made very excellent video showing all the features, how itis. They researched and they invested to making sure that product is a quality, and they kick trophons . It began very good businesses, just through crowdfunding. I mean, one of the examples is a backpack that I have that is an existing design, the anti-kind of robbery, anti-pickpocketing backpack and has been done through crowdfunding. And it’s a fantastic backpack.
Anthony Verna: (30:41)
So anti pick-pocketing and in other words, you put your money somewhere in an inner kind of…
Polina Chtchelok: (30:48)
Funky shelf, like a kind of turtle shell, but it looks very cool. And it’s got a special stripes. If you’re on a bicycle, it reflects light and sort of inside, it’s got a lot of compartment things, but it’s just pickpocketing is a big thing in Europe. So, it’s the way it sits on your back. It’s very difficult to kind of get inside because it’s opening from the inside. That’s so crowdfunding and it’s like a great product. And because of the sort of a semi-hard shell, you can use it for a lot of things. Like if you’re on a plane, you can put it down and use it as a footrest. I mean, I use it a lot of times on a Metro as a stand to do my makeup. I mean, they didn’t put that in a video, but I found, and it’s a great product.
And the company has grown and expanded to have more different. They now just backpacks come in different size that have more sort of a fashionable lady, mini apps or products that have things for business. But they did it through crowdfunding, basically went through the crowds or show the product. They said, okay, give us money. They did this as pre-purchase. They did this because you actually have this crowd funding, you have four types and you can do like a, this kind of pre-purchase. Pre-order crowd funding, really general one may say, Hey, I have an idea. Just give me the money because you like me, but you also can do debt crowdfunding and you can do equity crowdfunding. And there is a one company in England. It’s a beer company. Basically, they have the equity crowdfunding.
Anthony Verna: (32:37)
I think I’ve heard of equity crowdfunding for movies. That movie producers basically say, um, you know, if you’d like to help fund the creation of this movie, then you’ll receive some small sliver of the profits back from the theater. Once. I mean, now obviously we’ve got COVID, so that’s kind of a dead business model, but basically people would, you know, if it’s a movie idea and they like, they buy into it, you get enough people apart from the usual funding, you get enough people to do crowdfunding. And then basically everybody will get some kind of slice of the profits. Little slice, a slice of the profits back when, when it, when the profits do come through
Polina Chtchelok: (33:23)
Well, apparently the beer company that I was talking about, I don’t remember the name of it, but, the shareholders meeting is just like a weekend long party visit. It’s very fun.
Anthony Verna: (33:42)
I thought that I thought that those big parties were a passe at this point.
Polina Chtchelok: (33:49)
But when I mentioning that equity crowdfunding, this is goes back in terms of when you consider, how do you register the business? Because if you receive the money in this, think about it, who’s going to receive this money. You need to have an entity. And when you considering the legal entity, you need to think about it. Can you actually have that split of equity or it’s limited in terms of how many shareholders you can have? So it’s a very important things to consider because when you’re planning for like your funding, and you just think if your registration will actually permit you to receive this funding, or don’t have that type of funding,
Anthony Verna: (34:27)
But, you know, Polina with, with the crowdfunding, what I like is that people give them money and that’s it. It’s almost just as a simple transaction. It’d be just done at a shifted period of time. Like unlike your angel or venture capitalist, who is now with you the entire time. And basically, they’re also thinking about how to get out of the business.
Polina Chtchelok: (34:58)
That’s the very important point, because I mean, visit private equity, angel funds, et cetera. People see now a lot of marketing. They see all this sort of photos of happy founders, smiling and saying, I got 10 million, 12 million, et cetera. It sounds very nice. And I mean, private equity does a lot of good jobs. You have a lot of, interesting companies that are coming out, but in order to have this, um, I would call it like a marriage between the startup and a private equity.
Anthony Verna: (35:37)
You’ve got to date.
Polina Chtchelok: (35:38)
You have to date. You also have, like, we can go into the topic of that. Okay, you have to sort of deep things, but you have to enter this relationship with the right set of mind, to private equity angels. You’re not going to be in a control, and you need to understand, you will lose the equity because you’re getting money in exchange of equity. You can lose it. And I mean, are you okay with it? Or you’re not okay with it. And you really need to be clear about it. Another aspect to consider is as you mentioned, exit, because when the angels and private equity guys, they give you the checks or do the transfer to you, the first thing they’re thinking about how are we going to exit because they’re not charities.
They give you money. They want to make money. They want to have a return on the money, and they will expect you to work your rear off. You can forget to weekends. You can forget the holidays. You only need to them because they want to build your company. Your idea, do the exit. And the exit would be the sales from MNA or IPO, or you are lucky. And they’re really like and are interested in you think you have a potential, they might roll you over too. But the first thing they think is about exit and be prepared. You need to be prepared in a suite of five years time, there will be exit and nothing will be changing it. And this is mistake A lot of people make is they just go, “Oh yeah, they have money. I have time.” But no, you don’t have time.
You need to do it. And you cannot change your exit. There will be exit.
Anthony Verna:
Understood. Polina, any last thoughts as we’re coming up against the coming up against the time limit?
Polina Chtchelok:
Well, my last thought would be, you need to prepare. You need to think about it, and you need to really understand it. If you decide to create a business, if you decide to create a startup, you’re not going to have a safety net that you have if you’re working for a corporation and you really need to think about it, okay, I’m doing this. I need to be more than a hundred percent vested in it because am I doing it? And what is my reasons for doing this? Am I doing it for money or I’m doing it just for fun? Am I ready to do all the sacrifices? Because in order to do it, it’s a hard work and there will be sacrifices and you need to ready for the sacrifices.
Anthony Verna: (38:36)
Polina, thanks very much. How can people find you online?
Polina Chtchelok: (38:40)They can connect with me on LinkedIn. I’m quite active on LinkedIn.
Anthony Verna: (38:45)
All right. Very good, Polina. And you know, if you’re on the Verna Law website, we have some other episodes that relate to this. I’ve got a video blog on business plan and intellectual property. And, of course, our very famous Patent Ability is not a Shark Tank Pitch, a blog post. So which you probably should read as well. Read that over on Vernalaw.com. Thank you everyone for listening. Polina, thank you so much for coming on.
Polina Chtchelok:
You’re welcome.
Anthony Verna:
We’ll speak to everyone again soon.
Polina Chtchelok:
Bye-bye.
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