Business Startup

Unrealized Potential, Realized

Think Philly Doesn't Have Startups? Think Again

Once a manufacturing hub and industrial-era powerhouse, Philadelphia has seen major changes to its economy in the last few decades during the rise of our globalized economic world. One notable aspect of its economy has been its persistent strength in the educational and medical sectors. In fact, Philadelphia is often said to have an “eds and meds” economy, boasting some of the top educational and healthcare institutions in the world such as University of Pennsylvania, Drexel University, Temple University, Penn Medicine, and Jefferson Health. However in addition to these established sectors, Philadelphia finds itself a growing canvas for startups and new businesses in the technology space, including software, application development, life sciences, and whatever they’re dreaming up at Pennovation Works in University City. The economic landscape for Philadelphia is one with significantly less startup competition than established tech hubs like San Francisco, Austin, and New York City. This means that, although there are fewer start ups in Philadelphia, there may be more opportunity for new players to emerge and reign victorious. To put it simply, wouldn’t you rather be a big fish in a small pond? That’s entrepreneurship in Philadelphia.

Choose Your Path

Where Do You Fit in?

Macroeconomic considerations aside, as a startup entrepreneur you need to make decisions about where to hang your shingle and set up your business.

Here are some questions to get you started:

Do I understand all of the details related to business formation?
What is the customer’s problem I’m trying to solve?
Do I have a genuine grasp of who my customer is? Their hopes, fears, dreams, expectations?
Does my business idea solve a real problem or is it a solution in search of a problem?
Do I have a business plan?
Have I tested my idea with potential customers?
Do I need real estate?
Am I prepared to quit my job?
What are my competitors doing well? Not so well?
Are there any legal challenges associated with my business plan?
Is my business sustainable?
Is my business scalable?
What is my long-term approach to generating wealth?
What kind of lifestyle am I trying to build?

Let's Talk Tech

How We Help Tech Startups

While we’ve worked with businesses in many sectors, we find ourselves at ESQx most drawn to business concepts that propose to revolutionize how we live, work, and play through new ideas and technologies. We don’t exclusively work with tech startups (in fact, they are a minority of our clients), but they do present unique opportunities for legal representation. Here are a few examples:

Helped start up video game company draft a partnership equity agreement and issue corporate shares

Advised start up social media platform answer legal questions about copyright law

Helped app creator define business requirements for MSA and SOW in application development

We Help Everyone

How We Help All Startups

You don’t need a technology idea for a startup. In addition to the tech sector, we’ve helped numerous people in fledgling businesses establish themselves as entrepreneurs. The diversity of our legal startup assistance underscores the rich fabric of the Philadelphia startup scene. A few examples of our cases:

Helped transportation business achieve compliance through PA's Public Utility Commission

Successfully negotiated with Federal SBA for loan proceeds on behalf of local cosmetology business

Researched critical questions for growing sports consultancy business

Life Is Short. Build Something Great.

Make a Dent in the Universe

The decision to build a business from its inception is a highly personal experience—and to some people rising to a spiritual one—where the budding entrepreneur starts his or her journey as a life-long wage earner accustomed to paltry 3% yearly raises, endless corporate virtue signaling, and tyrannical bosses who stifle their autonomy, resulting in a bleak career path devoid of meaning and purpose. “I went to college for this?” they ask themselves on a daily basis.

Yet, all hope is not lost on the startup entrepreneur. With a lot of hard work, a little luck, and the support of their attorney at ESQx Business Law, they ascend to a self-actualized future where they cultivate a personal standard of excellence that radiates from their work life to their personal life, creating a virtuous cycle of improvement which elevates them to new levels of life satisfaction previously unimagined. This satisfaction is built on themes common to a happy life, including autonomy in one’s work, the ability to create a legacy, and the opportunity to take part in the American dream through free enterprise.

So, forgive us for asking so bluntly: what are you waiting for?

In working with countless entrepreneurs, we believe there are three major qualities that they possess: real skills, dislike of mediocrity, and acceptance of risk. In fact, we’ve written extensively about this subject on our blog if you’re interested.

If you have skills, then you can sell these skills and therefore have the beginnings of a successful business. Period.
If you dislike mediocrity, you will do well in 21st century America where it seems to be all around us. Do better than average and you will have extraordinary outcomes.
If you can conquer your fear of risk, you will flourish. Risk is what keeps people stuck. Without risk, there cannot be reward. Learn to control your fear of risk through meditation and Stoic philosophy.

Let's Talk

Ready to Get Started?

There’s so much more we want to tell you about forming a business if you’ll give us the chance! If you’re ready to receive experienced business law formation advice, don’t hesitate to reach out today. We can’t wait to meet you. Did we mention every consultation is free?