The A&M-Commerce College of Business hosted a seminar with lawyer, entrepreneur and alum Jim Chester as part of its Venture College Lions Fellowship Program, an entrepreneurial and economic development program that teaches A&M-Commerce students and students from community colleges and high schools how to create value in their community through business and non-profit endeavors. Over 100 participants attended the seminar both in person and online, which was hosted at the TAMUC Dallas site on February 23, 2023.
Chester, a renowned technology and business attorney known for solving legal challenges for innovation-based entrepreneurs and dynamic companies, spoke about common legal mistakes that startups make, the consequences for them and how to avoid them. He shared his legal experience and expertise in entrepreneurship discussing how he has helped startups navigate the confusing terrain of getting their projects off the ground without making any mortal legal mistakes that will severely hinder a business's success.
“Being an entrepreneur requires creativity and self-direction. However, it also requires one to conduct business within full compliance with the law”, said Jacob Pouttu, Venture College's program coordinator. “Failure to understand the legal ramifications of being irresponsible in this regard will make it impossible to succeed and potentially create liability issues for one's business long-term.”
This seminar provided actionable information that all business students, innovators and creators must understand and was open to students from A&M-Commerce, Dallas College and Tarrant County College, as well as several high schools. It provided them with first-hand insights that are necessary for transforming their lives by ensuring that their dreams of being successful are not hindered by the law and legal-related concerns that they must navigate through.
Chester highlighted the importance of having legal counsel, saying: “Although quality legal counsel can be expensive, not getting it can be much more costly for an emerging venture.”
The seminar also discussed the adverse effects of the legal realities that come from ignoring correct contract law, patents, and intellectual property, and choosing the wrong lawyer. It also provided the students with a better understanding of what is expected of them from a legal perspective and what they can expect from a lawyer that has their best interest in mind to endue that they are able to make accurate and timely decisions.