A Decalogue of Entrepreneurship
How to Start a Business?
Ever wonder about that question? As we dive into 2025, I want to share the lessons I’ve learned in my career as an entrepreneur. This is an exercise nobody asked for but one I hope will be useful for me, my colleagues, students, and anyone keen on starting a business.
Legalnova*’s initial mission was to become the first 100% digital law firm in Colombia. After 4.5 years of growth, we are now incorporated in both the United States and Colombia, providing legal, accounting, and tax advice to innovative projects across Latin America.
We have two verticals:
- Legalnova Startups*: Addressing the needs of the venture capital ecosystem, including investors, family offices, angel investors, and CVCs.
- Legalnova Corporate*: Helping established companies connect, update, and survive the fast pace of disruption.
With a team of almost 50 people, more than 1500 customers advised and zero external investment (fully bootstrapped), we’ve faced countless challenges. Below, I’ll share insights that books often overlook about setting up new ventures.
Awareness to Seize Opportunities
Awareness is the most important skill an entrepreneur can have. During the COVID-19 outbreak, I found myself at a crossroads: Should I return to Europe, find a job in law or innovation, or take the leap into entrepreneurship? The lockdown forced clarity upon me. With limited choices, I poured my energy into Derecho + Innovación (the original name of Legalnova*).
So, I learnt the entrepreneurial journey isn’t a detailed handbook; it’s a unique cocktail of circumstances that entrepreneurs must seize.
Prioritize Fundamentals
At Legalnova*, three pillars guide every decision:
- Professionalism
- Innovation
- Customer Focus
These principles define everything we do. For instance, we don’t enforce a dress code, but Legalnovers are required to convey confidence to clients in every interaction. This doesn’t mean wearing a tie (which isn’t forbidden either); it means using common sense. And it works.
Stand Out
Differentiation is key. Whether through sustaining or disruptive innovation, always look for better ways to serve. This might mean transforming centuries-old practices and learning from mistakes. For us, this approach gave rise to our legal design and accounting design services. Companies like Entel, Puntos Colombia, Bolsa Mercantil, Positiva Seguros, Bavaria, and Medtronic have trusted us to drive legal innovation.
Networking with Purpose
As a founder, creating awareness for your brand is essential. While delivering results from behind a desk is important, meeting stakeholders can’t be delegated. Our biggest opportunities have come from meeting people at the right time. In 2024, we travelled to the United States, Brazil, Costa Rica, and Ecuador for invitations and projects we would never have discovered from the office.
Build a Strong Team
Surround yourself with skilled, independent, and trustworthy people. If your team relies solely on you, you’re in trouble. Hire people who challenge your thinking, bring fresh ideas, and make better decisions than you. Having Fabián Acosta as my co-founder has been invaluable on this journey.
Commit to Lifelong Learning
Closing your mind limits your understanding of reality. There’s always something to learn from everyone you meet. Besides studying, teaching has been a pivotal learning experience for me. Make learning a daily habit and an obsession.
Lead Through Tough Decisions
Leadership involves making difficult decisions and having uncomfortable conversations. The most chaotic scenarios I’ve faced at Legalnova* stemmed from inaction. If plans aren’t going as expected, someone has to act—even with incomplete information and the risk of mistakes.
Advice: Involve your team in the decision-making process. If there’s a mistake, they’ll iterate toward success. If the outcome is positive, they’ll feel motivated. Many of our decisions and projects follow innovation and design thinking methods, involving random team members following this premise.
Follow Your Obsessions
Align your business with your personal passions. When your work makes you happy, you’ll push yourself to see your business excel. In the end, that’s what entrepreneurship is all about.
The end of a cycle, marked by the transition to 2025, invites us to pause, reflect, and cherish what truly matters. This blog entry aims to shed light on the moments of uncertainty faced by entrepreneurs. In the end, entrepreneurship is a journey defined by resilience, passion, and growth. It’s not about having all the answers but about embracing uncertainty with courage and purpose.
May 2025 bring you professional growth, personal fulfilment, and continued success in all your endeavours.
Happy new year!
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