<p>In any entrepreneurial venture, there is always a degree of risk.&nbsp;&nbsp; Entrepreneurs by definition evaluate risk and opportunity and then move forward.</p> <p>When <a href="http://photography.nationalgeographic.com/photo-of-the-day/polar-bear-ship-norway/">this photo</a> popped up in my emails this week, my first thought was - "watch out buddy - you are standing on thin ice."</p> <p><a href="http://photography.nationalgeographic.com/photo-of-the-day/polar-bear-ship-norway/#caption"><img style="border-bottom:0;border-left:0;border-top:0;border-right:0;margin:0 0 0 10px;" border="0" alt="National-Geographic---Photograph by Michael Nolan, Your Shot, http://photography.nationalgeographic.com/photo-of-the-day/polar-bear-ship-norway/" src="http://new.corepurpose.com/wp-content/uploads/national-geographic-polar.jpg" width="406" height="306"></a></p> <p>Even with the best of intentions when you start a project, there are times when foundations may crack and you need to move on.&nbsp; Just as it is important to plan how to build a business, it is important to know what could be required to take one apart.&nbsp; You hope you never need to, but just in case, it is smart to be prepared for every circumstance, especially in times like these.</p> <h4><strong>Set it up right from the start</strong></h4> <p>Most businesses are formed either through incorporation or the formation of an LLC (Limited Liability Company).&nbsp; In the case of a corporation, there are basic documents or&nbsp; articles that lay out who does what, who owns what, and who is authorized and responsible for what.&nbsp; In the case of an LLC, the more simplified form of formation for a business, these may appear in the operating agreement.&nbsp; (Note, while operating agreements are not required by law in most&nbsp; states, they are a really good idea because they again lay out the foundational elements of your business and avoid confusion later on.) </p> <h4><strong>Keep Excellent Records</strong></h4> <p>Whether you are standing on solid ground or or a moving ice flow - keeping excellent records is a must.&nbsp; The most common organizational documents are contracts, letters, and financial records- but don't forget your emails.&nbsp; Having a well organized system for important emails can go a long way in clearing up confusion.&nbsp; Emails document the business' day to day activities, can point to agreements, clarify disputes, and should&nbsp; things go really wrong - serve as evidence of what was done and what was agreed. </p> <h4><strong>Watch for tell tale signs </strong></h4> <p>Set up a system to check your foundation regularly.&nbsp; Talk to customers, business partners, and suppliers.&nbsp; Are what you know and what they know in synch?&nbsp; When they are, your foundation is nice and tight.&nbsp; When you find gaps, you will find cracks.&nbsp; If you let them spread too wide, important information or opportunities can fall through.&nbsp; Too many cracks, and it all falls apart.</p> <h4><strong>Be unfailingly honest...with yourself</strong></h4> <p>Honesty with others is key to success; but, the most important person to be honest with is yourself.&nbsp; As entrepreneurs, we love our businesses.&nbsp; We enter with passion and excitement and hopefully over time we build something to be proud of.&nbsp; When we are infatuated with what we can do, we sometimes miss what is actually happening.&nbsp; That is why an honest assessment on a regular basis is critically important.&nbsp; If you choose to overlook key facts or flaws in your business, your model, or your team, you just might find that eventually you do not have a business, a model or a team.</p> <p>If you catch cracks early, you have a chance to patch them.&nbsp; If you don't...&nbsp; </p> <h4><strong>Be sure you know how to swim.</strong></h4> <p>Let's hope the ice beneath your feet never starts to fracture.&nbsp; But if it does, having a plan in place and the right documentation can help you swim safely over to the next opportunity.&nbsp; They're out there, you just need to find the right one.</p> <p>Thanks for stopping by.&nbsp; Stay tuned....&nbsp;&nbsp; <p>I'll be sharing more tips to help you get ready for 2011 throughout the month of December.  <blockquote> <p>Joan Koerber-Walker</p></blockquote> <p><strong>About the Joan: </strong> <p><a href="http://jkw.typepad.com/.a/6a01053650f43d970c013489b143d5970c-pi"><img style="margin:0 10px 0 0;" border="0" alt="Koerber-Walker-056" align="left" src="http://jkw.typepad.com/.a/6a01053650f43d970c013489b143e3970c-pi" width="83" height="103"></a> An entrepreneur, author, speaker and corporate advisor, <a href="http://jkw.typepad.com/www.linkedin.com/in/joankoerberwalker">Joan Koerber-Walker's</a> journey has spanned from corporate America to entrepreneurship and non-profits, as well as into community leadership and into the halls of Washington D.C.&nbsp;&nbsp; To learn more about how CorePurpose and the CoreAlliance can help you grow your business, you can contact her by clicking <a href="http://corepurpose.com/contact.html">here</a>.  <p>&nbsp; <h6>CorePurpose&nbsp; is a registered trademark of CorePurpose, Inc.&nbsp; CoreAlliance is a&nbsp; service mark of CorePurpose Inc.&nbsp; All rights reserved</h6> <p>&nbsp;</p> <div style="display:inline;margin:0;padding:0;" id="scid:0767317B-992E-4b12-91E0-4F059A8CECA8:d4a81719-6e2b-4dee-ab86-aa8beec987dc" class="wlWriterSmartContent">Technorati Tags: <a href="http://technorati.com/tags/Entrepreneurs" rel="tag">Entrepreneurs</a>,<a href="http://technorati.com/tags/Entrepreneurship" rel="tag">Entrepreneurship</a>,<a href="http://technorati.com/tags/New%20Ventures" rel="tag">New Ventures</a>,<a href="http://technorati.com/tags/Small%20Business" rel="tag">Small Business</a>,<a href="http://technorati.com/tags/Business%20Tips" rel="tag">Business Tips</a>,<a href="http://technorati.com/tags/Business%20Advice" rel="tag">Business Advice</a>,<a href="http://technorati.com/tags/Business%20Conflicts" rel="tag">Business Conflicts</a>,<a href="http://technorati.com/tags/Business%20Strategy" rel="tag">Business Strategy</a>,<a href="http://technorati.com/tags/Joan%20Koerber-Walker" rel="tag">Joan Koerber-Walker</a>,<a href="http://technorati.com/tags/CorePurpose" rel="tag">CorePurpose</a></div>