E154: The One Habit You Need to Develop as an Entrepreneur with Mitchell Beinhaker

<p>Mitchell Beinhaker is a lawyer, entrepreneur, and advisor. He loves helping companies translate their</p> <p>business goals into reality. He's also the host of The Accidental Entrepreneur. Mitchell started businesses</p> <p>in middle school and high school where he had a car detailing company and practically had been in</p> <p>multiple businesses since then. Mitchell has also been practicing law for the better part of 30 years. He</p> <p>works with a lot of business owner startups and family-owned, multi-generational businesses, helping</p> <p>them out in areas related to governance, structure, and estate planning.</p> <p><strong><br> Here are some power takeaways from today’s conversation:</strong></p> <p>● Mitchell’s entrepreneurial journey</p> <p>● Habits you need to develop to increase your chances of success as an entrepreneur</p> <p>● Operating agreement vs. buy-sell agreement</p> <p>● Why getting divorced is one of the worst things you can ever do for your business</p> <p>● What you need to get life insurance for your business</p> <p>● How to keep a healthy, positive mindset</p> <p><strong><br> Episode Highlights:</strong></p> <p>The One Habit You Need to Develop as an Entrepreneur</p> <p>You can increase your chances of success if you just made it part of your practice to put things in writing.</p> <p>Whether that’s an agreement between your partner, customer agreements, with vendors, and your</p> <p>lease. Where people also get in trouble most of the time is not having any business plan. And that as</p> <p>soon as they shift to another business, they fail. They're not really entrepreneurs because they didn't</p> <p>have business skills, to begin with. They don't have anything planned in terms of capital, financial</p> <p>forecasts, marketing, and all that stuff. So these people will do it by accident. There are also a few</p> <p>reasons entrepreneurs develop these bad habits over time – either they're lazy or they're scared of</p> <p>dealing with these things.</p> <p><br> <em><strong>Operating Agreeme