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Contracts, terms and people - Breakfast with entrepreneurs

Summary

Dennis G. Lucan and Slava Baranovskiy organised an entrepreneurial breakfast on Saturday 26th May between 10am and 12pm.

The group discussed about contracts, terms and conditions and people to do business with. The aim of the breakfast was to protect startups from a contract perspective by investigating the structure and key elements of a constract and the reasons why terms must be clarified and agreed upon by using good and bad examples from the hosts experiences.


Aspects covered:

  • Non Disclosure Agreement (NDA).
  • Memorandum of Understanding (MoU).
  • Complaint / Review period in reflection of the NDA and GDPR.
  • GDPR and data disposal at the end of the contract.
  • Payment delay / Cancellation - Parties responsibilities and liabilities.
  • Testing the reliability of a business contact.
  • Testing period for co-founders or new business partners and/or contracts.

  • The discussion was based on attendees experience in the following sectors: Law / Legal, Finance, Data analysis, Tech, Marketing and Creative.


    Key insights:

    Mikhail Sharonov (Law / Legal)
    As an entrepreneur, being a professional in all aspects of the business is not a must. You should focusing on delegating tasks and responsibilities to team members or subcontracted parties.

    Slava Baranovskiy (Tech)
    Instead of blaming your team members for mistakes, try to help and guide them on how to improve their work and bring your team together.

    Dennis G. Lucan (Marketing / Analytics)
    When working with other people, try to apply some psychology and look beyond the partnership. You have to understand where everyone is standing because they might be affected by other circumstances that cannot be controlled.

    Iskander Fakhritdinov (Creative Industry)
    As a startup founder you should oversee all aspects of your business 24/7.

    Jamal Simpson (Business analyst)
    Aside from understanding the background situation of your team members, finding dedicated people to the project is equally important in the first place.

    If you would like to see the stories and lives, follow: @dennisglucan on Instagram.


    *The entrepreneurial breakfasts are for club members and by invitation only. If you would like to join, please send us an email:
    info@marylebone.club