Andrew Tate is a controversial figure in the world of social media, business, self-improvement, and personal development. But recently, he was arrested on alleged rape and people trafficking charges. In this article, we look at what we can learn from the disgraced Andrew Tate.
Check your Business is Legitimate
As an entrepreneur, it’s essential that the business you are running is legitimate. That means your desired line of business should be legal. Andrew Tate has been arrested due to an alleged webcam business in which he recruited girls to perform online acts under false pretences. If true, he could be sentenced with sex trafficking.
What can entrepreneurs learn? Double-check your business idea meets all legal laws in your jurisdiction. Talk to a lawyer or expert in your field. Don’t let a lack of funds prevent you from talking to someone about the legalities of your business. Many lawyers will give you a free consultation for thirty minutes. Ensure you are registered for all required permits and meet all local business registration requirements.
Starting a business even inadvertently that does not adhere to local laws, could at best mean a fine or at worst jail time. Please do your research and find out if there’s anything you’ve missed about your business.
Sort out your Taxes
Don’t start your business thinking you can avoid paying taxes for a bit while you grow. Andrew Tate, allegedly set up his webcam business to avoid taxes by accepting payments in Bitcoin.
What can entrepreneurs learn? Getting paid in Bitcoin or any other cryptocurrency does not mean you can avoid paying taxes! You will have to pay tax on your earnings and/or profits in most countries.
Consider setting up a legal entity, such as a LTD company in the UK or LLC in the US to run your business. By doing this you are ensuring it is the business and not you as an individual that is liable for taxes due on your business profits.
Ensure you keep accurate business records and file any necessary annual accounts to avoid fines and late filing fees.
Business ethics is not just a “nice to have”. Andrew Tate is accused of coercing young females into working for him in the sex industry. Whether true or not, the act of threatening someone to join your business activity is unethical by itself, even if we put aside the legal implications of that activity.
What can entrepreneurs learn? Be honest in your business dealings. Don’t lie or threaten to get people on board with your idea. Your promises can legally bind you, so if you lie, you may be creating a fraudulent contract that you could potentially be sued for.
See our previous article on verbal agreements here:
Having good business ethics will ensure you will not be storing up large numbers of disgruntled customers/associates who may at some time in the future attempt to sue you.
Keep the Ego in Check
As you progress in business, ensure you remain balanced and level-headed. The boastful and bombastic Andrew Tate broadcasted to thousands via YouTube all the intricacies of his webcam business, most of which will probably be used in court to attempt to convict him.
What can entrepreneurs learn? Don’t go on public forums, discussing the fine details of how your business works without first thinking about the legal implications. Boasting about your success is never a good thing as it usually attracts the wrong kind of attention.
Anything you say that could be deemed controversial should include disclaimers to make the audience aware that what you are saying should not be taken as gospel. Try and bear in mind that everything you post online may be dredged up years later.
Of course, anything that could be deemed as legal or financial advice should come with its own disclaimers.
Fast Money Does Not Exist
Andrew Tate is consistently peddling the fast money, quick gains pitch. Unfortunately, the end result of get-rich schemes is often a very sharp fall back down to earth.
What can entrepreneurs learn? Unfortunately, the lure of quick gains can cause many to throw the legal rule book aside but this is a huge mistake.
Creating a sustainable business with regular predictable income is what you should be striving for. A business that is based on an elaborate scheme may work for a while but will evaporate quickly once people realise it’s just hot air.
It’s highly likely that anything that feels like a dead cert to make money is also likely to be regulated, so do your checks to ensure you are not breaking any local laws.
This article should not be used as a substitute for professional legal advice. You should always seek the advice of a qualified professional in your jurisdiction.
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