Legal Blog

Saturday Side Hustle: Keep Aiming High for New Year’s Resolutions

I make the same New Year’s resolution every year: do everything right. I have never, nor will I ever, execute this ridiculous plan, but I like to set unreachable goals with the aim of achieving something more than any preset achievable goal that I’m likely to come up with.

Among the things I think I need to do in 2020 and beyond is read more for pleasure, or perhaps more accurately stated, read more materials of my choosing. I spend a large percentage of my professional life reading things not of my own choosing, so making a choice to read something is nice.

The second book I’ve started this year is Blink. It’s a best seller authored by Malcolm Gladwell, whose books I have read before. It’s 15 years old, so most of you probably know this.

I’m only about 25% through, but it’s already making an impact on how I think about certain topics, my prospective pickle business being one. I’ve been indicating I want to understand the market better, and I’m finding it takes a lot of legwork and time to really understand the market, and despite recruiting my father into indentured servitude on this project, progress to obtain a significant amount of verifiable information is slow.

That’s where Blink comes in. This book is devoted to explaining how valuable instincts can be in making good decisions as compared to the exhaustive collection and analysis of data. We have all heard various quotes from notable people in business about making decisions when we have 75% of the information we think we need as opposed to 100%, and how a goal of 100% can lead to no decision at all and missed opportunities. That’s different though then making a true gut decision, which this book is helping me appreciate. I’ve always thought there is real value to this, but it’s helpful to have an accomplished author articulate that principle for me.

My point (and I do have one) is that my gut (and my neighbors) all tell me that I need to stop dwelling on market information on this project. I like my pickles and am arrogant enough to trust my palate to try to set a trend. So, based on the information I’ve collected to date I am going to move on to the next step of some tinkering with the recipe and figuring out where I can make these things if they are going to be sold legally for consumption by other humans.

Serendipitously, my newest client makes spicy sauces of a specific type. During our first meeting, I asked her how difficult it was to find a commercial kitchen to make her sauces. Her answer: very difficult, but she needs to cook here products. I don’t. I need to soak raw cucumbers in refrigerated “seawater” as I like to call it. I think my next move therefore will be to find places that already do this who might be able to work with me on this.

For more information on this topic, please contact Scott Lloyd at slloyd@offitkurman.com.

 

ABOUT SCOTT LLOYD

slloyd@offitkurman.com | 301.575.0357

Scott Lloyd is a registered patent attorney who specializes in intellectual property counseling and commercialization work. He has served as a technology commercialization specialist and advisor to companies in a diverse array of markets, including biotechnology, pharmaceuticals, medical devices, food and beverage, specialty chemicals, technology, and engineering. In addition, Mr. Lloyd spent ten years as in-house general counsel to small and mid-sized companies, where he managed corporate matters and resolved commercial disputes in addition to intellectual property strategy, and now serves in the same capacity for entrepreneurial clients. He serves as counsel to small and mid-sized business owners seeking to implement growth strategies and succession plans.

While in house, Mr. Lloyd has also contributed to the successful formation of international affiliates of domestic businesses as well as a $400,000,000 business acquisition.

 

 

ABOUT OFFIT KURMAN

Offit Kurman is one of the fastest-growing full-service law firms in the United States. With 14 offices in seven states, and the District of Columbia, and growing by 50% in two years through expansions in New York City and Charlotte, North Carolina, Offit Kurman is well-positioned to meet the legal needs of dynamic businesses and the individuals who own and operate them. For over 30 years, we’ve represented privately held companies and families of wealth throughout their business life cycles.

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