The following is an interview with Entrepreneurship Lawyer, Dayna Thomas. The Interviewer for this article was Racquel Richards. The Interviewee was Dayna Thomas.
- How /why did you become an entrepreneurship lawyer?
I always knew that I wanted to work for myself and own a law firm. While in law school, I started to deeply explore entrepreneurship and prepared to start my own firm after graduation. As I planned for the launch of my firm, I fell in love with the process of starting a business and was truly inspired by the success stories of other entrepreneurs. So, I decided that a part of my practice was going to be helping more people become entrepreneurs. I also became well-versed in the startup process while preparing for my own firm, which gave me the confidence to help others do the same.
- What challenges have you faced in your career?
At first, my biggest challenge was in law school, which was ignoring what other people (administrators, attorneys, students) thought I should be doing, and instead, pursuing what my true passion was – which was to start my firm after graduation. So many people tried to talk me out of it or doubted my plan, which led to that doubt shifting to me. So at first, I was doing what the other students were doing, like a robot on an assembly line, competing with each other, stressing over grades, applying for big firm summer associate positions to have a better chance of being hired, competing for positions on the mock trial and moot court teams (even though I knew I didn’t want to litigate), etc. I quickly realized that that path was not what I wanted and would not make me happy. Once I started to be more intentional about my time in law school and using it to prepare me for what I really wanted, I realized that law school actually wasn’t that hard because I was being true to my own journey. I’m so glad that followed my own path because my firm has been profitable since my first month in business and I got my first client on the day of my launch. Everyone’s path is different, and even though it might be hard, you have to ignore the doubters and be true to your calling.
Now as a business owner, one of my challenges has been delegating tasks. Entrepreneurs are generally self-sufficient and good at many things, which is an asset during the early stages of business. However, as your business continues to grow, it is important to grow with it and delegate some tasks so that it all doesn’t fall on the business owner. For me, that was the hardest part. I was used to doing everything on my own and having things done a particular way. But when I learned to let loose a bit and delegate, my business thrived even more.
- What is a day in the life of your career look like?
My day is definitely not a 9 to 5, which is why I love being an entrepreneur. I usually start work around 10 am from my home office. I have a dry erase board on my wall where I write down all that I want to accomplish that week and I check them off as I go. I don’t take appointments before 1 pm (some exceptions made), so by that time, I’m at my midtown office until my last appointment wraps up at about 5 pm. I typically have 6-9 consultations each week. I used to do consultations and meetings any day of the week, but I realized that wasn’t efficient because I was spending so much time in meetings, with little time to do the actual work! So now, I take meetings three days a week. After I get home from the office (if I go to the office that day), I spend a couple hours on some days working with my coaching clients through my second business, Virtual Business Counsel (www.virtualbusinesscounsel.com). Some days, I go to networking events or even host my own events for entrepreneurs. That schedule is typical, but I shake things up pretty often because I truly do enjoy the flexibility I have with my time.
- What do you love the most about being an entrepreneurship lawyer?
The flexibility and control that I have over my life and time. For example, my most satisfying moment in business/as an entrepreneur, was when I was able to extend my Christmas vacation to spend more time with my family out-of-state. I remember when I was a full-time employee after college and I passed up an all-expenses paid family vacation because I was nervous to ask for the extra time off and because I didn’t want my boss to think that I was abandoning my work responsibilities. I regretted that decision but definitely learned from it. As a business owner, I am now able to have more control of my time. Family time is priceless to me, and having the ability to extend my holiday vacation and still not miss a beat with work was truly satisfying.
- What or How would you define entrepreneurship?
Entrepreneurship, to me, is a mindset. It is finding new ways to solve problems and create value. It is driven by passion, a strong sense of self-worth, and ambition. It is based in risk and uncertainty, but yields great rewards with smart decision-making.
- What have been the keys to your success?
I attribute my success to a positive and faithful mindset. I believe that success in business (and many other things) starts with what you believe you can accomplish. I am truly confident in my abilities, and I believe that everything that I want to achieve is within my power and control. It may not be easy, but the outcome is up to me. Pursuing entrepreneurship can be both risky and scary, but having a positive and faithful mindset gets me through the challenging times and helps me to achieve my goals with few worries.
I actually have 8 keys to entrepreneurial success that I often share with my audience: (1) have a positive and faithful mindset, (2) invest in yourself, (3) keep expenses low, (4) self-educate, (5) plan your next moves, (6) be great at what you do, (7) provide excellent customer/client service, and (8) be extra (meaning, exceed expectations by doing what others are not doing).
- What advice would you give to upcoming entrepreneurs?
In addition to my Eight Keys to Entrepreneurial Success, first, I would say start planning now! Planning to start a business is a marathon, not a sprint. The earlier you start planning, the more confident you will be when it is time to launch. Second, start building your online brand for the type of business that you want to start. Whether that is managing your own blog that shares articles about the industry you plan to be in or having your social media accounts share information about that industry, it is important for people to see that you are a leader in that field. That way, when you actually start your business, it won’t seem like you’re a rookie in the industry. Third, build relationships. Develop genuine relationships with people who you can mutually benefit from in the future. When building relationships, don’t ask for anything until about a year after you’ve been developing a relationship. That shows, that you’re not just speaking with that person for what you can get from them, but you’re interested in a long-lasting relationship. They will turn into people that you can get advice from later on when you start your business and people who can connect you with others to increase your network.
- Why should law students consider practicing entrepreneurship law?
I would say only consider practicing entrepreneurship law if you have a passion for entrepreneurship. Entrepreneurship law is different than the normal business law. In entrepreneurship law, per my personal definition, you have to understand the mind of an entrepreneur and truly care about people reaching their goals and having more fulfilled lives. I would also say that entrepreneurship law would be best practiced by lawyers who are entrepreneurs themselves. Despite the name, entrepreneurship law is more than just the legal aspects of business. It also requires empathy for the risks of business and the ability to develop a genuine connection with your clients and be truly understanding of their entrepreneurial journey.