I had the privilege of being Umang’s stunt partner on our college dance (raas) team. We shared many hours of practice together on the University of Illinois Champaign Urbana campus, and also two victories in national competitions.
Now he has partnered up with another fellow Illini, Ashish Patel, 
and together they recently founded DP Legal, a Chicago based law firm specializing in corporate law, estate planning and real estate. Ashish and Umang are excited about their new venture, and were kind enough to share things they’ve learned from their experience for others who are thinking about forming or joining a start-up here. Read on for some pro bono tips:
What advice do you have for aspiring entrepreneurs?
- An idea is great, having a plan and executing is better.
When you enter the world of entrepreneurship, you quickly realize how many more entrepreneurs there are compared to even three years ago. Many more people are willing to take a risk on themselves and they all believe that their idea is the next Facebook. The problem many entrepreneurs face is that they haven’t come up with a plan to execute their idea. As the number of entrepreneurs increases, it is more important than ever that you have a goal in mind and a plan to get there. The days of relying on just a good idea are gone because even the most original ideas are facing increasing competition and scrutiny. Entrepreneurs who review a true case study of Facebook’s success understand that you can’t take shortcuts and making a profit may take a long time. Funding can’t be an exit strategy, but it has to be a part of the long-term plan. You also need to make sure to have a team that can execute and generate growth and not inhibit it.
- Network, then Network again, and Network some more.
Networking is the key to everything. It is the key to gaining more knowledge and building your community. It is the key to building a good team, finding investors, and even finding customers. We encourage college students and full time employees to take advantage of every networking opportunity. Don’t inhibit your networking by sticking to your comfort zone. You can infinitely expand your network and knowledge with exposure to people within and outside of your field.
- Know your market and the competition
There was a time just being a startup was a thing – all you needed as to have an idea that could sell. Now, just being a startup isn’t good enough. It is a world of data and technology. Knowing your market, or the share of the market you are catering to, as well as your nearest competitors market is crucial. The first things an angel investor or venture capitalist will ask you about are metrics and market validation, make sure you can backup your beliefs.
What 3 skills are needed to be a successful entrepreneur?
- Short memory: Everyone makes mistakes. A successful entrepreneur limits those mistakes and learns quickly from them when they do happen.
- Versatility and Agility: It is important that you are willing and able to constantly analyze your product and your market and adapt to changes in them quickly and effectively. If you are too rigid in your approach, you may miss out on opportunities and experiences that could really help your business grow.
- Being comfortable being uncomfortable: An inherent part of taking a risk is that you are, in some way, putting yourself out of your comfort zone. An entrepreneur must always be willing to take on some risk, so he or she must be comfortable in that position.
How do you define success?
While the definition of success if different for each person, our belief is that a successful company cannot plateau. Whether success means monetary gain or societal impact, you want to set aggressive but attainable goals and see tangible growth every day. When something isn’t working, you either fix it or move on. As soon as you become comfortable stagnating, your opportunities for success are going to begin shrinking.
What is your favorite aspect of being an entrepreneur?
Entrepreneurship has taught us to be more accountable to ourselves and learn to be comfortable taking risk. It has also allowed us to work with and learn from many individuals and companies that we would have never had access to as “employees.” If you are in a position to take risk, the experience of being an entrepreneur is invaluable. You will learn more about yourself professional and personally than you would in most traditional job – it is an amazing and humbling experience.
What do you like to do during your off hours?
As an entrepreneur, it will feel like there are very few non-work hours. However, it is important to force yourself to step away from your work occasionally and make time for the things that are important to you. Making time for things that are important to us, like family, friends, and personal health are things we try to get better about each day.
What is something people might not know about practicing law?
You aren’t always in court. Even the greatest litigators spend a considerable time outside of the courtroom. Even when you are in court, a lot of that time is spent doing things other than arguing a trial before a jury, contrary to what you see on TV.
What practice areas are you focused on?
Our firm handles both transactional and litigation matters with the following core practice areas:
- Corporate / Business Law – Entity formation, regulatory compliance, drafting contracts, litigating disputes, tax and business strategy
- Estate Planning–Creating wills, trusts, and powers of attorney
- Real Estate – Buy and sell transactions (contracts, closing, negotiation); Property tax appeals
About Ashish Patel and Umang Desai
Ashish and Umang are co-founders of DP Legal, LLC, a law firm focused on helping entrepreneurs and established business with their legal needs. DP Legal is focused on providing its clients a wide range of corporate services such as entity formation, contractual agreements, and drafting financing documents. DP Legal’s primary focus is helping their clients navigate corporate business transactions, strategize to find the optimal business structure to meet their corporate tax needs, and represent clients in litigation matters.