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Apr 6, 2020

What COVID-19 is teaching entrepreneurs about financial risk 

Being an entrepreneur is inherently risky.

I honestly don’t think you can be an entrepreneur without being comfortable taking risks. It’s the primary reason EVERYONE isn’t starting a business. What many business owners realize too late, unfortunately,  is that entrepreneurship is also about managing and mitigating that risk as much as possible. 

The COVID-19 situation is teaching us all a hard lesson about managing and mitigating risk right now, but I do believe it’s a lesson that will make us more responsible and steady business owners going forward.

So for this episode, we discuss:

  • Understanding the inherent risk of entrepreneurship

  • How many of us are learning the hard way about building a business savings

  • Why profitability is your buffer for risk

  • How your salary affects the level of risk in your business

  • Why you need to better mitigate risk the bigger your business becomes

  • Why we think business insurance is mandatory as soon as you can afford it

  • Why ignoring your numbers dramatically increases your risk

  • How to move forward in a time of uncertainty