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:
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Understanding the inherent risk of entrepreneurship
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How many of us are learning the hard way about building a business savings
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Why profitability is your buffer for risk
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How your salary affects the level of risk in your business
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Why you need to better mitigate risk the bigger your business becomes
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Why we think business insurance is mandatory as soon as you can afford it
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Why ignoring your numbers dramatically increases your risk
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How to move forward in a time of uncertainty
