Business
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