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