TBL Episode 73: What COVID-19 is teaching entrepreneurs about financial risk
Apr 06, 2020•26 min•Transcript available on Metacast Episode description
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
