Risks and entrepreneurship are like two peas in a pod: they go hand-in-hand together. The key is for the small business owner to anticipate the risks and understand what could possibly go wrong. It’s not always easy to do, but only by anticipating the things that could go wrong could the business owner properly plan for it.
So what could go wrong? Plenty! The toy you’ve designed may prove to be choking hazard, and your packaging did not properly state this resulting in a lawsuit from a customer.
It could be an employee stealing from your restaurant’s cash register. The workers of your landscaping business may have hit on the client’s underground water pipe, resulting in water damage to the property. Or horrors, your home office or store may catch fire, along with it all your inventory, equipment, supplies and data.
And then, there’s the mother of all risks: the business could fail. Despite your best efforts, the market may be too small or you simply do not have the resources needed to make the business work.
Watch the video to get ideas on how to reduce your risks when starting a business. Read the article How to Reduce Your Risks When Starting a Business