Employee to Entrepreneur

Chapter 10

Minimising risk

In Part 1, we talked about your personal risk assessment in the context of changing your employment status. We now need to address risk from the point of view of your business.

Any business, new or old, is always subject to risks, many of which lie outside your direct control. The risks in a new business are higher; you have to establish and prove your plans in the marketplace and have little in the way of a financial cushion. Minimising the risk on your business is important for two reasons: it will promote the long-term success of your venture and it will protect the investment you have already made in both time ...