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Becoming an entrepreneur is full of risks because there are always risks when you are trying something new. But just because you are faced with risks on a regular basis doesn’t mean that you need to face them all at once or that you can’t be prepared. When you use your tools to prevent risk and keep it at a minimum, you can ensure that you and everyone you work with has room to experiment and innovate without hurting your business.
Limited Liability Structure
From the very earliest days of your business, you can start protecting it and decreasing the risk you are facing. The main way to do this is to make sure that you structure your business appropriately. The limited liability company or LLC is a great option that reduces the risk that you personally face if something goes wrong. That way, your business is liable for any mistakes that are made, rather than you personally. This can protect your assets and give you room to figure out what works for your business.
You also need to make sure that your business is properly insured against the various things that could potentially cause problems. Some kinds of insurance may be federally or locally mandated for businesses while other things are just a good idea. When purchasing insurance, try to take a holistic view of your company so you don’t miss any important areas for coverage. For example, cyber liability insurance is increasingly necessary in the event of data breaches, and many companies fail to invest in that kind of insurance.
One part of minimizing your risk as an entrepreneur is not taking risks that you can’t afford to have potentially fail. When you are first starting out, your risks will need to be smaller because your business won’t be as profitable. But as your business grows, you can increase the risks you are able to take. Just make sure that your risk is always within a manageable range that your business can recover from.
Risk taking is a big part of owning a business, but you don’t have to take on more risk than you can handle. As you carefully assess risks every step of the way you can make decisions that will improve your business. Think of risk as a way to make opportunities for your business, but remember to keep those risks within reason.
Check out this article for strategies to increase your sales this year!
Opposed to what some people may tell you, you don’t actually need a college degree to have a lucrative, successful career. There are many successful people out there who never graduated from college and have great careers and ZERO student loan debt. I, unfortunately, am not one of those people… But, here are three popular jobs that don’t require a college degree—and that are actually enjoyable and in high demand.
Every year, humankind is becoming more and more dependent on technology. Rather than traditional advertising, most businesses have gone completely online. Therefore, there are a lot of people who need help promoting their brand via social media and other online mediums. A digital marketer is someone who uses the internet to help businesses promote their services or products. So, if you have a knack for navigating various social media platforms, digital editing tools, etc., then becoming a digital marketer is a great way to go (and is in very high demand).
The need for buying and selling properties will never go away. In fact, it is an expanding, diversifying industry that could probably use someone with your skills and perspective if you are a critical thinker who can listen effectively and negotiate like a pro. Working in real estate is a very flexible job option. It allows you to work with a variety of people on a regular basis (which is great if you consider yourself a social person) and act as your own boss. To become a realtor, you need to get your real estate license. Each state has its own requirements for getting your real estate license. Therefore, be sure to do your research ahead of time on what requirements are necessary for your location.
Perhaps you enjoy watching reality crime shows (who doesn’t like murder porn, amirite?) and have always thought about being the one solving those crimes. You may even consider being a police officer to be an awesome job. But did you know that it could totally be the career for you—and you don’t even need a college degree! A career as a police officer is a dynamic and hands-on career where you get to help people. There is a lot of growth potential too. In fact, after several years of experience as a police officer, you may have the option of becoming a police detective.
These days, more and more people are realizing that a postsecondary degree from a traditional educational institution is not enough to land a successful career. Many employers are preferring experience to education instead. So, don’t fret if you don’t have a degree. There are plenty of great options for you without one!
Check out this article on how to reduce the risks of business!