Start-up entrepreneurs like to dream. Some dream of fame and fortune, some dream of a 10 week vacation, some just dream of a weekend not thinking about work.
But the dreams are usually confined to happy, exciting things that involve lots of money. Most entrepreneurs don’t spend a lot time thinking about what might happen to their business is something went awfully wrong.
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Here’s a simple question – what would happen to your business if you suddenly became terribly ill and were unable to work for two months?
In big business, they call it key-person risk. High-priced risk consultants will come in and do an assessment of the business if it suddenly lost two or three people, and you can even buy insurance for that type of event.
In your business, an assessment like that is likely to be pretty quick – you’re the key person.
But it does pay to have a think about how your business would operate if you were incapacitated in some way, by illness or something else.
Could you bring in outside management, delegate certain tasks to existing staff or even give business to other companies in your sector? Or would you be forced to shut your doors for a period?
It’s vital risk assessment that all entrepreneurs should do, so get it done – today.