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What are the most common risks I, as a person who wants to start their ...

What are the most common risks I, as a person who wants to start their own business, might need to face?
Posted by Olivia Madsen on 1 year ago

Answers

At some point of your life, the idea to stop working for someone else and start your own business can become not only attractive, but also really life-changing. Not everyone is ready for this, but the benefits of running your own company are so significant that many people, after considering the possible risks, choose to give it a try and start their first business. Below are some of the risks (or, rather, complications) that many beginning businessmen and businesswomen face. - Most likely, you will need to invest nearly all of your savings in your business. If you dream of enjoying life while your company works for you - forget about it. You will have to spend all of your saved money, as well as the money your new business earns for you, on the further development and promotion of your enterprise. - Forget about weekends, holidays, and vacations. Your business will consume all of your free time, and you will most likely start wishing that there were at least 48 hours in a day. - No regular or guaranteed salaries anymore. As soon as you decided to quit your steady job and started a company, your income depends entirely on yourself. Forget about monthly paychecks: from now on, the money you earn is directly proportionate to the effort you put in your business. - It is important to note that the latter statement is not necessarily true: you can invest a gigantic amount of effort in your business with near-to-zero outcome. This is yet another risk a businessperson should realize. - You will need to learn how to trust people whom you do not know. Also, get prepared for the fact that sometimes your friends can be not the people you believed they were. Sometimes, a stranger can save your whole enterprise from a collapse, and a friend can suddenly betray you. - Along with your time, you will probably have to invest your health in your business. At least, sleepless nights and constant fatigue will become your new best friends for a rather long period of time.
Answered by Esteris  on Apr 23, 2016
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