When a woman decides to step away from the security of a steady paycheck and quarterly bonuses to step into the terrifying world of entrepreneurship, one of the first things they do - once the excitement of running with an idea has leveled out a bit - is perform a risk assessment. You want to know what concerns are out there. You want to know what might threaten your business’ chance of survival so that you can put up the walls against them and see your business start to thrive. It makes total sense because being blindsided by something means having no plan of how to recover and that is where the big issues really lie.
So, without further ado, here are the biggest business concerns you need to pay special attention to before you leap into the deep end and start swimming, blissfully unaware of the sharks around you:
The Rising Cost Of Employee Benefits
This might come as a bit of a surprise, but it’s the soaring expectations of employee benefits that are keeping business owners up at night more than anything else. It’s a very modern problem, but businesses are acutely aware that they need to do more to attract and keep their top talent. It’s the unspoken worry that over 56% of entrepreneurs have said they panic about. That’s a lot of people.
Cyber Threats And Data Breaches
There’s no denying the overall concern surrounding cyber risks has declined over the past year or two, but it’s still up there, circling every entrepreneur, especially those that are new to the game because these are the most vulnerable. That’s why we recommend every startup goes out of their way to look into IT audits and risk assessment bits. It’s not just the threat of malicious attacks or cyber break-ins that are the worry either. It’s human error and system malfunctions that people are concerned with.
The Growing Threat of Legal Liability
Staying on the right side of the law is another big headache for new entrepreneurs, which is partly because they’ve never had to think about this sort of thing before and partly because we are living in an ever-growing litigious society. It’s everything from professional mistakes (including errors and omissions) to employee lawsuits that claim they’ve been subjected to discrimination, harassment, wrongful termination and lots of other employment-related claims.
Retaining Their Talented Employees
Once upon a time, people got a job, climbed the career ladder that was their companies structure and then retired forty years later. But this is no longer the case. The corporate ladder has been replaced by a lilypad system as people hop from job to job in search for the perfect gig, and this is playing on the minds of entrepreneurs because nothing costs more than high employee turnover. Hiring people costs a lot, training them costs a lot, and replacing them costs even more.
It’s a terrifying world, the entrepreneurial one, but knowing where the most threatening bites are lurking makes it a thousand times easier to succeed.
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