Recommended reading for entrepreneurs
 

 

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BIZEMPIRE
(South Africa)

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Helping you start and build your small business empire

Problem 2 - risk

Common Problem No. 2

“Too much risk in starting your own business?”

Yes we agree, but there are ways in limiting your risks.

  • Try and keep your existing job (if you have one) and start up small and in your spare time.
  • Keep your start up costs to an absolute minimum. (See our section on finance problems under question 5). Business failure happens most often within the first year. Rather start small and get a feel for the setup before expanding and committing more funds.
  • Limit your risks by trading as a company or cc and not as a sole proprietor (see our section on types of business structures). If your business fails you can limit some of your debts if they belong to the company rather than to you personally.
  • Read, ask, learn and read some more. Find out as much as you can about running a business. Knowledge is definitely power and there is plenty of information on small businesses out there (look at our book section for a place to start). Business is far less scary when you are armed with information.
  • Probably most important of all is to visit the business warriors site where you can learn about the common dangers of debt and how to protect yourself. You won’t believe how sinister some of these financial institutions can be.

 

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