Recommend Print

Leadership

Pretend you are going to be very sick

By The Taskmaster
Monday, 08 November 2010

The Taskmaster says get a risk assessmentStart-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.

 

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.

Comments (0)

Subscribe to this comment's feed

Write comment

You must be logged in to post a comment. Please register if you do not have an account yet.

busy
Invalid Input
 

Follow us

StartupSmart on Twitter StartupSmart on Facebook StartupSmart on LinkedIn

Subscribe to StartupSmart RSS feeds

Events


  • Manufacturing Resource Efficiency – A Forum for SMEs
    Discover how using your resources efficiently can lead to long term success for Australian manufacturers.   VECCI and Enterprise Connect would like to invite ...

  • Moving Upwards Business Series
    The Moving Upwards Business Series is a new business forum that allows you to share experience, ideas, tips, truth about having your own small business. The...

  • AIC Commercialisation Masterclass - Brisbane
    This intensive one day workshop will assist participants derive full value from their research. The Masterclass is designed for past Commercialisation...

  • B31: Ballarat Business Month
    B31: Ballarat Business Month – a month of dedicated small business events, workshops and seminars held in and around Ballarat – 1-31 August.   For up-to-date ...

  • Small Business Speedy Solutions
    Topline business tips in minutes. Mobile hubs showing short sharp videos on key small business issues and topics – metro Melbourne and regional Victoria t...

Sponsored Links

Our Partners