I always say that being an entrepreneur is not enough.
Yes, entrepreneurs are typically a fun, hearty, confident, enthusiastic bunch. That’s great, but not enough to sustain you in business. You have to be a businessperson, too.
By that I mean, not only do you need the aforementioned traits, but you need to have (or develop) business skills like money management, leadership and so on.
And part of that means being financially smart and thinking ahead.
Two recent things underscore this. First are Hurricanes Harvey and Irma. According to Moody Analytics, the estimated cost of rebuilding in Houston and Florida is expected to top $200 billion. Much of that is for destroyed or damaged small businesses.
The second is an upcoming survey that shows that many small business owners risk their business by being under-insured, especially as it relates to life insurance. The New York Life Small Business Insurance Gap survey (note — I do some work with the company) found that 38% don’t have enough protection to keep their businesses afloat in the event of the entrepreneur’s unexpected death.
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