Recessions and economic downturns | Potential losses |
Perceived gaps in your career history if you exit an industry where you have experience | Financial risk and uncertainty |
Potentially stressful and difficult | Potential for long hours and reduced personal time |
Navigating administrative tasks and red tape | Navigating regulations and regulatory change |
Navigating accounting, taxation and audits | Responsibility and accountability all falls back to you |
Dealing with customers and dissatisfied customers | Facing intensive competition |
Facing industry and technological disruption and change | Difficulty finding and retaining reliable and productive employees |
Difficulty obtaining financing and refinancing | Possibly less benefits as compared to working for a large firm or rather you need to find and fund all benefits yourself |
Possible difficulty securing insurance | High level of commitment and sacrifice |
Typically lacks the stability of working for a larger firm | Work-life balance challenges |
Difficulty taking time off | Risk of losing personal savings |
Possible personal liability | Possible loss of professional credibility if business fails |
Difficulty in achieving revenue and growth | Difficulty scaling operations |
Possibility of poor employee or partner performance | The responsibility for employees that you take on |
Difficulty in achieving market share for a new product or service | Difficulty in controlling cost |
Possibility of supply chain failures | Possibility of disputes with partners, suppliers, customers and competitors |
The pressure of meeting financial targets and commitments to investors | The large number of risks that typically face a business |
The possibility of business failure |
