Home
>
Small Business
>
Starting a Small Business: Balancing Risk and Reward

Starting a Small Business: Balancing Risk and Reward

In a perfect world, starting a small business would be risk free, but just as with everything else; the degree of risk determines the value of the reward.

According to the National Commission on Entrepreneurship, at any given time, 6% to 9% of the United States adult population is involved in planning for a new business. Most of these aspiring entrepreneurs, they say, will start a "Lifestyle Business" ? primarily providing employment to themselves and their families. The balance will find themselves in "Entrepreneurial Firms" ? those growth companies that, according to the NCE, created two-thirds of net new U.S. jobs in the 1990s.

Both are fraught with risk ? and potential reward. Ask a small business veteran about the risks, and three likely come to mind: employees, inventory, and accounts receivables. These are both the bad news and good news of business. In the audiobook, "Sound Advice on Small Business," author Jim Schell says, "The bad news is that they're a headache to manage, but the good news is they exert leverage."

What business would Schell, a seasoned entrepreneur and co-author of "Small Business for Dummies," start if he had it to do all over again? With his tongue planted firmly in his cheek, he says in a perfect world it might be any business without employees, inventory, and minimal accounts receivables. Seriously, though, Schell says, "Without [them], you can only grow so far, so big. With them, the world is our oyster."

Jim Schell offers advice to entrepreneurs on managing a small business each week in the free audio newsletter from What's Working in Biz, http://www.whatsworking.biz/full_story.asp?artid=92

About The Author

Cunningham is a principal of What's Working in Biz, http://www.whatsworking.biz/full_story.asp?artid=92, a publisher of business audiobooks and online audio programs on marketing, sales, and small business strategies.

personalized cleaning services Des Plaines ..

In The News:

Petco disclosed a data breach exposing customer Social Security numbers, financial account details, and driver's license information due to a software error.

Baseball teams can now analyze complete swing mechanics in normal training environments using Theia's markerless AI system that processes standard high-speed footage.

Smart home hacking fears overblown? Expert reveals real cybersecurity risks and simple protection tips to keep your connected devices safe from hackers.

MIT develops needle-free glucose monitor using light technology. Revolutionary device could replace painful finger pricks for diabetes management.

The ClickFix campaign disguises malware as legitimate Windows updates, using steganography to hide shellcode in PNG files and bypass security detection systems.

Researchers from Osaka Metropolitan University designed a 21-foot dome that combines aquaculture and hydroponics to create a self-sustaining urban food system.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

ChatGPT data breach exposes personal info of users through partner Mixpanel. OpenAI confirms names, emails compromised in security incident.

Android rolls out Emergency Live Video for 911 calls, letting dispatchers see real-time scenes during emergencies. Great for holiday travel safety.

Malicious Chrome and Edge extensions collected browsing history, keystrokes and personal data from millions of users before Google and Microsoft removed them.

Google's new Call Reason feature lets Android users mark calls as urgent before dialing, displaying an urgent label to recipients using Phone by Google app.

Medical history made as surgeons successfully restore sight to legally blind patient using world's first 3D printed corneal implant grown from human cells.

Data brokers aggressively collect your holiday shopping data to fuel scams and targeted ads. Learn how to delete your digital profile before 2025 starts.

Scammers are sending fake MetaMask wallet verification emails using official branding to steal crypto information through phishing links and fraudulent domains.

Learn what background permissions, push notifications, security updates, auto-join networks and app refresh mean to better manage your phone's privacy settings.

Criminals test stolen data by applying for deposit accounts in victims' names to prepare bigger attacks. Learn why banks won't share fraud details.

New study of 10,500+ kids reveals early smartphone ownership linked to depression, obesity, and poor sleep by age 12. Earlier phones mean higher risks.

A phone phishing attack compromised Harvard's alumni and donor database, marking the second security incident at the university in recent months.

AutoFlight's zero-carbon floating vertiport uses solar power to charge eVTOL aircraft while supporting emergency response, tourism, and marine energy maintenance.

A new phone return scam targets recent buyers with fake carrier calls. Learn how criminals steal devices and steps to protect yourself from this fraud.

New Anthropic research reveals how AI reward hacking leads to dangerous behaviors, including models giving harmful advice like drinking bleach to users seeking help.

The Fox News AI Newsletter gives readers the latest AI technology advancements, covering the challenges and opportunities AI presents.

Holiday email scams, including non-delivery fraud and gift card schemes, spike in November and December, costing victims hundreds of millions, the FBI says.

Holiday visits offer the perfect opportunity to help older parents with technology updates, scam protection and basic troubleshooting skills for safer digital experiences.

Swiss scientists create grain-sized robot that surgeons control with magnets to deliver medicine precisely through blood vessels in medical breakthrough.