“In the world of entrepreneurship, many seek and few are chosen,” said Clark Kendall, President and CEO of wealth management firm Kendall Capital in Rockville, Maryland. “You have to go in with your eyes wide open to the risks.”
When it comes to your personal finances, the risks of starting a business can include losing some — if not all — of your savings, your income, and possibly your assets, if you’re not careful. There’s also opportunity risk.
“You could have worked for someone else and received a steady paycheck instead of risking starting a new business with unknown future revenue and income,” Kendall said.
That said, for the businesses that succeed, there’s also plenty of potential upside. But no matter how focused they are on the business, it’s important for small business owners to think about their personal finances as well. If you’re ready to join the growing…
