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Entrepreneurship

Entrepreneurship. Mr. Bernstein Identifying Business Risks, pp 476-482, and Dealing with Risks, pp 483-489 June 3-4, 2014. Entrepreneurship Mr. Bernstein. Types of Risk Entrepreneurs Face Speculative Risk: Profit or Loss Product Market People Financial

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Entrepreneurship

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  1. Entrepreneurship Mr. Bernstein Identifying Business Risks, pp 476-482, and Dealing with Risks, pp 483-489 June 3-4, 2014

  2. EntrepreneurshipMr. Bernstein Types of Risk Entrepreneurs Face Speculative Risk: Profit or Loss Product Market People Financial Competitors Pure Risk

  3. EntrepreneurshipMr. Bernstein Types of Risk Entrepreneurs Face Pure Risk: Risk of Loss with no potential for upside Crime - Small Businesses 35x more likely to be victims than Large Businesses Employee Theft – “Shrinkage” > shoplifting Burglary, Robbery Credit Card fraud, bad checks Natural Disasters Fire Accidents and Injury

  4. EntrepreneurshipMr. Bernstein Insurable Risks Pure Risk Losses can be estimated Uninsurable Risks Economic conditions, Consumer Demand, Competitor Actions, Technology

  5. EntrepreneurshipMr. Bernstein Reducing Insurance Costs: Controllable Risks Can be reduced by actions (ie theft) Uncontrollable Risks Cannot affect with actions (ie weather)

  6. EntrepreneurshipMr. Bernstein Types of Insurance Available Property Insurance Business Interruption Insurance Liability Insurance Life Insurance Prepaid Legal Insurance Worker’s Compensation Flood (not usually included in Property Insurance)

  7. EntrepreneurshipMr. Bernstein How do you buy insurance? Online Insurance Agent Independent: Multiple Companies, Free to shop and compare Captive (Direct): Beholden to one company but knows their products very well

  8. EntrepreneurshipMr. Bernstein SBA Advice on Buying Insurance http://www.sba.gov/content/buying-insurance • Assess your Risks • Shop Around • Consider a Business Owner’s policy (bundled) • Find a Reputable, Licensed Agent • Assess Coverage on an Annual Basis

  9. EntrepreneurshipMr. Bernstein Workers Compensation Employers are required to purchase no-fault insurance Covers medical bills and lost wages Laws vary state by state

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