On the bone-chilling fateful night of April 14, 1912 the RMS Titanic began its fateful descent to the bottom of the north Atlantic Ocean only four days into its inaugural passage. The sinking took all but three hours and resulted in the death of 1,500 people, remaining the most infamous maritime startup failure in history. The ship’s catastrophic downfall resulted from poor planning and failing to heed to the cautionary orders of the coast guard. Unfortunately similar to the actions of most startups, was their failure to do an accurate risk assessment before setting sail and having poorly managed plans of evacuation.
Startups of all shapes and sizes are extremely vulnerable to many types of risks- from the insurable to the not-so insurable. Resembling the Titanic fiasco, many startups are subject to a quick and short-lived tenure. According to a U.S. Small Business Administration study, only 44% of surveyed small businesses lasted four years after leaving port and commencing operations.
To fully equip our supportive audience of small business owners and entrepreneurs, we’ve created A Risk Assessment Guide for Sailing Startups to reduce startup obstacles and increase survival rates. In this whitepaper, we’ll discuss the average success rates of startups and what types of hazards a nascent company is likely to face. You’ll find these common risks outlined in the guide:
- Market Risks
- Insurable Risks
- Financial Risks
- Management Risks
- Data Risks
The first step in a proper risk assessment is thoroughly understanding all possible damages you might face in starting your dream. Secondly, you’ll have to identify the risks with the highest probability of occurring and map out a plan. We’ll introduce you to the AXA Business Insurance online “Snakes and Ladders” game that provides an interactive approach to assessing your potential risks while allowing you to engage with your LinkedIn community.
Get your Risk Assessment Guide for Sailing Startups below, and embark to the unknown with the right preparation. Oh, and avoid those pesky icebergs.
Download the Whitepaper and Learn...
- Only 31% of startups survive over 7 years
- The ins and outs of insurable liabilities
- 4 types of financial uncertainties SMBs face
- How a LinkedIn tool can help you identify possible risks