A recent survey of 501 small business owners across the United States reveals the challenges they face in today’s business environment. The survey, conducted by ERGO NEXT, found that 58% of new entrepreneurs say their business has felt at risk of failure during their first 12 months, with 44% of new business owners worrying about unexpected issues and risk of closure at least once per week.

Risks and Challenges

The survey highlights the risks and challenges that small business owners face, including economic downturn or inflation, which is a top concern for nearly half of all entrepreneurs. Additionally, the rise of digital businesses has introduced new risks, such as cyber threats and regulatory compliance issues.

Despite these challenges, small business owners remain optimistic, with 50% of entrepreneurs saying they are very confident they will still be in business in five years. The survey also found that 77% of entrepreneurs have become more proactive at identifying and managing risks as their company has matured.

Insurance and Risk Management

Insurance is a key aspect of risk management for small business owners, with 43% of entrepreneurs citing understanding what insurance coverage they need as something they wish they had done earlier to better protect their business. The right protections can help entrepreneurs weather unexpected challenges without jeopardizing their business goals or personal financial security.

Original reporting: KRDO (Colorado Springs metro) — read the source article.