As excited as I was at the beginning about the possible upside to my income potential, I was equally scared when my business got sued and I realized they could take all my current and future assets.
“How much money can I make” is a question that may come to your mind when contemplating which career path to choose. In a corporate job, the amount you earn in your job has a floor (thanks to minimum wage requirements). So if you do take a tumble, there’s a safety net waiting to hug you. But even if you become the company CEO, you would still bump your head on the income ceiling at some point.
When it comes to making money in your business, the sky is the limit! And while you may be dreaming about flying around in the income clouds, it’s a wakeup call when you realize that if things don’t go the way you plan, there is no bottom floor. In fact, there is no bottom at all.
And to make matters worse, if you find yourself falling into the bottomless pit, your personal assets can be seized, you could lose everything you have, and bankruptcy can ruin your chances to fund anything, including a mortgage, in the future.
Related Article: Advice for Entrepreneurs: How to Get Your Business Off the Ground
These facts are a great incentive to plan for success. Knowing and acknowledging the risks increases your chance of startup success.
Key Startup Lesson: Aim for the sky, but protect yourself through legal and tax entities.
Was money a motivating factor in your entrepreneurial journey? Let us know in the comments below.