Individuals can make the decision to open their own company at any age. Whether an entrepreneur is experienced or fresh out of college, there are several factors to consider to ensure that the business has short- and long-term success.
For example, let's say that you are a small to medium-sized business owner in Arizona. No matter how niche your company may be, without the right Arizona business insurance policy—or set of policies—an unexpected event could be devastating to the organization. Anything from a natural disaster to vandalism could bring heavy fees that could put a serious dent in your personal pocket if you had to pay the charges yourself.
No matter how old you are, or how old your Arizona company is, the recovery process could be longer than expected. Any time that the business' doors are closed is less time that you are making money. How long can your organization maintain stability without being open?
However, recent research from Bank of America shows that younger entrepreneurs—those aged 18 to 34—are more likely to be optimistic when it comes to the future of the economy and their business. According to the bank's Spring Small Business Owner Report, 70 percent of Millennials expect increased revenue, while only 54 percent of entrepreneurs 35- to 50-years-old say the same.
Additionally, 70 percent of younger company leaders say they manage stress well, while just over half of 35- to 50-year olds can handle stress.
With that in mind though, the stress of repairing a damaged business could affect any entrepreneur. Partnering with commercial insurance specialists can ease some of that burden by finding the best Arizona business insurance policies for your company.