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Passion drives small business owners to take calculated risks – study

June 11, 2019 / Duffie Osental

Owners of small businesses that began as side hustles are comfortable with calculated risks because their zeal for entrepreneurship outweighs their fear of failure – however, more than a quarter don’t have insurance on their businesses, exposing them to considerable risk. Global specialist insurer Hiscox surveyed 400 small businesses that first began as side hustles. These entrepreneurs said that fulfilling a dream of starting their own business (30%) and wanting to follow a passion (24%) were the top motivators, leading three out of 10 respondents to embrace the unknown by starting a side hustle in an industry completely unrelated to their full-time field.