Starting your own business is never easy, but learning as much as you can from other entrepreneurs always helps. Chris Andrasick, President & CEO of Tacit Knowledge, started his IT services company during the height of the market crash in 2002. At a time when IT services were looked at as a commodity and cheaper and faster was better, Chris knew that the market would eventually appreciate the human factor.
That’s where the name Tacit Knowledge came from. As businesses began to realize that not all IT services were created equal, Tacit Knowledge took on more clients. One client was an online retailer with thousands of transactions per day and a crashed system could mean millions in lost revenues. Chris knew that having errors and omissions insurance and general liability insurance would be his safety net if things went wrong. In fact, when you start dealing with larger companies, many businesses won’t even take you on unless you have liability insurance for your small business, since it’s just too risky for them if something goes wrong.
This video, sponsored by Hiscox, is part of the ‘Think Big – Strategies to improve your small business’ on Fora.tv. There you will find a range of videos from leading entrepreneurs, business icons and small business owners sharing tips and ideas about how to make your business even better.
Be sure to subscribe to our blog and automatically receive the upcoming videos from this series and other valuable information for small businesses.