13 Dec 2024 | News & Features

Managing Risk Wisely as a Young Entrepreneur

These days, owning a vehicle has become essential for many individuals, especially for those who are always on the go. Take Christian, for example. As a young entrepreneur in the paper distribution sector, he relies on his vehicle to support his business operations.

“Being an entrepreneur has been my dream since I was a kid. I want to follow in my parents’ footsteps. I’ve often watched them navigate the ups and downs of running a business. Considering all the challenges they faced to build their enterprise; it would be a shame not to continue developing their business legacy. That’s why I’ve been actively involved for the past few years,” Christian shares. Unlike many young people his age who choose to pursue careers or education outside the city or even abroad.

Although he has recently graduated from university, Christian has undergone many changes since becoming an entrepreneur. “One of the differences of being an entrepreneur is that I am now more careful about managing my time, energy, and finances. When I was in school, I was often unaware of the small details, but now everything feels more significant. In managing my responsibilities, I need to establish my financial priorities. One important lesson I learned is that many unexpected events contributed to my bloated budget. This taught me the value of having financial protection early on. That’s why I also ensure the safety of the assets that my family has worked hard to build. If anything happens, our assets and finances will still be secure,” Christian explains, referring specifically to their houses and vehicles.

For Christian, being able to travel in and out of the city often means that his house and cars are left unused. “Having protection gives me peace of mind when I leave my work or park my car. It’s not that I worry excessively; it’s more about being prudent. It’s like the saying goes, ‘Prepare an umbrella before it rains’,” he jokes. In addition to taking care of his belongings, he also makes sure that he and his family have health insurance.

Christian’s statement was based on an experience he had some time ago when his parked car was hit by a truck. “The damage was significant enough that I had to replace the door. Fortunately, I have insurance, so I just need to file a claim. The claim process is easy and fast. I use insurance fromBCAinsurance, so all I needed to do was call Halo BCA. Easy, right? I didn’t have to wait too long to get it repaired at the shop,” he explained.

From this experience, Christian shared some financial management tips for Gen Z, “My message is that life is full of surprises, and not everything is within our control. The good news is that we can prepare ourselves for the unexpected. One way to do this is by ensuring we protect ourselves, our families, and our assets. Having protection isn’t a burden; it’s a safety net. When unexpected events occur the insurance company can help alleviate the loss, allowing us to enjoy the assets we have worked hard to build.”

Want peace of mind knowing your car is protected just like Christian? Apply for car insurance at BCAinsurance by visiting the nearest BCA branch or clicking here for more information.