Caitlin Saenz is the InsurTech Leader at CoverHound Insurance Solutions. She is an intrapreneur, speaker, writer, problem philosopher, Grit coach, and she supports small businesses in their growth and scale journey through insurance.

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Cover Hound – Visit and add resilience to your business plan!

3 Value Bombs

1) Success often requires sacrifices, whether they involve time, energy, or resources. Sacrifices are inherent in the journey to success, and they can take various forms for different individuals.

2) It is about not always knowing what to do with it and doing your best to manage it. But if you let uncertainty paralyze you, it can harm your business.

3) It is about staying resilient and making the best of the situation.

Show Notes

**Click the time stamp to jump directly to that point in the episode.

Today’s Audio MASTERCLASS: Navigating Entrepreneurship’s Unexpected Challenges with Caitlin Saenz

[1:33] – Caitlin shares some things she believes about becoming successful that most people disagree with.

She believes that success often requires sacrifices, whether they involve time, energy, or resources. Sacrifices are inherent in the journey to success, and they can take various forms for different individuals

[2:38] – What is keeping small business owners up at night?

If you were to ask people, you would hear a range of concerns, but it all boils down to one thing: uncertainty.
They worry about what lies ahead, potential obstacles, supplies, or laws affecting their business. It is the uncertainty that keeps them up at night.

[3:13] – What would you say the word “uncertainty” means to you?

Uncertainty is that unsettling feeling of not knowing what is ahead, and not having control over parts of your entrepreneurial journey or life.
It is about not always knowing what to do with it and doing your best to manage it. But if you let uncertainty paralyze you, it can harm your business.

[3:45] – How can you better manage uncertainty?

At its core, it is about mindset first and foremost. Then, it is about managing risks, which applies both in life and business.
When facing uncertainty, it is crucial to assess your mindset. Is it paralyzing you, or can you learn to navigate through it?
- Each person’s approach is unique. Employing risk management strategies can help ease uncertainty.
- It is like choosing whether to be uncertain about 100 things or only 50, and most would prefer fewer uncertainties to handle.

[4:53] – Caitlin gives some examples.

Caitlin runs a tech brokerage firm that was acquired almost four years ago. Post-acquisition, there was a lot of uncertainty about layoffs, changes in the business, or even closure. Dealing with this uncertainty, mindset is crucial.
One option is to dwell on the negatives and worry about what might go wrong. Another is to focus on one’s value, capabilities, and network, and keep moving forward confidently, regardless of uncertainties.
It is about staying resilient and making the best of the situation.

[6:07] – Caitlin defines Grit.

Caitlin’s favorite word is “grit,” which she sees as essential in both business and life.
She defines grit as a combination of four key elements: goals, resiliency, intuition, and tenacity.
Each component contributes to grit, and together they help individuals navigate challenges and maintain the right mindset to persevere.

[7:10] – Caitlin talks about the role Grit plays in entrepreneurship.

Grit is the key ingredient for success. It is what helps you navigate challenges and setbacks, allowing you to persevere when things get tough. Without grit, even the best ideas, networks, and marketing strategies can fall short.
For example, Caitlin’s husband’s woodworking business.
- When he faced setbacks like skyrocketing lumber prices and uncertain market demand, his grit kept him going.
- He stayed focused on his goals, remained resilient in the face of obstacles, trusted his intuition about his product’s potential, and maintained the tenacity to keep pushing forward.
That is the role grit plays—it is the difference between giving up and finding a way to succeed, no matter the challenges.

[9:41] – A timeout to thank our sponsors!

HubSpot: Stop spending more time managing tools than connecting with prospects and customers. HubSpot’s customer platform is a smoother, more effective way to grow! Visit HubSpot.com to learn more!
ThriveTime Show: Want to meet me, JLD?! Attend Clay Clark’s 2-Day Interactive Business Workshop & meet me – JLD – Tim Tebow, & Clay Clark this June! Learn More & Request Your Ticket At ThrivetimeShow.com/EOFire!
BetterHelp: This episode is sponsored by BetterHelp. Give online therapy a try at BetterHelp.com/fire and get on your way to being your best self.

[13:16] – Caitlin shares another situation where she has seen grit play a major role in someone’s journey as an entrepreneur.

A client who owns a small independent bookstore. One day, a car drove right through the store, damaging a big chunk of their inventory, around 20%. This was a huge setback. Imagine pouring your savings and retirement into opening a bookstore, finally getting it to the brink of profitability, and then boom, a car wrecks the place.
It is a moment where most people might think, “Is this even worth it?” But instead of giving up, this client showed incredible grit. They tapped into resources like a charitable organization that helps bookstores in need. Additionally, they had good insurance coverage, including for business interruption.
Instead of throwing in the towel, they made a plan, stayed resilient, and guess what? They are thriving now, even thinking about expanding to a second location with a café. It’s inspiring to see how grit can turn a disaster into success.

[15:51] – Caitlin talks about how both risks and insurance needs are different for start-ups compared to small businesses that are on their scale journey.

Navigating risk management and the role of grit can feel like walking a tightrope, especially for startups or those aiming to scale up. In the startup phase, grit means pushing through the unknowns and challenges, like securing funding, finding your market, and dealing with unexpected setbacks.
Insurance becomes a safety net, ensuring that a flood in the garage or other disasters does not spell the end. It is about keeping the business afloat so it can grow and scale. As you move into growth and scale, new challenges arise. You might be expanding production, entering new markets, or taking on more staff.
Without careful risk management, these growth phases can be risky, like leasing a new building without proper insurance coverage.
Whether you are just starting or aiming for expansion, understanding, and managing risks is crucial for success.

[18:58] – Caitlin shares how can you address entrepreneurs who are not utilizing insurance properly.

Insurance can be a headache to deal with, and sometimes it is just easier to avoid than to face head-on.
For example, a client whose business has grown rapidly, yet their insurance policy has not kept up. Their broker is unresponsive, leaving them with a big risk exposure. It is a common problem: when your partner is not meeting your needs, you start looking elsewhere.
Having the right insurance partner is crucial. They should make it easy for you to update your coverage as your business evolves. But as business owners, we also need to know when to stay engaged and proactive. It’s easy to overlook insurance when you’re focused on growth and survival.
That is why they offer resources and support to help our clients stay on top of their coverage. There is a need to work together to ensure that small businesses get the support they need from the insurance industry.

[22:28] – Caitlin gives her call to action.

Cover Hound – Visit and add resilience to your business plan!

[23:14] – Thank you to our Sponsors!

HubSpot: Stop spending more time managing tools than connecting with prospects and customers. HubSpot’s customer platform is a smoother, more effective way to grow! Visit HubSpot.com to learn more!
ThriveTime Show: Want to meet me, JLD?! Attend Clay Clark’s 2-Day Interactive Business Workshop & meet me – JLD – Tim Tebow, & Clay Clark this June! Learn More & Request Your Ticket At ThrivetimeShow.com/EOFire!

Killer Resources!

1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!

2) Free Podcast Course: Learn from JLD how to create and launch your podcast!

3) Podcasters’ Paradise: The #1 podcasting community in the world!

Navigating Entrepreneurship’s Unexpected Challenges with Caitlin Saenz

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