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Managing risk is not an easy feat in any company. One big decision can make or break an entire business' success. When considering entrepreneurship especially, you run the risk of overlooking key priorities that could leave a mess you don't want to deal with.
Familiarize yourself with the following start-up killers. Manage risk early and often!
One way to manage your market risk is to throw any concept of perfection out the car window and watch it fly away in the wind. Always improve your product and never think of it as “finished.” Keep updating and challenging whatever model of your product you are using.
Prepare for this by continuously asking yourself and your trusted advisors what others might do to try to beat you. Always protect your main objective and have enough room to move forward with new ideas, and advances before your opponent.
Many start-ups forget about the risks of putting legal and regulatory on the bottom of their to-do lists. Disputes arising from poorly structured agreements, lawsuits filed by a competitor alleging misappropriation of trade secrets, or general tax complications are all possibilities. Those, and more.
Next, HIRE ATTORNEYS. There are so many ways to manage online contracts and digital legal, affordably, that it almost leaves no excuse to slack in this category.
Make sure you’re executing. A lot of technology and operational risks in start-ups have to do with getting the job done:
Find Cloud service providers that others have used. Search for success stories.
Once your business is up and running, has a few loyal customers, and is beginning to turn even a tiny profit, raising funds isn’t over. Financial risks continue more and more depending on the cost of your raw materials, paying your employees, and growing your product as your business matures.
You need people to run a business. They are the most vital and most unpredictable variable in the success of a start-up. When building your team, take it seriously. Each person you bring on board is an investment.
Someone causing unnecessary conflict or clouding the company vision? Fix it before it becomes toxic and slows your roll.
Identifying the start-up killers and managing risk early on, however, can make a huge difference!
"Desire is the key to motivation, but it’s determination and commitment to an unrelenting pursuit of your goal — a commitment to excellence — that will enable you to attain the success you seek". — Mario Andretti
Read the full article that inspired this post here.