Author: Martin Zwilling, CEO.
Original article:. http://www. examiner. com / startup-business-in-national / ten-risks-every-entrepreneur-should-take.
Ten risks that every entrepreneur must go.
Many entrepreneurs think that the risk - these are ... Reason as - primitive and wrong. In fact, some of the risks - the good, and they need to go for growth and competitive advantage, while the remaining risks need to completely eliminate the bad.
Traditional risk management focuses exclusively on the bad risks and losses to which they may lead. But if you want to achieve growth and profitability, you have to go to strategic risk, that is, deliberately take risks, to initiate the growth or achieve competitive advantage.
In fact, the essence of entrepreneurship and is to go to strategic risk, while minimizing other risks. Here are a few examples of the ...
Create an innovative solution to the problem of painful for users. The risk may be very large, if your solution does not work, or if its price is more painful than the problem itself. Assume that once a product you like, it will appeal to all, or expect that you will do the rest of the existing solution is cheaper - it is bad risks.
Plan to replace your product better and cheaper. Perhaps more companies failed in order to avoid this risk, than any other. If current product is making money, it seems that the crowd is a bad risk. However, new technologies can suddenly strike at him, as the market dynamics are constantly changing and you need to expand their capabilities.
Build a dynamic product line, not a product. Adding each new product you increase your chances to offer the best functionality and quality.
Implement a new business model. Today, software as a service (Software as a Serveice, SaaS) order pushed the traditional model of software licensing, but to propose a model for the first time the company was SalesForce. com strategic risk. Proactively implement new business models such as subscriptions or ...
Skooperiruytes with a competitor. Use the ... When you create value and trust, the strategic partnership could lead to new transactions, as well as to finance.
Plan your marketing costs. It's a bad risk - rely only on advertising, ... In our time, to earn the money necessary to spend money. Of course, you need to work hard over the correct choice of means of communication and the costs and benefits.
Build your team with the best of the best. Good people are expensive, and hard to find, which adds to the risk of your startup, but it is - a strategic risk. To reduce the risk by hiring cheaper employees or relying on family members - this is a bad risk.
Expect more on the financing in the minimum than the maximum. It is well-known paradox that startups refinance to reduce the risk, fail more often than under-funded. From a strategic point of view, the more you are able to make a little money, the more you grow. Solve all problems with money - it's a bad risk.
Be aggressive in their forecasts. Each investor would listen to ... These typically do not receive funding, and in any case they are derelict. Forecasts should be strategic, based on the capabilities and the degree of pain problems to be solved.
Be leaders, not followers. Leaders are always collecting cones, and the followers of risk is less. Entrepreneurs are trying to reduce the risk of following the leaders, creating new google or facebook, they see that they do not collect any bumps, no buyers.
The complexity of the strategic risks that they need to be proactive, measurable and manageable. How much time do you spend doing bad risks, rather than strategic initiatives? .
Translated for the blog. dennydov. blogspot. com.
Paul Altman. @ pavelaltman.
Permission is granted to copy this material, indicating a hyperlink to the source:. http://dennydov. blogspot. com /.
excellent article! These tips are very useful for future entrepreneurs. People who plan to start a business today should also follow the example of famous entrepreneurs like Donald Trump, Bill Gates or Yuri Mintskovsky. They are great role models for us!
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