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We‘re now going to turn to the final key component of entrepreneurship we will cover in this course, namely risk.
I‘m sure you‘ve heard the adage, no risk, no reward. And, indeed, no real entrepreneurship is without risk. This is another thing you need to juggle.
But risk can be managed. And a first step in managing risk is identifying the risks that you could face. What risks are you likely to encounter during the first year of operations? How about the second year?
Let‘s talk about some typical types of risks.
Will the product or service perform as expected?
Will the market value the product or service as expected? Will sales take longer than expected to achieve?
Who will be threatened by your business? How could they react to your entry on the market?
What changes in social trends or legislation could negatively impact your business?
How might advances in technology impact your business?
What if your team or pool of employees is not able to meet demand?
Once you‘ve identified the risks you need to consider how these specific risks could be mitigated. It‘s best to have identified practical and realistic steps that need to be taken in response to a specific risk long before the panic hits.