Blog Post

blog-post
June 20, 2020 Mining Admin

How to overcome the risks for your startups ( the biggest risk is not taking risk)

A Good Read about the article from Founders Institute.

3 Steps that lead to risks that many startups fail..

1. Ensuring the validity of customers problems / assumptions.

2. Ensuring these problems represent a monitizable pain.

3. Ensure that you have the path or can build a path to the customers channels.

4. Gain the business knowledge expertise ..

I liked the final thoughts of discussion that many of us dont want to leave our comfort zone and take any risk..

Biggest risk for a startup to fail is not willing to take any risk-- Quote from Mark Zukerburg -

"Risk comes from not knowing what you're doing." - Warren Buffett

There are a multitude of risks that come along with launching a tech startup. When you take your first step on the path of entrepreneurship, not only do you have to invest your own personal funds in the venture, but you must sacrifice your family, social, and work life to build your dream company. This is a lot to put on the line for something that may fail before even getting off the ground.

While there is no surefire way to found a successful risk-free startup, there are plenty of ways to help you identify and remove many of the risks that face your company. Taken from top industry experts, this blog post is full of startup tips and tricks to help give you peace of mind as you launch your venture.

What Are Your Business Assumptions?

The first step to identifying and eliminating the risks your startup faces is to lay out your business assumptions, which will serve as the foundation of your business plan. According to Inc.com, "An assumption is a statement that is presumed to be true without concrete evidence to support it. In the business world, assumptions are used in a wide variety of situations to enable companies to plan and make decisions in the face of uncertainty."

While it may be easy to gloss over the importance of carefully listing out your assumptions, taking the time to do so will greatly affect the future of your startup. In the Ivey Business Journal article, “Strategic Assumptions: The Essential (and Missing) Element of Your Strategic Plan,” Mark Hollingworth posits that assumptions reflect the vision, strategic map, and performance targets of a business, and are vital to the success of your company.

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