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Thu, November 1, 2018

My Entrepreneurial Journey: Part 7

Risk and How to Deal with It

Every Entrepreneur is taking a big leap of faith when opening their own business. Ultimately, you never know how your product/service will be received by its target audience. However, you can minimize the risk you are taking by putting your business model on a “road-test”. By researching your competitors; interviewing members of your target audience, and evaluating current and possibly future market trends, you can get valuable insight into not only the minds of your customers but also the market/industry you are dealing with. Careful preparation truly is the key to success and can prevent you from making unnecessary, costly, and nerve wracking mistakes. Being the passionate person that I am, it is hard for me not to get excited and fall in love with a business idea and consequently become a victim of building a business purely of assumptions. IF you are anything like me, take a deep breath, get objective feedback from a third party, and do whatever you can to minimize the risk involved. Other than that, I can only recommend accepting and embrace uncertainty – simply because there is no way around it.