A great saying by Drew Barrymore ~
If you don’t take risks, you’ll have a wasted soul.
A Businessman who doesn’t take any risk, gets no reward. All risks are not same and can be calculated to improve company’s growth, flow of money, and to calculate the risks of failure.
There are two types of Risks :
- 1) Good Risk
- 2) Bad Risk
Now the main challenge is how to avoid bad risks, while briskly managing the agile risks. No business assures for success nor gives any assurance, but one can be rewarded to learn from experienced entrepreneurs and business gurus of their world.
Let’s have a look on how Entrepreneurs vigorously manage smart risks in there setup days:
- # Developing Fun technologies is good but rather focus on customer problem– Nobody wants to solve problems and thus are investors in the same lists. They hate finding solutions for a problem, on account of high possibility of no customers. But what if a customers problem is genuin and large, then you can calculate the risks factor eventualy leading in the quality of your solution,your team and so Marketing. Thus a right resource can diminish these risks.
- # For maintaining company’s growth Frequent updates to your solution should be scheduled– After competitors kill your staker and you still assume that you can promptly rescue? WAIT YOU ARE NOT PLAYING IT SMART. Before your customers gives you negative response, and makes you shiver, you need to plan timely extinction of your own offerings, with continuous novelty. Once your image loose luster, it’s difficult to recover from it.
- # Rather than tricking at one pony, build a plan to deliver a family of products– To stick on Top-lists of competitors is not easy as it looks. If you plan to make only one product, that may not keep you ahead of the competition for long. Play a smarter risks and build the product-line and see you are ahead of all.
- # A modern real business model should be implemented– Like Twitter and Facebook which provides you everything for free and growing users to the maximum for years, is a high risk approach requiring deep pockets. With freemium pricing and subscription, one can manage risks.
- # For Growth acceleration find a strategic companion– Who do not wants to kill every competition in sight a to forge ahead all alone. A manageable risks is finding win-win deals rather a battle with one winner.