COMPETITION: Most businesses have competition. How will your business differ in significant and positive ways from your competition? If your competition is strong, don't minimize that fact, but figure out ways you will adjust to or use that strength. For example, if you plan to open a restaurant next to an extremely popular one, part of your strategy might be to cater to the overflow. Another might be to open on days or evenings when the other restaurant is closed.
PIONEERING: If you anticipate no direct competition, your business probably involves selling a new product or service, or one that is new to your area. How will you avoid going broke trying to develop a market?
CYCLES AND TRENDS: Many businesses have cycles of growth and decline often based on outside factors such as taste, trends or technology. What is your forecast of the cycles and trends in your business? For example, if your forecast tells you that the new electronic product you plan to manufacture may decline in three years when the market is saturated, can you earn enough money in the meantime to make the venture worthwhile?
SLOW TIMES: Every business experiences ups and downs. Is your business small and simple enough, or capitalized adequately enough, to ride out slow times? Or do you have some other strategy, such as staying open long hours in the busy season and closing during times of the year when business is ?
OWNERS EXPERTISE: Nobody knows everything. How do you plan to compensate for the knowledge you're short on? Write your risk analysis by first thinking of the main dangers your business faces. This shouldn't be hard, as you have probably been concerned about them for some time. Some of these may be on the list set out above; others will be unique to your business. Once you have identified the principal risks facing your business, write out a plan to counter each. But don't bog yourself down worrying about all sorts of unlikely disasters
Report Kenneth's answer
Fear of succeeding in business. Taking risks
Report Enisan's answer
HOW TO SAVE YOUR START-UP BUSINESS FROM FOLDING UP AFTER FEW YEARS OF OPERATION .
It has come to remain a mystery surrounding the world of entrepreneurs why SMEs seem to usually wind up after few years of operation despite the many efforts they keep making daily .In my little experience as a starter and research these are but a few observation and advice I would recommend to any Startup business owner or if you are yet to start.
General RULE : Entrepreneurship is not for the comforted, just don't venture if you are somebody who enjoys being comfortable .
1.The business at all times must always be a SEPARATE ENTITY ,meaning that it is separate from its owners .so for example if you own a provision shop ,you can not just remove a toffee for your crying baby to stop him from crying because you are the owner of the shop .Its a No.the small small items taken out of the business as gift can cause a great sink .
2.As much as you can,try not to do business with a family member .Experience and studies has revealed that familiarities breeds contempt.the more you are related ,taking business decisions in the midst of family issues becomes hard to do as the parties would always want to satisfy their relationship bond first .
- All customers are equal, there is no customer who is more equal than others. You must never treat a customer special from others .let this sink deep like a song into your heart .whether black,white ,tall,short, fat skinny ,all are the same once they are buying the same item with same money .
4.Avoid credit sale to family members,friends and acquaintances, these people can kill your business within the twinkle of an eye .need not say more !
5.Do not mix business with pleasure ,always remember that you have a target to achieve .once you start enjoying your proceeds ,it's like you plucking a raw mango to eat before it gets ripe.
6.Your mind ,body and soul must always be with your business .never get it wrong by saying after all " I have employed people so they will do what I want" .No the business is for you and you only ,employees work for pay not for your business so you have to always be in one mindset with your employees to get things going the way you want .
7.Know how to manage people .Human resource management plays a very pivotal role in every business .make sure your employees are comfortable. Even when there seems not to be profits but try to motivate and encourage them to work hard ,a right mind produces good results but wrong mind gives bad results .
8.Be innovative in your business ,any business that has nothing new to offer ,its existence is superfluous .at anytime you should always remember that there are thousands plus one competitors out there .so you must add value to whatever product or service you are offering to be different from your competitors .do I need to ask why Apple iPhone is always in completion with Samsung ?
9.Stay in line with your business plan ,never divert or Lose focus .that is the driving force of your business .it shows you the direction ,the next step to take .
10.Customers are always right .No matter what they are always right ,they have legs .it means they have choices to make so if you don't listen to their demand sooner or later they will walk out of your business and you will be avoided like a piece of plaque .
Report Nana's answer
I agree with all the support offered, but one point that I would add is when you are setting your goals make sure that they are achievable. For example, if your goal is to make $100,000 by the end of the year and you have no idea how to make the first $500. You have already set yourself up for a path of frustration and disappointments.
Report John M.'s answer
The most and common issue that entrepreneurs facing today is fear and lack of endurance.
The fear in them always told them to stop trying, and they come to forget that trying makes things perfect.
For success in business or any other goal to come through you must overcome fear and have endurance.
How to tackle the two points I mentioned can be seen in the link below https://www.Zubeeysthumb.blogspot.com Hope you got value?
Report ZUBAIRU's answer
It is a very well known fact that running a business is not easy mainly because of the risk factors involved in it. The ever changing scenario puts a lot of pressure on entrepreneurs to improve their skills and battle risks at the same time. It must be understood that risk is a part of a business. It cannot be completely removed. However, every entrepreneur should take measures to minimize the damage. The key lies in being careful and making decisions with care.
Report Mehnaz's answer
Can I have a mentor assigned to me or do I just chose one
Report Maryjane's answer
Please see https://www.micromentor.org/question/4550
Report Kenneth's answer
Too many risks are there just one thing consider patience and hard work and silently carry on. ups and downs are part of it. just carry on with hard work and patience. finally you'll be succeeded.
Report AHMAD's answer
A piece of good advice I learned before I had started my business is to have enough savings to pay your personal bills for at least one year. You should calculate your expenses assuming no revenue for 1-3 years and have that in savings as well. If you succeed in producing your product / service and selling it at profit, it will not be a problem sustaining your saved cushion-for-a-rainy-day. If you do not succeed in sustaining your savings then you know that you need to quit your startup and get a job.
Report elizabeth's answer
Making the jump to business ownership is a big commitment. Risks can include your wealth, health,and just over all daily lifestyle. If it were easy, everyone would own their own business and be successful with little stress. Take the time and attack this move strategically.
Report Jesse's answer
Failure or success. Being an entrepreneur has to be your passion. You have to be willing to work through challenges even when it seems impossible. That is the reward. Being successful is also the joy of having satisfaction in the time you spent into your business coming to fruition. If you have a passion for your business and you are willing to put in long hours, it is worth it.
Report Antoinette's answer
Wow! This can be one particular of the most useful blogs We have ever arrive across on this subject. Actually Magnificent. I am also an expert in this topic therefore I can understand your hard work.
Report duasinislam's answer
The risks are great - in that you risk 1. Time - building a small business is time consuming - even more so that you ever imagined. 2 Financial Resources - there is no such thing a perfect conditions and I doubt it you will ever have everything (money) you believe you need to start/maintain your business, but start with what you have. Provision is along the way 3. Self - you will find that you give so much to the business that you might lose yourself in the process. I think the other thing that you have to ask is WHAT ARE THE REWARDS - because I found that the REWARD outweighed the Risks. I found myself - my true self. After 19 years of working in corporate America and being told how good I was, I put it to the test and started my own business. I found out that yes I was good - at certain things, but the REWARD was finding NEW THINGS i was good at. Endurance, Faith, Trust, Perseverance, Resilience and being able to share a vision with others. These are attributes that are not often easily identified when working for someone else, but quickly become visible when you are the owner of the business.
Report Michael's answer
Another role for an accountant is managing risks.
Business risk associated with the business itself - i.e. the success or failure of the business. Entrepreneur risk is different, they are attached to the entrepreneur.
If the success and failure of the business is the business risk, the consequences that impact the entrepreneur are the risks for an entrepreneur.
We can try to list a whole lot of risks in the entrepreneur, but an easy way out is to compare with the "opportunity cost" of putting effort/ time/ money in running a business. If there is a risk that the outcomes of the business produce lesser than your opportunity cost - then it is the risk.
example: "risk of making lesser than putting money in the bank + social quality + personal quality time + etc"
Report Quek's answer
Entrepreneurship itself is synonymous with risk.
Just as much as possible have a growth mentality - embrace failure as a channel to the progress you desire.
If you must succeed as an entrepreneur you must be innovative and innovative requires being ready to try new things or try old things in new ways. And this doesn't, all the time work out as planned in the first trial. So as an entrepreneur don't ask how do avoid risks, rather ask how do I utilize them - that is the growth mentality for greatness
Report Thom's answer
The only risk is letting yourself down if you don't try.
Report Divine's answer
The greatest risk is fear. -Many ideas never grow due to fear. -In global approach to risk Unrealistic prices will keep your business off the target.
Report James Prince's answer
Familiarity Traits: Family and friends relationships which has been in existing for so long affects a potential entrepreneur.
Risk of not able to identify oneself: The risk that an entrepreneur is unable to identify his passion therevy struggling with life choices
Report Confidence's answer
Well for a start there are many risks in entrepreneurship. The biggest risk I would say is - Uncertainty. The fear of the unknown has stopped many from actually pursuing it. but, Uncertainty is one part of the equation here, next would be the Mindset of the enterprener. To succeed in entrepreneurship, an entrepreneur must learn to identify opportunities and have skills navigating through the market. It takes the right mindset to navigate through the uncertain.