How Do I Deal With Risk When I Start My New Business?

by Norma Rist on July 25, 2010

Thank You mnchick23
Risk – How to Reduce It!

In planning your small business start-up, is the first thing you think about “what if I fail in my new business”?  Is security a priority for you?  Do you worry about how you will look if you start a new business and it does not succeed?  Women seem to worry more about failing than men usually do.  We are concerned that if the business fails it will look as though we failed.  Men seem to separate the small business from themselves; it was not the right time, there was too much competition, there was not enough capital.  If you are more on the side of concern and worrying about failure being personal, then planning for a success is really important to you.

Here are a series of things you can do to prepare for a new entrepreneurial venture and reduce your risk:
  1. Lighten your load
  2. Get support
  3. Protect relationships you care about
  4. Keep your current life rich and rewarding
  5. Get clear on what you really want
  6. Plan in phases
  7. Get a handle on money
  8. Negotiate for what you want
  9. Have a back up plan
  10. Let go
  11. Believe the universe is unfolding perfectly
  12. Enjoy the journey

What other ways have you found you can reduce your risk as you start your new business start-up?

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