Most entrepreneurs aren’t afraid to take a few risks. However, smart leaders know that it’s always important to keep in mind which types of risks are worth taking. Your success or failure can often hinge on this distinction.
According to a recent Forbes article entitled, “Ten Calculated Risks that Lead to Startup Success,” you have to be brave enough to face down a few risky decisions while still playing it safe in a number of other ways. Hopefully, your past business experiences will provide you with the insight you’ll need.
Here’s a look at some of the risks mentioned in that article, along with a few additional thoughts and perspectives.
Risk-Taking that Can Prove Useful vs. Taking Chances That Can Harm Your Company
- Have the courage to lead your competition in new directions. If you’re always trying to follow others, you’ll rarely experience any great success. So, instead of simply trying to improve upon another company’s new product – see if your research and development department can create its own truly revolutionary device;
- Never put all of your “eggs in one basket” when it comes to marketing. It’s much too risky to count on just one major marketing initiative to help your company gain attention for its various products and services. Instead, always try to run at least two marketing blitzes simultaneously so you can fully saturate the marketplace before others can catch up with you;
- Give serious thought to creating a partnership with a strong rival. Although most entrepreneurs are eager to get “out front” and win all of the potential customers for themselves, the fact is that your strongest competitor may have special connections to some of the wealthiest potential customers around;
- Try to raise most of the capital you’ll need when starting out on your own. Experts have said that companies with too much money are usually just as likely to fail as those with too little. Therefore, whenever possible, raise all of the initial funds you can on your own, while paying special attention to hiring the best staff you can afford. Also, use most of your initial capital to improve your products/services and customer service. Once you’ve started to succeed, then you should reach out for additional financial help;
- Never try to rely on just one product or service. Few companies have the ability to keep up with their competitors when they’re only offering one key product or service to their customers.
To obtain help with handling all of your Georgia business planning needs, please contact the Law Offices of Shane Smith today. You can schedule your free initial consultation with a knowledgeable Peachtree City estate planning attorney by calling: (770) 487-8999.