First, we know nothing in life worth doing is without risk.
And, a ‘riskless’ world is impossible anyhow - life does happen sometimes whether we want it to or not. It’s unpredictable, so there are risks.
But, taking life’s unexpected unpredictabilities out of the equation I believe there are three areas in which we are most vulnerable to risk when starting a business.
The best news of all? Most of these risks are completely avoidable.
#1: Failure to get crystal clear on what your business DOES and WHO you serve.
#2: Failure to do your due diligence
#3: Jumping too soon - aka, before you’ve accomplished #1 and #2.
Watch the video for details, or jump to the part that grabs your attention.
03:28 Life’s Unexpected Unpredictabilities
04:28 When Starting A Business... We Fail To Get Crystal Clear on What We Do and Who We Serve
07:35 We Have To Have ONE Ideal Customer
12:56 Understanding Our Customers Is An Ongoing Process
14:33 We Fail To Do Our Due Diligence On A Business
15:33 When You Sell Something To Customers… Ask Them Why, What, When, How
17:18 Jumping Into Soon
18:50 What Happens When We Don’t Enough Information Of What We’re Doing?
24:12 Are There Any Risks Associated With Starting A Business At 50 And Beyond?
25:11 Starting A Business That Does Not Align With How You Want Your Life To Be
27:46 Not Thinking It Through
32:56 95% Of The Risks Are Avoidable