In life, there are all kinds of risks. Walking across the street, investments you make in the stock market, people you hire, products your company makes. In this post, I will be focusing on business risks and a couple of ways to the manage those risks. After reading this article, you will be able to start to develop a strategy for dealing with business risks.

In an earlier paper, I talked about the importance of a Business Plan: Why you need a Plan to objectively evaluate the prospects of the business.

The Plan helps to visualize the concept in terms of market viability, organizational layout, operational structure, and financial feasibility. 

Thousands of articles and books have been written on business planning. The main thing to remember is that starting a business is incredibly difficult. You don’t want to hobble yourself getting out of the runner’s blocks. The success of a new business or business initiative is dependent upon a well thought-out plan. It should be considered a living document and improved as new information is gained or circumstances change.