1.00 Indian rupee ₹ Risk Management! A key to success for startups Mumbai

Published date: January 31, 2020
Views: 5
  • Location: Mumbai, Mumbai, Maharashtra, India



Sense and manage problems in their smallest state, before they become bigger and turned out to be lethal.”
• Reduce revenue leakage which supports increase in revenue
• Improve stakeholder confidence and trust
• Increase the probability of achieving goals
Your business operates in highly uncertain environments. This uncertainty brings a high level of risk to your company.
Risk management is the identification, evaluation and mitigation of potential risks that can have adverse effects on a business. Early recognition and mitigation of risk is a critical factor for success in startups businesses, as the cushion for absorbing failure is relatively low.
As per the survey, just 44% of small businesses stick around for four years or more. One main reason so many go away is Poor risk management.
While it is essential to concentrate on the positive aspects of your business, but it is foolish to overlook potential future risks that might damage your company in the blink of an eye.
The Uncertainty factor
The risks can emerge from uncertainty about different parts of the business, such as
1-There is no guarantee that customers will like your products or services enough to purchase them.
2-Entrepreneurs frequently borrow money to finance their venture in its earliest stages; there is a chance that they will not make sufficient profits to be able to pay these loans back.
3-As a business grows, the founders will have to delegate responsibility for certain tasks to employees whom they do not know well. The employees bring uncertainty and risk related to their skills and performance.
4-Entrepreneurs do not know the correct price for their product at the beginning; they may have to raise prices or change their business model, running the risk of alienating customers.
5-Whenever a business ventures into a new market or launches a new product line, there are risk involved with the logistics and geography.
So it is necessary to secure your company against such risks in order to ensure future success.
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