How do you minimize the risks?
By Carlos Medina
Starting a business is not only about considering the benefits that you can obtain as a result of its success. It is also important to assume the risks that its failure entails. It’s not about being negative, but about being honest about the reality of becoming a small business owner.
Paying attention to details.
It all starts with an idea, which will define your market and its size. If globalization has taught us anything, it is that there is a market for everything. The greater clarity you have about what type of person and need your product or service best serves, the greater your chances of success.
Materializing a project always requires two large investments: time and money. Project how much you will need to start the business and make it profitable. The lack of liquidity is one of the main reasons for the closure of small companies and ventures. Always anticipate the payment of your debts or credits, your profit is important but it is crucial that your business is solid before you can be profitable. If the business is doing well financially, you will be too.
A group of people is not necessarily a team. You need to surround yourself with aligned values and others committed to your mission and vision. On certain occasions the search and selection of personnel may become complicated, but do not forget that, at some point, your business will have to mature and you will have to trust the delegation of increasingly important tasks. Therefore it is necessary to hire wisely, as you don’t want to imagine what could happen to your business if it falls into the wrong hands.
Stay informed and up to date, because everything is in a constant state of change. Not everything you see on social media is true: review the sources of information, and keep up with well-known and respected experts on matters relevant to your business, the market, and the financial environment. And if you make a mistake, worry less, and instead, reflect, review, and refine more, learning from your mistakes is vital to your success.
CEO and founder of Impulsores Mx
& LAURA IBARRA International Coordinator of Impulsores Mx
Committed to ignite SMEs and entrepreneurs by sharing free online content accessible to everyone, and teaching online workshops.
YouTube Channel @Impulsores MX