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Risks And Opportunities: Key To Startup Success
Fremont: There is a saying that “Often the difference between a successful person and a failure is not one has better abilities or ideas, but the courage that one has to bet on one’s ideas, to take a calculative risk-and to act.” Most entrepreneurs think that risk is just an occupational hazard that can be minimized or eliminated from the business by smart businessman. However, they tend to forget that the entrepreneurship is about taking calculated risks while minimizing non-calculated risks. Risks come handy with opportunities - opportunities that when traced on time will ensure long term business success. Below mentioned are few such opportunities, that when taken will help your startup grow.
Innovative Solution To Customers Pain
Time and tide wait for none, and so are the customers. When your competitor fails to provide a solution to address the pain points of the customers, there exists a gap. An enthusiastic entrepreneur will view this gap as an opportunity and try providing an innovative solution to address the pain point of the customers. A onetime innovation may term to disappoint you in the long run, and that is why innovation at frequent stages of the product lifecycle according to the need of the customers is to be undertaken.
