Special Story
General approach for mi ga ng or reducing the impact of risks:
Try to forecast the risk- although it is difficult in changing business environment but to some extent
it is possible as well as desirable.
Do not ignore ifs and buts- always have back up plan; be it related to product/services modifica on,
new launch, execu on team etc.
Communicate well inside and outside the organiza on- miscommunica on will create risk
Maintain rela onship- develop and maintain rela onships with current customers/vendors and
also with past vendors.
Raise finance only to the extent of requirements and stage-wise
Focus on cu ng down the opera onal and other cost
Develop new way of marke ng
KEY TAKE AWAYS, risk is a double-edged sword. Taking risk is good but mi ga ng the impact of
unwanted risk is desirable. Understand your business and business dynamics very well and deeply. Do
counter a ack if possible and required.
www.Venture-Care.com/Magazine
October 2017
6