How To Launch a Business While Minimizing Risk
There are no guarantees in business, but take these steps to set yourself up for success.
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Q: Before I launch my business, how can I set myself up for success while limiting risk? --Jack, Portland, Oreg.
If you obsessabout making sure your business won'tfail-- rather than figuring out how to make it succeed -- your focus will be in the wrong place. Fear doesn't get you far in entrepreneurship, so it's best that you keep your eyes on the prize.
Still, youcanplan to limit downside. That begins by following the first rule of business: Understand youraudience. Some researchers believe that more than 20 different factors -- from time of day and culture to self-perception andmood-- can influence buying behavior. Maybe that's true, but don't drive yourself crazy trying to track it all. You don't need a Ph.D. in psychology to sell a product or service. However, youdoneed to understand the personality of your target buyer. Who are they? How does your company help them? How much money do they make? What trends influence them? What do they read, watch, or listen to on a daily basis?
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