Listen to these entrepreneurs talk about their best advice when it comes to managing risk. They discuss writing down your ideal outcomes, finding the right consultants, having alternative streams of income, anticipating every scenario, and more.
I think you've got to write down all the things that you think are gonna happen that are your ideal outcomes for the rest that you're taking, and then cross them off one by one and see where you are. Say, this doesn't happen, this doesn't happen, this doesn't happen. And see if in the end that's a risk you're willing to take, 'cause the world will give you curve balls, for sure you can count on that. a valuable best practice with managing risk is to recognize that you have to do and so the more you do it, the better you get at dealing with that risk and what might go wrong if it does go wrong. For me because we're in the food and beverage space, we need to have a really solid food safety plan. And that's something that evolves over time as well as we learn and as we grow. Also finding consultants and just personal experience for me is, because we store herbs and botanicals for a periods of time, we've really looked specifically into our industry and tried to find resources within our industry, that give us industry best practices or industry norms, and finding consultants who can help with that. Goodness, when you're talking about being an entrepreneur, the risk is the first thing that just smacks you upside the head. The rewards, I think, outweigh the risk. And then I think, during your time in business, you just have to manage the individual risks that come along. Are there some things that just aren't worth pursuing, It's all judgment and subjective, but there's always gonna be this massive risk in being an entrepreneur. - Valuable best practices on managing my risk I think is facing that fear and not letting fear stand in my way. The way I've worked is looking at what the risk is of a certain policy or direction that we wanna go in and saying how can I mitigate that risk as much as possible. It could be mitigated by having alternate streams of income that don't rely on the direction you're taking your business. But mitigating risk is a constant battle and you're constantly looking at what is the risk and how I best minimize it. - I think when you're an entrepreneur and you get excited, you just want to barrel ahead with ideas but you really need to slow down and think things through, think about the risk and anticipate every scenario before you put money or a lot of effort into an idea.