Managing Risk: Test Your Assumptions

Jack Carrier, owner of eTag Art in Asheville, says his best advice for managing risk is to minimize it. You can accomplish this by testing your assumptions, he explains. Get pre-orders for new product ideas. Use crowdfunding tools like Kickstarter. You don't need to actually have the product finished and made before you can have an "add to cart" button on your website, he says.

Best practices on managing
risk is to minimize it.
I know that's pretty broad.
But you can minimize risk
by testing your assumptions.
You can get pre-orders
for new product ideas.
You can use things like Kickstarter.
You don't have to have
a product ready to ship
before you can have a
"add to cart" button.
You know, at that point you can say,
"Hey we're still working on this product.
Enter your email address
and we'll let you know when it's ready".
who your potential buyers might be.

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