What Are Some Of The Risks Involved In Starting Up A Business?
In starting up a business there are risks to be considered, i want to know what are these risks wether internal or external.
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asked 2 years ago
2 Answers - Sort by: Date | Rating
Following are some risks which you can face.
• Bankruptcy in case of loan.
• Can't find potential customers.
• Friends take over the company if you start a business from their money.
• If wrong marketing then low or no profit.
• If the product or business is launched at wrong time then there is a great loss of both time and money.
• Not getting the break-even in required time period. Etc
So the biggest risk of all is losing money.
• Bankruptcy in case of loan.
• Can't find potential customers.
• Friends take over the company if you start a business from their money.
• If wrong marketing then low or no profit.
• If the product or business is launched at wrong time then there is a great loss of both time and money.
• Not getting the break-even in required time period. Etc
So the biggest risk of all is losing money.
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All good answers. A further item that might be added is product liability. If you are a small company (and cannot afford product liability insurance) which builds a product, and someone hurts themselves with it, it can mean costly lawsuits.
Everything in life is risky, if you don't risk yourself you wont learn anything. So please if your thinking of starting a business do it boldly. If you fail don't worry, use that knowledge for the next one.
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