START-UPS & THEIR RISKS
Startups are the brainchild of creative and ambitious entrepreneurs whose innovative ideas translate into new products and services.
The concept of startup primarily originated from semi-conductor producing technology companies situated in the Silicon Valley. Post the Dotcom boom of late 1990s, people realized that technology and internet will reach unimaginable heights and as result technology startups like Microsoft, Google, Amazon, etc., rose substantially. Ever since there has been continuous multiplication of startups in diverse sectors.
India and Indians are significant contributors to the global economy. With a sizeable young population and supportive government policies, India has had and continues to have a leading run in the Startup arena.
Startups are appealing when one comes across success stories but in reality, not all startups are successful. Startups of all types are vulnerable to a number of risks and have to operate in a highly competitive and uncertain environment.
While risk taking is an inevitable part of an entrepreneur’s journey but a smart business person will adopt solutions in advance for those risks which are not worth taking. Weighing the outcomes, having awareness and managing the risks timely, will help take the Start-up journey towards success.
Risk management helps you identify and address the risks approaching your Startup and in doing so increases your success likelihood by manifold. Hence, Risk management should be the central piece of the strategy of every Startup/New venture.
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