Ways to manage small business risk

Risk is a fact of life, especially in entrepreneurship. At GoForth, we’ve created Canada’s leading online and mobile small business training to minimize an entrepreneur’s risk of failure. But there are some other ways you can minimize risk and uncertainty as an entrepreneur.

How entrepreneurs can manage risk and uncertainty

  • Learn creative ways to manage difficult times. No marketing budget? Try free avenues like social media and word-of-mouth.
  • Know your business inside and out so you can take more manageable risks.
  • Keep track of what’s happening in your business environment so you can be better prepared to anticipate conditions or react to uncertain times.
  • Change your perspective. Can an unpredictable business situation turn into innovation or a great new invention?
  • Don’t do anything on impulse. Sleep on it, plan it out on paper or speak with trusted advisors before jumping in.
  • Build a strong network of support that includes trusted professional contacts and loved ones.
  • Make time to relax and recharge. Trust us – a clear head is much better at evaluating risk!
  • Have a Plan B. And a Plan C too. Always have backup plans for a new product or service.
Share this post: