An entrepreneur started a gourmet fast food business on a main street in a coastal village but within two years she closed down. Another entrepreneur opened a gift and stationery shop also on a high-pedestrian traffic street and within three years it closed. A young entrepreneur created and online fitness supplement venture which did well for about two years after which the business caved in.
Is there a sure-fire way to reduce the risk of failure in starting your dream business from scratch?
Even Richard Branson, famous for the Virgin Group of companies, began his entrepreneurial journey with a couple of early ventures with failed ones including growing Christmas trees and raising pet parakeets. But Branson went on to sell music records via mail order, bought a nightclub in London, sold vodka and eventually built a business spanning music, media, telecoms, airlines and space exploration. Continue reading “How do you reduce the downside risk in starting a dream business?”
