How to manage execution risk in your new business

Risk (Photo credit: The Fayj)

Starting a new business venture based on your new idea for a product or service is risky. How do you remove as much of the risk as you possibly can?

Entrepreneurs may have such confidence in the potential of their new ideas that they take out loans on their property, borrow from friends and family and even approach small business lenders.

With so much at stake, so much invested in their new product or service, a new business venture had better be viable.

Losing your life savings by placing a big bet on an untried or unproven concept could result in a disastrous personal and financial setback.