While you are getting set to face the new week, let’s share on something I call “Strategic startup risk.”
Have you ever asked yourself this question “What are those shifts that can put my startup in danger?” This is the question I ask myself to help me assess the strategic startup risk of my business and clients when it comes to consulting.
Here are 2 key shifts among others you should be looking out for when it comes to assessing the strategic startup risk for your business.
- A shift in consumer preferences that make your product or service obsolete
- Emerging technologies that make your product or service obsolete
The question now is, how can an entrepreneur or executive be proactive to address strategic risks? You will need to stay on top of this by designing and executing an operational strategy where you consistently solicit feedback from your customers so changes will be detected early & immediately attended to.
Just to add, I want to challenge you to ask the following clear questions with your business model in mind:
- What will the customer preferences in the future be?
- Will your startup technology be fit or succeed?
- How will this overall economy of Cameroon and Africa perform? (This is why I always insist young entrepreneurs read reports from the World Bank, IMF, AfDB, etc).
- What will your startup competitors do in the future?
Keep building that dream and have an exciting week ahead.[gtranslate]