We did a project last year on ‘Management and Mitigation of risk’ and as we studied different areas, my group decided to focus on Entrepreneurship, where taking risks has to be second nature. We started by looking at a few entrepreneurs who failed and analyzing their failure. As we dug deeper, we realized that many entrepreneurs fail because they do not understand how to mitigate their risks. We felt that we could increase the chances of success by exploring some of these risks and helping to mitigate them using effective risk management strategies.
The word risk would turn many people away as it involves taking the route less travelled which could result in failure. As a new entrepreneur, I am also afraid to fail. I would like to make my project succeed but as failure is a part of life, I have learnt to accept it and work with it. Moreover, we can also draw valuable insights and lessons from failure which should not be frowned upon. The team understands that taking on the EntreCity project would be challenging and it may not guarantee success, but we feel that it will add value to society.
As such, we have chosen to bootstrap the whole process. We want to mitigate as much risk as we possibly can. For instance, instead of putting down thousands of dollars initially, our web portal was built in house for around $300. We decided that once the portal takes off and a bigger community has been established, we would invest in more infrastructure and design. Our area of focus will be to produce quality content and build a strong community. Until then we will continue to build and test our systems, while scaling it up slowly, as and when required.
This week we began by looking at risk and failure and how changing our perspective will enable us to understand that failure is not the end. If we plan ahead and anticipate the possibility of failure, we can prevent being crippled by it.
On Wednesday, we saw that execution plays a big role in transforming an idea into a business. By looking at more factors in detail, we can execute more successful businesses.
On Thursday, we explored the area of funding, understanding that venture capital is not the only avenue for funding and it may not even be the right route for some companies. On the other hand, entrepreneurs also have to learn to appreciate the funding they receive. They should be responsible and not take advantage of what was given to them.
As this is my first attempt at being an entrepreneur, I must admit it is a bit intimidating. The good thing is that from the onset we took the time to brainstorm all the important considerations and anticipate the possible shortcomings which we have set off to address. The journey may not be smooth, but being prepared will help along the way.