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      Put On Your Wellies: It’s Time To Wade Into Risk

      Entrepreneurs aren’t all leaping into the unknown like lemmings off a cliff, but they do need to consider it…

      Chris Ogden by Chris Ogden
      Mar 14, 2019
      in Start-up Advice
      98
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      You’ve had a great idea. You’ve looked into its development. You’ve recognised that it has potential beyond just what Auntie Mabel and Mike From The Grocer think. And you’ve clearly nailed a pain point that can make money. Now it is time to take the risk of running with it.

      Every big idea comes with risk. You can’t step out into the world of entrepreneurial thinking and business development without it. Your idea may fail. It will also be time consuming, demanding, hungry for money, and hard work. It is unrealistic to expect that your project will leap out into the world and be an unmitigated success.

      It is also unrealistic to assume that it isn’t worth taking this risk.

      There are steps that you can follow to ensure that your risk is managed so you aren’t blindly leaping off that cliff…

      Step 01: Do your research

      No, canvassing your neighbours, friends and family is not doing research. You need to know that your idea will appeal to a broad market and that it will have significant legs. This may sound like daft advice, but you would be surprised how many people think an idea will take off just because Susan in Accounting said so.

      Step 02: Understand the costs

      Projects are hungry for money and investment. Realistically work out your budgets and how much it will cost to take your project off the ground and then stick to it.

      A calculated risk is a far better bet than one that shoots from the hip and hopes for the best. You can also use this as an opportunity to draw a clear line under where you will stop investing and end the project. If it keeps eating money and isn’t getting anywhere with results you need to be able to walk away.

      Step 03: Know when to walk away

      As mentioned before, this can be defined by a line you’ve drawn in the proverbial sand (and budget) but no matter where you draw this line, you have to stick to it. Often, when time, money and energy have been poured into a project it can be incredibly hard to walk away.

      You think ‘but I have put so much into this, just one more’ and then it gets to a point where the ‘just one more’ has taken you so far down the line that walking away feels impossible. Leave. Learn the lessons. Apply them to your next project.

      Chris Ogden

      Chris Ogden

      Beginning his career in 1997, entrepreneur and IT specialist Chris Ogden has built successful software development house, RubiBlue from scratch, and has been Raizcorp’s most profitable business for two years running. From strategic manager to software developer, Chris’ business mind and experience allows him and his team to take real-world problems, and design solutions that deliver value. It’s his dynamic approach which allows him to take existing software to other markets and extend growth without having to build new systems. Having been thrown in the deep end when his business partner passed away, Chris’ entrepreneurial skills had to take off and led him to take the lead at RubiBlue. Chris’ role of managing director has seen him focus more on the development of the company, its operational management, market understanding to enable the delivery of real solutions which are innovative and add value.

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