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- 10 Lessons From A Failed Startup
  Comments - Posted 05.27.09
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- Hannes Walter Talks Fluid Forms
  Comments - Posted 05.26.09
  5. How many people work on your team? Tell us their names and position so we can include them on your profile. (You can send us pictures of the people working on your team if you like) 3 people: Hannes Walter CEO, Stephen Williams CTO, Andreas Jaritz CCO Beside that about 10 freelancers are completing the team ... continue
- How To Build A Successful Social Site
  Comments - Posted 05.21.09
  Think about it, the same happens in real life – a place that instils either dread or fright acts as a true inhibitor. You do not have a nice experience at a pop concert if right behind you there stand three thugs who send bottles flying through the sky and holler like Can Cerberus from start to finish. And we have ... continue
- Entrepreneurs Can Change The World
  Comments - Posted 05.21.09
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- The Microsoft Future: It Ain’t Pretty
  Comments - Posted 05.20.09
  Here's the original video, the one Microsoft released: What do you think the future of hardware is? Do you know of any startup around today that could bring this kind of products in the near future for all of us to enjoy? continue
- KillerBlog on Off the Fence
  Comments - Posted 05.20.09
  What advice would you give to a new company trying to blog? Nowadays, everyone is blogging. Don’t do it for competition’s sake, or you’ll be disappointed. Try to learn as much from your blog as you want others to learn from reading your articles. It’s about growth for you and your company, not just getting a million visits every day. continue
- How to Build a Lean Startup
  Comments - Posted 05.20.09
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Apr 02

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Tips/Advice

Risk Management: A Startup Must

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Comments April 2, 2009 – 1:21 pm | Permalink | |

jmo1877l You need to be ready for when things go wrong, especially nowadays that things aren’t going so good. Startups are hard businesses to keep afloat, and if you don’t think about the things that can go wrong, then you’re going to be set for a couple of surprises.

Here is a great way to organize potential risks, which will allow you to see them coming before they materialize on your startup’s door:

1.    Risk Factor: Think of anything that could cause harm to your startup.
2.    Type: To each risk factor, assign a type, something to set it apart from other risks that threaten your startup’s life.
3.    Likelihood: How likely are these risks to materialize? Is it something imminent or is it something that could happen in the long run? Maybe it isn’t even likely to happen, but keep everything in mind.
4.    Consequences: What would happen if those risks turn into something big? You need to know what would happen, in order to fight it.

5.    Mitigation Tactics: Once you have the consequences, you’re going to have to figure out a way to fight the off the downfall. These tactics are sacred, and you should always have them in mind in order to keep your startup afloat, even in normal times.
6.    Mitigation Costs: How will you pay for the tactics to keep the risks away or to help fight them off? Nothing is free, so you’re going to have to find a way to pay for your startups recovery.
7.    Status: Decided what tactics to implement and when. This, coupled with the previous risk assessment, will ensure your startup’s survival through rough times.