Section 2.12.  Industry Risk  Market Risk  Product Risk  Financial Risk  Management/Decision Risk  Career Risk  Emotional Risk.

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Presentation transcript:

Section 2.12

 Industry Risk  Market Risk  Product Risk  Financial Risk  Management/Decision Risk  Career Risk  Emotional Risk

 Complex industry  Over-served industry  Failing industry  Difficult suppliers Example: Food industry (stable) Technology (changing)

 Competition  Ineffectiveness of marketing model  Slow market acceptance  Inflation Is there enough demand for the product you are offering at the price you have set?

 Difficulties in transforming idea into a market-ready product.  Flaws in the product  Laws/restrictions

 Loss of capital  Uncertain income  Inflation  Economic Downturn  Changes in interest rates  Higher costs  Bankruptcy

 Unemployment  Business Failure  Loss of benefits

 Marital strain  Family Problems  Stress and fear

 Identify your idea for a business.  Analyze your motives for wanting to start a new business.  Identify your personal characteristics/traits.  Evaluate the market for your product or service.  Determine your financial needs.  Prepare a business plan.  Assemble a team of experts to assist you.  Implement the business plan.  Never stop learning and asking questions.