To avoid the pitfalls of over reliance, entrepreneurs can adopt several strategies:
Diversify: One of the most effective ways to mitigate risk is through diversification. This can include diversifying customer bases, markets, and revenue streams. Continuous Learning: Staying updated with the latest trends and technologies can help entrepreneurs adapt and avoid being overly reliant on outdated methods. Build Strong Relationships: Building strong relationships with multiple stakeholders can provide alternative options and reduce dependence on a single entity. Financial Planning: Sound financial planning and maintaining a healthy cash flow can provide a buffer against over reliance on a single funding source.