Entrepreneurs can take several steps to mitigate dependency risks:
Diversification: By diversifying suppliers, customers, and funding sources, entrepreneurs can reduce the impact of any single point of failure. li> Building Strong Relationships: Developing strong, mutually beneficial relationships with suppliers, customers, and investors can create a more stable and reliable business environment. Innovation: Continuously innovating and staying ahead of technological trends can reduce the risk of technological dependency. Risk Management: Implementing a comprehensive risk management strategy can help identify, assess, and mitigate potential risks associated with dependencies.