How Can Entrepreneurs Mitigate Risks in Decision Making?
To mitigate risks, entrepreneurs can:
Conduct thorough risk assessments to identify potential pitfalls and develop contingency plans. Adopt a lean startup approach to test ideas on a smaller scale before full implementation. Build a diverse team with complementary skills to provide different perspectives and expertise. Use scenario planning to anticipate various outcomes and prepare for them. Maintain a flexible mindset and be ready to pivot when necessary.