Essential points about business risk from this episode:
- Look for creative ways to minimize your business risk. For example, lease hardware instead of buying.
- Pursuing education is not a business risk.
- Software that saves you time and money is worth the investment.
- Participating in a mastermind group can reduce the risk of unknown business ventures by knowing what others have tried.
- Pricing new products is risky – too high or too low?
- Sending a survey to your target customers can help you frame the risk of investment in a product that you want to launch.
- Even though the cash flow may not be there for a product, you may need to take on the risk of adding an additional employee to build it.
- There’s risk when hiring somebody. Be honest and upfront about a trial period and about the offer for employment.
- A business focused around products should be able to be run by the employees without the owner oversight for a period of time.
Episode links:
- Delicious Brains
- WP Migrate Pro DB
- WP Offload S3
- Git
- Dandelion
- PhpStorm
- Sublimetext
- FTP Transmit
- wpappstore
- VersionPress
- datahawk.io
- PressNomics
- bigsnowtinyconf