Stage 4: Manage Risk to Handle Uncertainty

The only thing certain in a start-up is uncertainty.
This final stage is all about having an honest discussion and a clear view of all the risks involved in the venture and having a way to prioritize which risks are worth mitigating.

Step 1 & 2: Assumptions and Risk Assessment

As you have seen in previous stages, at every step in each stage, I have asked you to review this section and document all the assumptions you are making. Risks are the main outcome of assumptions which are not recognized or mitigated. It is important to have an honest discussion about the assumptions you are making for your business through the three stages – understanding the problem, devising the solution and crafting the business. These assumptions should be called out as early as possible and documented in the template mentioned here. It is a live document that should be continuously monitored and discussed regularly.
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