How Entrepreneurs Minimize Risk and Uncertainty

1. Starting Small and Iterate

Instead of building their entire product upfront, experienced founders take a lean approach. That means they start with a Minimum Viable Product, gather feedback and refine their offering based on real user insights.

2. Market Research

Before launching a product, it's best to take the time to fully understand your customer problem. Talking to at least 50+ potential customers is curtailed. This will help you test your hypothesis to see if the problem you're looking to solve is actually a problem for your customers.

3. Build a Strong Network

Having people around you who are also trying to build a startup business is great for motivation, having someone to bounce ideas off of and maybe find your next co-founder.

4. Secure Funding

Securing funding isn't always necessary for your startup, but it is great to take your proven idea to the next level and attract investors who can open doors for you that you'd never be able to do on your own. If you do end up closing a round of funding make sure to use a reputable virtual data room provider like Orangedox to help ensure that your key business documents stay confidential.