Risk is the possibility of something terrible happening. Risk involves uncertainty about the effects/implications of activity for something that humans value, often focusing on negative, undesirable consequences. Here are some risks mentioned in launching the products.
Decide what you are selling. It seems like an easy thing to determine, especially for an entrepreneur. But the ability to explain what your product is, the problem(s) it solves, and why it’s worth investing in is much harder than it seems, and it must be your priority when starting a business. If you can’t do that, you can’t expect people to pay attention.
Knowing your customer and why, how, and where they buy related products is arguably the most crucial risk factor to assess before launching your product. Research this thoroughly, for identifying these routes to market, and whether you can build them effectively, in a timely fashion and within your budget, could quickly determine the success of your business.
First-time Entrepreneurs are fortunate to have tools such as Kickstarter and Indiegogo that enable crowdfunding to get money in the bank. Also, friends and family, Angel investors, and Traditional VCs are all the fertile sources of this necessary lifeblood. Make sure to identify key business milestones and schedules that define the points in time when equity or debt investments are required.
There is no way that one person can conquer every risk, That’s why it’s essential to have a great team and a personal sounding board, a mentor, confidante, or even a Startup incubator to help prepare for each challenge. Your team is also great for bouncing around ideas to build the product, bring it to market, and maintain successful growth.
The market has high-level competition. It takes high guts to launch any product in the market. Before launcḥing the products, the entrepreneurs are scared of the failure of the product. If you are thinking of starting a product, think about these risks before launching.