Sunday, December 27, 2009

When making a business decision, How is it possible to reduce uncertainty?

So far i have got market research, and the use of models and forecasts.When making a business decision, How is it possible to reduce uncertainty?
Employ experts in areas; hedge or mitigate risks with derivatives or insurance policies.When making a business decision, How is it possible to reduce uncertainty?
It sounds like you are already off to a good start. Somethings that work well:


1. Ask for your traget audience's opinion on your service. Everybody has an opinion and they love to give it.


2. How much would they be willing to pay


3. When would they like to buy?


4. Pre-sell your target audience to buy your service or product.





Most start up businesses first try to create a product or service and then hope to sell it; and then wonder why they go bust.





Sell first and then produce. Once you have enough cover your models or what is in your business plan, you have a business with very little risk. Finding a financier and people to full-fill your orders is easy.
bribery and corruption, collusion with competitors - not to be condoned but they would serve the purpose of reducing uncertainty
It is NOT possible.


There is always a certain level of risk with any business decision..it sounds like you have done a great job in minimizing the risks so at this point you have to trust your instincts and intuition (and a smart lawyer).


GOOD LUCK
Eliminate the negative.
Write your business plan
Proper due diligence is the key. Managing your risk by knowing what you are getting into will help you minimize your risk. Speak with people who are already in the business. Ask them for guidance and get much needed primary-sourced information. The more you know, the more you are likely to make a better decision (not a right decision).
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