How to Build a Low-Risk Business

How hybrid entrepreneurship has changed the small business game

It is a commonly accepted premise that entrepreneurship is risky.  This idea is based on an old approach to entrepreneurship.  The kind where people risked their savings, health insurance and nearly everything they had to become a successful business owner, and for most people it simply didn’t work out.

Things have changed.

We know a lot more about what can make a business successful and what can cause it to fail.  Plus, the rise of the Internet has made it possible for people to become hybrid entrepreneurs, those who work a full-time job, earning a steady paycheck, and build their business part-time — often handling business matters before work, on lunch break, and after work on a laptop or smart phone.

The three biggest mistakes people make — and risks they take — in business are spending too much money; starting a business that doesn’t take off because it doesn’t connect with a market of people who will consistently buy; and not creating a predictable “paycheck” for their business through a focused sales and marketing strategy (I’ll explain how to do that in my next column).

Each of these issues is easily addressed with the right insight and by starting as a hybrid entrepreneur.

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  • Aishia S

    I needed this article, it has clarified the reason why I must go back to work to grow my business. I lost my job 2 years ago and since then I’ve been working on a website that I plan to launch very soon. I have come to the realization that I need money, I need to live and because it’s a website I should be able to get things done and hold down a full-time gig. I look forward to more articles regarding the hybrid entrepreneur.

  • Jonathan

    Great insight. This article is content-deep on so many levels. Again, many thanks on your tips and this wealth f knowledge Felicia.

    -Jonathan