Startups are volatile. Prone to unexpected fluctuations in consumer interest, undocumented workflows, rising competitors and a myriad of financial complications, it’s no wonder why the majority of startups end up failing, even though so many start out with such promising ideas.
Disaster seems to lurk around every corner, and no matter how hard you try to prepare yourself, there’s seemingly always something waiting to take your company out.
Some people see entrepreneurs as visionaries, as directors or as charismatic leaders. While they certainly can be all those things, I tend to see them more as disaster preparedness experts. Entrepreneurs who prepare better and respond better to disasters have the greatest track record of nurturing their businesses to success -- regardless of those other roles.
If you want to protect your business as much as possible, use these five preparation strategies:
