1. 1. Decide what level of achievement counts as success or failure. This to me entails setting small short term goals to achieve and gradually growing to bigger long term goals. I many of our projects, I have noticed that many of us have suggested pilot projects as a test to begin our projects.
2. 2. Incorporate sociopolitical forces: This involves looking at all factors that have a possibility of affecting your business venture, these factors might be social, political or economic factors.
3. 3. Keep costs low in the beginning and plan for scalability has: Professor Zak mentioned this to us many times in class, to always keep our cost low at the beginning, starting with our pilot projects and achieving successful short term goals initially and learn from that before we grown to bigger projects.
4. 4. Establish specific measurable goals of what you plan to provide: This goes hand in hand with the points above, setting out short term goals that are measurable.
5. 5. Preplan a realistic exit strategy: As mentioned, all projects are risky and there is the possibility that the project might not just work out. The point is how are you going to exit the market/industry if and when the project does not succeed. Preparing an exit strategic would also help save costs if the project is failing, having an exist strategy would help you better prepared.
6. 6. Anticipate unintended consequences: As stated in the article, this is very difficult to do, but what for my project, I am also thinking of what could possible go wrong and the actions I would take if there are any unintended consequences. I have created a decision tree, where I consider every possible unintended consequences and the actions I hope to take .and even beyond this, i know that there are other consequences that might occur.
Finally, Learn then invest.
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