One of the most ironic contradictions in the way we respond to
an increase in uncertainty and risk is the natural tendency of
most people and businesses to slow down decisions. Additional
time is typically spent evaluating alternatives and scrutinizing
threats. In short, every decision gets dragged out to the last
possible moment. The irony is that uncertainty actually decreases
the window of opportunity within which to make decisions.--A Business Architecture for Managing Uncertainty http://www.delphigroup.com/whitepapers/pdf/20050901-soa.pdf
Managing uncertainty is very critical for entrepreneurs, but taking positive advantage during this time of uncertainty is very crucial for success. Being able to differentiate between the big bets and deal killers. For example with my venture project, If i go ahead an partner with a pharmaceutical company that is not reliable and provides Nigerian Doctors for Change with fake drugs, this would be a big deal killer for me, because it would destroy my brand and reputation.
Designing and run experiments: this si something that has been key in many of our reading, always start of with pilot projects, this would help prepare for uncertainty. Knowing your customers and audiences and constantly doing research about your customers is also a great way to prevent uncertainty and learn more about your venture.
Barbara
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