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I heard an interesting article on the Innovation Hub radio show recently, talking about how riskiness affects people’s decisions. It got me thinking, because I’ve wondered for many years about the connection.

When we’re working on connecting our products and marketing to the customer need, we often start with their needs and desires. The customer desires a phone which is functional and attractive, with long battery life and easy-to-use apps.

That’s fine as far as it goes, but it’s a pretty surface-level way of thinking.

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THINGS DON’T GO SMOOTHLY all the time.

 

Yes, you’re on a powerful mission.  But danger happens:

  • Regulations change
  • New competitors arise
  • A key employee leaves

So how do you navigate when things turn dark and threatening?

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CONFESSION: I HAVE started business which failed.  OK, I’ve admitted it.

Dangerous watersBut you know what?  It’s not the end of the world.  It’s a natural part of the cycle of learning.

Yes, I realize that doesn’t alleviate the pain very much, especially as you’re going through the process.  But you also can’t let the prospects of failure keep you from ever taking a risk.

How do we think through this?

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