Question

In this module, you learned about the risks or costs associated with financial goals. What are the risks or costs associated with your goal, and how can you overcome these challenges

Answer 1

Answer with Explanation:

My goal is to start a business totally based on a new idea with great potential to influence the lives of the people of America. For this I had worked on a startup idea for couple of years and continuously reforming it.

The biggest risks associated with this goal is funding problems, business risks, market research, innovation issues and Software designing issues.

Now these are some risks that I face but I overcome these challenges by:

Risks                        Solution

Funding Risk:           By presenting my startup idea on a international                                                     competition by writing business proposal based on well researched market, product innovation and the financial prospect of the business. There are numerous accelerator programs operated by the state and other organizations that encourage startups and helps with numerous facilities. So I will also present my idea here to secure funding from a wider number of investors.

Business Risks:        Giving special considerations to business risks and their mitigation strategies.

Innovation:               The products will be innovative enough to generate handsome amount of profit and must be capable of giving tough time to its competitors.

Market Research:     The best performing businesses know who their customers are and what they are desiring from them. So market research would capable of identifying my potential customers and that it must be representative of the sample taken.

Software Designing: The software design must be user friendly and must effectively resolve users issues. Furthermore, it must be continuously updated with better features and friendly functioning.