Managing start-ups in Unregulated Markets
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| − | In these times where many new inventions and technologies are erupting, many start-ups will find themselves in a place | + | In these times where many new inventions and technologies are erupting, many start-ups will find themselves in a place where they are entering untouched, untested or unregulated markets. For these start-ups it can be hard to identify and manage the risks that are associated with their future business since there are many unknowns that must be considered. Through this article these risks will be assessed and analyzed in order to determine if traditional strategic management approaches and models are appropriate for start-ups in unregulated markets. |
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== Managing risks in start-ups == | == Managing risks in start-ups == | ||
Revision as of 20:20, 28 February 2018
Contents |
Abstract
In these times where many new inventions and technologies are erupting, many start-ups will find themselves in a place where they are entering untouched, untested or unregulated markets. For these start-ups it can be hard to identify and manage the risks that are associated with their future business since there are many unknowns that must be considered. Through this article these risks will be assessed and analyzed in order to determine if traditional strategic management approaches and models are appropriate for start-ups in unregulated markets.
Managing risks in start-ups
Starts-ups are very fragile, and it can often be hard to identify what risks are important, because the field is unknown to entrepreneurs. This means that planning for risk is essential for any start-up in any industry. There are various methods for this, and often start-ups will start with a SWOT(strengths, weaknesses, opportunities threats) analysis. SWOT will allow the start-up to identify, which threats that are most present within their area. [1] This will give the startup an idea of which risk are out there, however SWOT is often conducted as key words, which can make it harder for the start-ups to find solution or risk reduction techniques for these risks.
To make a SWOT more tangible, a start-up should follow it with a PESTEL (Political, Economic, Social, Technological, Environmental, Legal) analysis. This will allow the start-ups to detail the key-words from the threats and find which the reasons - if its political decision, if it because impacts the society negatively or is it because your product/service is borderline illegal. PESTEL ensure that the risk associated with the project are tangible. For example if the start-up has created a service that breaks the law, the PESTEL must include exactly which chapter, paragrah, line and law that these rules came from.
Managing risks projects in unregulated market
Manning the risks projects in projects that are unregulated can be even more difficult. The above mentioned models, assume that the person or team conducting the analysis know about the , laws, regulation, legislation, environment etc. However in unregulated markets, these risks are often unknown making it hard to quantify the impact they may cause.
scenarios building
Manging start-ups in unregulated markets
Example – Cryptocurrency
Cryptoexchange (Binance), expecting regulation, headquarters in 3 countries, fail-safe project management approach
Conclusion
project canvas vs. bushiness model canvas.
What is missing in the BMC? Is BMC enough
add description of methods in introduction
Refferences
Morgan, Peter. (2009) Unregulated Entities, Products, and Markets: Challenges for Monitoring and Regulations https://www.adb.org/sites/default/files/publication/157271/adbi-rpb30.pdf[1]
Manktelow, James. (1996) SWOT Analysis: Discover New Opportunities, Manage and Eliminate Threats. [online] https://www.mindtools.com/pages/article/newTMC_05.htm[2]
Further reading section,
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