Risk isn’t always a bad thing.
Granted, the risks in the earlier post 4 Ways to Manage Risk on Web Projects did cast risks in their typical negative shadow.
Negative risks should be handled carefully on any project related to your online entrepreneurial ventures – whether you are starting out full-time or as a part-time side gig.
But not all risk is negative.
Risk can actually be positive (and another name for a positive risk is simply an opportunity).
According to the Project Management Body of Knowledge (PMBOK) – the international standard for projects from the Project Management Institute – there are four suggested responses to project opportunities.
Managing Risk is Critical
Any new resource or process you offer online in service to others is created in a project. And your success depends significantly on your ability to then manage risks on your projects.
Project management helps you.
So if you are in search of how to take advantage of opportunities that surface on your online entrepreneurial projects, read on…
… and if you are interested in other weekly professional tips about the critical project side of online entrepreneurship, simply click here to join the free mailing list.
How to Take Advantage of Opportunities
There are four commonly accepted ways to take advantage of opportunities (or positive risks) on projects. Like the ways to manage negative risks, once you are familiar with the ways to manage positive risks, you will also be better positioned to plan ahead for the inevitable positive risks of doing business online.
1. Exploit the Opportunity
When you exploit an opportunity, you take deliberate action in your project plan to eliminate the uncertainty of the upside risk. In other words, you make sure the opportunity is seized.
In technology-related projects, a common way to take advantage of opportunities like this is to assign an experienced project manager or to use proven software solutions.
2. Enhance the Opportunity
When you enhance an opportunity, you take steps to increase the probability or the impact of a positive risk occurring. For example, if you discover there is a strategic advantage to finish a project activity earlier than you planned, you can add more resources to the activity to enhance the opportunity for your business.
3. Share the Opportunity
When you share an opportunity related to a project (like a product launch), you share part of the reward of the opportunity with a third party. In the online entrepreneurial world, these types of opportunities are often called joint ventures.
In a joint venture, you may pay another party 50% of your product sale if the other party is responsible for the customer of that particular sale.
4. Accept the Opportunity
Lastly, when you accept a positive risk, you do not exploit, enhance, or share the opportunity. You simply hope for the best and if the opportunity surfaces, you happily take advantage of the size of the opportunity.
For example, you realize there is a chance your online membership product will appeal to a different demographic that you are targeting. Rather than marketing directly to them through Facebook ads, you accept the opportunity as is.
Project Management Works for You
The secret to successful online entrepreneurship is simply this…
Plan your work and then work your plan.
The four ways to manage negative risks are critical elements of any project. But the four ways on how to take advantage of opportunities are also critical for your success.
Plan ahead but don’t accept all risks – both positive and negative.
Your success depends on it.
If you are seeking further professional project guidance for online entrepreneurship in a supportive and interactive environment, you may be interested in the upcoming Graceful Resources project on How to Build a Relevant Email List.
Note: The kickoff date for this Graceful Project has shifted to June so that all project components are in place for your benefit. Please accept my apology for the delay.
Even if you already have a mailing list, the scope of the project is worth a close look. It is designed for professionals like you who have other full-time responsibilities.
Positive and negative risk strategies will be clearly outlined for participants.
Cheering for your online success – one project step at a time!