Running a business and succeeding with it have always been fraught with risk. We all know most of these risks… So, I won’t go there…
It’d have been hard to predict these new kinds of risk though: when it comes to “platforms” – which is now termed as “platform risk”.
Platform risk is real for everyone. Especially several new-age indie creators, online creators, self-employed professionals, freelancers, and small businesses.
- You’ve been freelancing on Upwork, PeoplePerHour, Fiverr, or any of those marketplaces. Suddenly, you are kicked out for no reason (no account holds, no issues, nothing). Just like that, your account is closed.
- I read about someone’s Etsy account suddenly closed down (no explanations given).
- You come to depend on a particular SaaS product. The startup changes direction, pivots into something else, or closes down.
See where I am going? That’s platform risk. Tweet at me
and let me know if you’ve ever had any of these stories to share.
The State Overreach Risk
In another news, my business is at another risk called “State Overreach”. Our central banking system authority (RBI) just released a mandate making 2FA (2 Factor Authentication) and other things mandatory for merchants and banks to comply. Effectively, what this did is to cease all card subscriptions small business owners like me (and various startups) who purchase services, products, and subscriptions worldwide to come to a grinding halt.
Our payments won’t go through for web hosting, marketing tools, servers, and other such products. How am I supposed to run a business without these?
Well, I am still trying to dig in and find alternatives.
The “You” Risk
Did you know that you are your biggest bottleneck? The biggest risk ever doesn’t come from central bank directives, government policies, or platforms.
It’s you. Yes, you.
Anything like “get overwhelmed”, “rage quit”, or just “feeling like giving up” or even “unmotivated” could risk our entire businesses. I know, because I feel like this everyday.
Give it a thought: Manage “you”.
What kind of risks (sometimes those that you think you never even had) did you have to manage? Let me know.
I hope we all find ways to mitigate these risks and run our already vulnerable businesses the way we ought to.
Meanwhile, let’s get on to the good stuff 👇