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Welcome to the WISE newsletter, a program of
The Falcone Center for Entrepreneurship at Syracuse University
 

Wednesday, August 24, 2005

Welcome to Expanding a Business (and more on risk-taking)

On the Royal Bank of Canada web site is a helpful section on Expanding a Business. The section includes the following topics:
  • Making the decision
  • Develop your strategy
  • Making growth happen
  • After the expansion
Under "Making the decision" is a discussion on "risk and rewards." The risks include:
For example, the personal risks in expanding a business include impact on ones health as well as adverse impact on ones family. The Bank believes that many risks can be mitigated through planning. For example, an entrepreneur might plan family time so that it continues to occur, or plan how to overcome awkwardness that comes with growing pains. Perhaps everything can be planned away, which is why the Bank also notes that one must be able to tolerate the stress and discomfort that will come with risks and business expansion.

The section on risk and business expansion is very interesting to read. The information is clear and applicable to businesses outside of Canada.

Also on the Royal Bank of Canada's site is a business "solutions center," which this information on expanding business is a part. The solutions center includes other sections on:
  • Starting a business
  • Business succession
  • Women entrepreneurs
  • Young entrepreneurs

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