How Startups Can Manage Risks and Still Chase Success
455Starting a new business always involves some level of risk. Even with the best team, technology, and support, failure can still happen. A startup founder and Chief Product Officer recently shared that the key is to do everything you can to reduce those risks and then accept what remains. Living with some fear is part of building something new.
In a conversation on the First Person podcast, Chris Fuller, a UK-born entrepreneur now working in the US, explained his approach. He has a unique background: he struggled in school because of dyslexia but was eventually supported to earn a PhD. After working in UK intelligence, he moved into cybersecurity startups. His journey shows that learning skills and working hard are essential for success.
Managing Risks in a Startup
Chris emphasized that the first step is to identify and eliminate as many risks as possible. He talks with his team about the future—specifically, where the company might be in two years if it runs out of money. The biggest risk? Building something nobody needs. Once that’s understood, the team works to address other major risks.
It may sound scary to focus on what could go wrong, but Chris believes it’s necessary. By understanding and reducing risks, the team can live with the fear of failure more comfortably. This clarity allows them to think more clearly and avoid mental biases that can cloud judgment.
The Importance of Learning and Hard Work
Chris’s career path was not straightforward. He faced difficulties in school but was supported by a mentor who helped him complete his PhD. His experience working in intelligence taught him that work is tougher than it seems but that pushing harder is often needed. He also points out that careers last a long time—about 100,000 hours of work—and that mastery takes decades of effort.
He advises young professionals to gain experience in bigger companies first. Such organizations provide top-notch training and skills that can serve you well later, whether you stay or move on. For Chris, his time in intelligence gave him the core skills and a strong work ethic that helped him in startups and cybersecurity.
Learning from Failure to Build Better Products
Failure is part of the process, Chris says. Trying and failing is better than not trying at all. He shared an early experience at UK intelligence where he built a product that no one used. Despite executing well technically, he didn’t understand how large organizations operated. That lack of insight meant the product didn’t deliver value.
This failure pushed him toward cybersecurity startups, where he learned that solving real customer problems is what makes a product successful. According to Chris, most startups fail because they create something nobody wants. The goal should always be to develop solutions that meet genuine needs.
In the end, Chris’s story shows that managing risks, working hard, and learning from failures are all crucial to building a successful startup. It’s about making smart decisions, living with some fear, and remaining focused on solving problems for customers. If you keep these principles in mind, you’ll be better equipped to grow your business and navigate the uncertainties that come with entrepreneurship.
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