Just as there's no such thing as risk-free skiing, there's no such thing as a risk-free business. But veteran entrepreneur Bob Reiss points the way to minimizing, sharing and otherwise managing risk in his new book Low Risk, High Reward: Starting and Growing a Business with Minimal Risk (The Free Press, $27.50, www.simonsaysbusiness.com). Reiss, who launched several multimillion-dollar companies among his 14 start-ups, reduces risk to a science in this 288-page manual co-written with Jeffrey L. Cruikshank.
While required reading for cautious entrepreneurs in the early stages of planning or developing a business, Low Risk, High Reward also provides existing business owners with insight on protecting what they've achieved and on safely expanding their businesses. Reiss details his own prescription for managing risk and relates success stories of other entrepreneurs while covering a broad spectrum of likely perils business owners will find in such areas as funding, product development, introducing products and deciding whether to have an IPO.
Paul DeCeglie (MrWritePDC@aol.com) is a former staff reporter for Journal of Commerce and American Banker.