This session highlights that there is uncertainty inherent in any new venture as well as describes a practical way to quantify this risk and gives a practical approach to the entrepreneurial team to prioritize and mitigate the most important risk factors. This chapter explains that the basic elements contributing to uncertainty of a venture are the assumptions being taken in all the stages of the venture. The chapter also gives a framework in classifying these assumptions as ‘critical’, ‘major’ or ‘minor’ categories and gives suggestions on how to track these assumptions.

We’ll also review the entire Transform 3+1 framework towards the end.