More than ever today, you need to look carefully into what risks you're taking with your time and money. If you're producing new product or service, research things which have come before which were similar, seek out their particular business strategy and determine how successful they actually are.
Another risk is your competitors. Ideally you will have an edge over them - something different or enhanced about your product which you know your customers will find desirable and which offers you a unique selling point. If you do not, what is the risk you will not be able to claw back a substantial enough slice of their market share?