New market, new product high risk, but not a risk-blind sprint. This is how I managed the risk: 1. I dove deep into the market—real people, real pain points. 2. I released small, listened carefully, and iterated rapidly. 3. I had a plan B (and C) in my back pocket in case things didn't quite hit the mark. Testing early saved time, money, and a whole lot of guesswork.

Here's my simple playbook First, ask: Why this market? Clarity on your reason for entering a new market helps uncover potential risks, risks and might even reveal you're not quite ready, or that another market is a better fit. Then assess: Potential – Is the addressable market big enough to justify the effort and the potential risks? As a colleague used to say, “Fish where the fish are.” Once you are confident in the potential, evaluate the Probability – Will the market take your product? Consider pricing, fit, regulation, and access to key influencers. If both stack up, build a clear plan, define metrics, and test in a small area first. Learn fast, then scale.

As Jim Collins suggests in hos book “Great by Choice”, fire bullets, the cannonballs. In other words, first you fire bullets to see what works, and then fire a cannonball once you are confident.

First, I would conduct thorough market research to understand the potential demand, customer needs, and any existing competition, even if indirect. This includes gathering insights from potential customers through surveys, focus groups, or pilot programs. Next, I’d start with a small-scale launch or a MVP to gather real-world feedback and reduce exposure to large-scale failure, and ensure flexibility in the product development process to quickly adapt based on early feedback. To further mitigate risk, I'd monitor KPIs closely and stay agile, adjusting marketing, sales strategies, and product features as needed. Finally, having contingency plans and sufficient financial reserves would help cushion the impact of any unforeseen challenges.

In my opinion, the best way to mitigate the risks is to have a clear vision/goal, good strategy, constant feedback and plan ABCDE, etc..