The purpose of this paper is to provide a guide for reducing the risks faced by businesses interested in undertaking a value chain initiative. Developed through the experiences of the authors, and based on research of a wide array of both successful and unsuccessful value chain initiatives, this paper is intended as a resource for companies and individuals to guide their thoughts, discussions, and decision-making processes and to prioritize risks. Ultimately, the purpose is to encourage participation in successful and sustainable value chain initiatives by describing the factors that enable businesses operating as a closely-aligned value chain to attain considerably more competitive advantage than businesses that continue to act independently.