Updated: Aug 11, 2020
Now what is a risk? It is a situation of being exposed to danger. Now in business starting one of your own in itself is a risk. This is why many people don’t even take any action to make their business ideas into a reality. They would have thought, why take the risk when I have stability working here getting a basic salary? Let us tell you this, depending on how innovative an idea is it can be made into a big blooming business. It Just requires the right amount of work and brains going into it. Of course, not everyone can solve all the problems they face while trying to run a business and that’s where help can be used. Now you need to make a clear check with yourself, am I really going to fully commit to this one idea? If you go in halfhearted, chances of success are very low, so you will need to fully be ready to jump into this knowing it’s a risk that you are willing to take and that you will not give in until the dream becomes a reality.
People who don’t take these risks to make their ideas and dreams into a reality. Usually end up with regret. Always thinking about what could have been, or how their life would have changed. Eventually taking this regret with them even into death. As Les Brown a famous motivational speaker and author has said. “The graveyard is the richest place on earth, because it is here that you will find all the hopes and dreams that were never fulfilled, the books that were never written, the songs that were never sung, the inventions that were never shared, the cures that were never discovered, all because someone was too afraid to take that first step, keep with the problem, or determined to carry out their dream.” Too many people become cautious always seeing the negative first instead of the positives, what if this goes wrong? what if this happens? Stop all that, think about the positives. What if it goes right, what if my ideas make me among the wealthy. Of course, naturally not every given idea works out, we are humans, we are not perfect but instead of grieving about it you can learn from it. You can always improvise, adapt, overcome.
Of course, in the business world risks aren't known to be aimless jumps into the abyss hoping for the best. The benefits always need to be better than the risk itself. Businessmen reduce the risks they take by carefully thinking about the best course of action with the least damage as recoil. This is referred as calculated risks. Usually done better with professional help calculated risks will help you chose the best possible path to make your business a reality. Doing business online is also taking a risk. Now after all this you may be wondering what are the risks that I will have to face, well here’s a brief of a few. Note: Depends on what type of business:
· Financial risks: this refers to company's income not matching the required amount to sustain the payments.
· Competitive risks: of course, bigger names will almost always overshadow a smaller company, but uniqueness helps to stand out.
· Political risks: depending on whom you think is right the opposition parties won’t necessarily treat you right
These are just a few examples, but given the right planning there are ways to overcome all of these. If the business in anyway is having trouble, don’t be ashamed to take help. It’s bad to go down without a fight and usually professional advisers can help you generate much required solution and allow the company to take much more influential calculated risks.