Every adventure in life has risks attached. It is not always easy to succeed in any endeavor. In the same vein, every business has its risk but it’s riskier not to take a risk. You must have a business you are doing. I am not saying you should resign your present job and start a business, though it is always the best to give it your presence when you are just starting.
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What you don’t know are your risks, so you have to face it to reduce risks in your life, in order to make it. Let’s face a reality, you have to start a business even when you are working for others, in order to make it in life. The only caution is that never allow the business you are starting affect your present employer negatively, she will never take it easy with you.
Entrepreneurship is all about starting and building a business, and there are many risks attached. Yet, you still have to take the risk, what you only need to do is to turn the risks to “Calculated Risks.” Facing and taking calculated risks always end in a successful endeavor.
How Can A Calculated Risk Be Taken?
- Do your research before you start any business venture: You don’t really need to start a new business, nothing is new under the heavens. Interact and ask questions from the successful businesses you want to venture into around you. Innovation has made more people rich than invention.
- Plan and prepare fully before you finally lunch out: Be fully prepared especially financially, though an idea is what you really need first. Nevertheless, all other factors of production have to be considerably planned and prepared for.
- Do not put in all your resources at once: Do not put in all your resources at once, especially money. If there is no capital, your idea may not work out. I always make a joke with my spouse that if I need, let say, $1,000 to start a business, I will look for $2,000, in case the first input fails, then I’ll start again. If I have the exact $1,000, I’ll rather start the business with half of it which is $500.
- Plan your exit in case your lunch fails: A wise man says, “Failure is an essential part of success.” Be optimistic that you cannot fail, but still plan for it. Is it ironical? There is always an “escape route” in a building. Any modern house without an escape route is a death trap, so also a business without an exit plan, no wonder many entrepreneurs commit suicide.
…. And much more….
Note: An escape route is an opening or entrance in a building which you can escape through in case there is a fire outbreak or any imminent danger. e.g. the second door of a kitchen or the other staircase in a multi-storey building. Then is it risky to live in a duplex?
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Other resources that can be of help are listed below
Wealth Comes Gradually: The Waiting Period! But there are THREE things you can do to make it come fast.
© 2017 Peter F. Adewumi
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The End Matters Most, authored by Peter Adewumi. (Print on Demand, eBook & Audio).
Attributes of Successful Employees by Peter Adewumi. (Print Book & eBook).
Virtues for Riches (Motivational Series) by Peter Adewumi (Paperback, eBook & AudioBook)