We cannot ignore the fact that risk is part of life, no man scale high without taking risk but the question is what type of risk are mine to take, should I take the risk or not?
What is risk?
Risk talk about a situation that involves danger. It also involve a possibility of loosing out or be affected negatively.
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As a business man you will be face with risk everyday not only as business man but also every other things you do in life in one way or the other involve one risk or the other. When it come to business or investment, most of the time the higher the risk you are willing to take, the more the return will be; return in the sense of profits or positive results but the question now; is all risk worth taking?
Over time records have shown that not all risk are worth taking and ability to do your calculations and predict the future with a high level of accuracy also help to reduce the lost that are involve when one take some risk but the fact still remain that you will have to take risk.
So the question now is what are the risk that you can or better put this way that what are the risk that you must be willing to take to move forward.
The first risk I will like to talk about is that you must be ready to put in your capital at the start of the business, some people are looking for fund outside and are afraid to invest their hard earn money, this is a risk that you must be willing to take although make sure that you check and calculate to be sure that it is a good business to invest into.
The second risk that you must be ready to take is trusting your employees, you see trust is a risk and you must trust them to do the right thing although you will still have to monitor them but trust is important to reduce pressure from your head.
Thirdly you must take risk to explore new areas and improvement in your business. The market is changing daily and competition is increasing also, so you must be ready to take risk to try new things.
This are some of the reason why you need to take risk and the risk that worth taking if you want to grow and your business to improve.
Thanks for reading
Hello @great-a
Certainly the three types of risks you mention are key to advancing business, but they are considered or not willing to do so, it is unlikely to achieve success.
Thank you for sharing this reading.
Have a great a day!
Regards.
Thanks for your comment
This is just the plain truth, you just can't take all risk. I have always advice that people should learn to take calculated risk.
@tipu curate 4
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greetings @ genial-a, in life we take risks on a daily basis, however when starting a business, the risks are calculated: first a market study must be done in order to know if the organization will have a market to emerge. However with this case of Covid-19, many companies that took risk in investing in different economies and markets have lost capital, redesigning their commercial objective and risking again in other markets to be able to obtain profitability.
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Hi @great-a, The risks are part of our life in different ways, we can't eliminate them.
The three risks you mention are frequent in the business area and are perhaps the ones that entrepreneurs think about the most.
Thanks for sharing, best regards
Before taking risk,make sure you have the right cards on the table as well. Nice read