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Entrepreneur's Corner

Dear Entrepreneur, This Is Why You Should Take Risks

BY Soko Directory Team · July 6, 2020 09:07 am

An entrepreneur is a risk-taker, a risk is a situation that involves uncertainties, you can call them bad happenings but the implications can either turn out positive or negative. Therefore, as an entrepreneur, you must always exploit it.

Although risks tend to present themselves as only focused on negative consequences and highly unpredictable, the end result can still turn out positive is you fully expose yourself to it in an optimistic manner.

You are an entrepreneur because you take advantage of available opportunities to realize all the worthy intentions accompanied and risk is an opportunity and below are some reasons why you should take the risk.

You never know until you try

Dear Entrepreneur, try and fail but never fail to try, a risk is a sudden happening that you have no control over but you shouldn’t fear either.

You can never know the repercussions of something until you try it out yourself, this is the way to go and grow, and many entrepreneurs think the risk is only negativity, but the risk can also be positivity, and the only way to discover that is by trying.

No risk-No chance of winning

A business cannot succeed minus you undertaking some risks, besides you will not have the chance to escape all the uncertainties that come your business’s way, therefore the best solution is to try and a negative outcome shouldn’t end your journey either.

The more your business is exposed to risks, manageable or not, the more its chances of survival boost. Some uncertainty that hit you before and you exploited it cannot hit your business again and you fail to deal with it.

The reverse is that if you continue setting your business goals on the fear you will not realize any and your business shan’t grow or succeed because nothing in life comes on a silver plate, that’s the no gain without pain.

Risks can be calculated

The most promising aspect of risks is that they can be calculated therefore, they can be solved.  Calculating risk in business involves two factors, how likely the risk is to happen and how bad it will be if it does.

Thriving as an entrepreneur requires calculating risk and applying good risk management to minimize the worst threats. Risk management isn’t one size fits all, as each individual business has its own unique set of challenges.

Dear Entrepreneur, the risk is all about risk assessment, you’ll have an idea of which risks are the most troublesome. Some risks may be minor enough that they’re not worth action, or even the fear that evokes in you

Risk Territory is never crowded

The risk territory is never crowded because there is no high rate of completion basing on the rate of fear among many entrepreneurs.

Just like you everyone fears taking the risks, many feel like a risk is accompanied by only negativity and to them, negativity is a failure and they all fear the failure part of it, so they are set back and do not take the risk.

Set yourself apart, take the big but profitable decision, realize what other people fear and crack it, the rate of the competition shall not be high at all since many fear to take the risk, therefore take it and grab the success.

Anything new is risky

Entrepreneurship is all about exploiting any new opportunities, that’s the best means of growth and success, but every new opportunity must always seem risk because one is not sure about the outcomes.

Simply because an opportunity appears to be risk doesn’t mean it is completely going to end with negative effects, therefore you have to take the risk of discovering the possibility of realizing success in that opportunity.

Success is discovering new opportunities because the present can expire any time but their expiry shouldn’t mark the closure of your business, learn how to be a risk-taker because that’s what entrepreneurship is all about.

By Nsunjo Erica

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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