It was a whole lot of experience at Microchips. The director had called the manufacturing company about the unresolved problem the canon CD/ DVD printer suddenly developed and had gotten reply thereafter about the common cause thereof, so he ordered for the component basically not in Nigeria as at then. After all the dollars send and the flight, it still didn’t work. Ordering for an expensive laptop panel was another experience that fails. Amongst various items that arrived in subsequent times were some with factory problem and so on, making them useless.
I shared that story to let us to the various risk that revolved around businesses! Risk taking is key to success in business. It is possible to say you are starting a business. What that means is the readiness to face the outcome of any business you venture into. You must understand that whether Local or International, risk is behind every business that you will ever embark on.
Before You Even Think Of Starting The Business, Know That Risk Is A Fix Deal Attach To It. You cannot do without it.
For instance, when you send your money to a brand (manufacturing company) “home or abroad” to supply you goods you have not even seen, you are taking risk. If you have ever bought goods on wholesales from one of the wholesales shop in Alaba Int’l Market or GSM Village, Lagos or the popular market near you, you are taking risk. Any time you purchase any item “whether as wholesale or retail” to resell later without running a taste on it, maybe because you believe in the product or brand, or in the personality selling it to you or whatever the case may be, you are taking risk. Even when you taste and satisfied, take the product home for use or to the shop to resell, you are taking risk. This is because anything can happen between the period of purchase and the period of sells or use. It is risk taking also to demand the service of employees.
However, the most common risk that kills businesses, dreams, visions, destiny and harm business easily is “fear.”
These fear includes;
i. The fear of investing huge amount on a project.
ii. The fear of ‘what if it didn’t work out.’
iii. The fear of inadequate funding
iv. The fear of how and where to start.
You may feel the best part of the game you can play hence risk is involved is to quit. The question is; “would you because of fear of risks decide to quit from such great business ideas? What happens if you quit? “The best thing a writer will ever do to you is to tell you the truth. You may be bettered at it but that truth is the only benefit you got from him or her. As I write to you I am battling with the most common risk you know and higher once too, but what profit would I make coming victoriously out of it alone? If we are able to make ways out of every challenge in business together ‘that I believe will profit me the more. You could be behind battling slowly, but if you are able to manage the risks, you will come out at the forefront with blueprint.”
The biggest mistake most failed business owners would make is to entertain and give room to fear and discouragement. Your business could be small or big, local or maybe you are planning for a full time startup company. As either small or big business owner, you must confront fear and seek every means to overcome them in order to succeed in whatever business you have decided to go into or build. You must accept the fact that failure in business is possible. Large companies and experts in most gifted entrepreneurs fails too. For instance, if you’ve ever had a whispering into your ear or a thought in your heart that something could go wrong, you find out that the added value, strength and courage you once had drops. Instead of building on the failure that risk brings when mismanage, I suppose a thought about fear in the aspect of taking actions to deliver what people wants is paramount. This does not necessarily mean that you can please everyone because in trying to please everyone, you may end up not pleasing anyone in particular.
Going on any business without fear of risk is however a good consideration because risk is manageable. Risk management is important in an organisation or any business because without it, a firm cannot possibly define its objectives for the future. If a company defines objectives without taking the risks into consideration, chances are that they will lose direction once any of these risks hits.
Many companies have had series of risks and still counting. Managing these risk means that you first of all identify risks and come up with certain strategies to guard against these risks. For a functional execution of these strategies, motivating the cooperation of all partners of the company becomes key objective I will comment, since risk management are challenging hence, companies like Royal Dutch Shell in Netherlands and the BP in the United Kingdom would have collapsed long ago. The idea of risk management could defers depending on companies believe and set goals but it is employ to make sure that risks are kept under control before they affect a business. When ever there are uncertainty in any organization is because risk is yet to be managed. That is where Risk Management becomes even more important in an organization.
It is generally believed that larger organizations face more risks, so their risk management strategies also need to be more sophisticated. The critical risks are those that could have an adverse impact on the business; these should then be given importance and should be prioritized.
TO OVERCOME FEAR OF RISK
– Create a realistic business plan.
– Don’t wait until you start big, start small.
– Learn and make research to find more answers.
– You must believe in your abilities and talents.
– Take important decisions.
– Do not limit your potentials.
– Put your energy and time to it.
– Speak life
Thanks for reading. Wishing you the best of luck…!