You Will Never Know Unless You Try!

By Brian Mahuni (CoachBM)

Entrepreneurship and risk are always found in the same line. You can not succeed in entrepreneurship without having the guts to take risks. Someone said that you will never know unless you try it. Every business opportunity has its own risks therefore, without taking those risks you will never succeed.

Risk Enhances Growth:

When you move to take a risk just know that you are already pushing the boundaries. There are massive deals that can take you to the next level but if you don't make a move, you will not grow to the level that you aim for. You would want to expand into new markets right? Unfortunately, that is a risk on its own so you have to face it. Many will stay in their comfort zones because they fear risk, what if I fail in my bid to take up a new market? How would you know if there are opportunities or not when you don't make a move into the new market? Fear of risk stifles growth.

Innovation:

Innovation and opportunity are tied to risk. So, if you don't take a risk to revamp your service delivery process or make changes to your existing products, you will miss out on the opportunities that come with those moves. As a Market Researcher, I do a lot of innovation research around introduction of new products and modification of existing products. I notice that many companies are afraid to change anything, they want to do business as usual in a world where consumer needs and preferences change everyday. We also do Market Research around customer service through Customer Satisfaction Surveys. Companies that invest in such with the strong will to make changes to their products and the service delivery process are reaping the rewards.

People Management:

As they say, be slow to hire and be quick to fire, the human resources fundamental is one to consider when discussing risk issues. Many entrepreneurs do the opposite, they are quick to hire and slow to fire mediocre employees. Taking the risk to fire those who are misfiring and replacing them with top performers is always the smartest move. If you keep mediocre staff in the business, you will be creating an even bigger risk in the long run. Take the risk now and fire that top manager you think is occupying an important position if he/she is not up to the task. Many fear losing the 'Top Guy' as if the world has run out of talent.

No big rewards for those that run away from risk. Do you want to evade risk suffer in mediocrity? Anyway, the choice is yours.

Brian Mahuni (CoachBM) is a Senior Market Researcher, Business Advisor & Career Analyst who helped 3,000+ professionals to get meaningful employment & 50+ companies to grow their businesses! Currently running own Business Advisory Firm, BM Consultants. He can be reached on:

Phone: +263 775 450 604 or Email: [email protected]