Taking business risk in this Pandemic period.

*WHAT YOU NEED TO KNOW ABOUT TAKING BUSINESS RISK IN THIS COVID 19 .* 

Risk taking has been a major characteristic of an entrepreneur or new business owner.

Now that the emergence of  Corona Virus  has given a lot of us sense.I hope you also have what I called *CORONA SENSE* 

You need to apply wisdom to avoid burning your fingers the more.

For those of you who wants to resign from your jobs,I want to let you know that there are many people outside there who are ready to accept your job and replace you at a lesser pay when you resign.

Before you quit that job , you must make sure you have an alternative plan B or you may be  forced to accept your faith.

It was only biblical Abraham that God told to leave where he was, to go to unknown place.Do you have the faith of Abraham????

Try and gradually nurture entrepreneurship mindset outside your existing job.

For instance if you are working in a bank you can start a part time business,but make sure it doesn't conflict with your present job ,or else you may be fired .A lot of co-workers may not be happy seeing you .

The situation in Nigeria now has warranted every one to start developing entrepreneurship mindset .Plan B business is always encouraged.

Do not try to be jealousy of your coworkers when they are trying to work on their plan B business idea ,as far as it is not conflicting with their present jobs.Let this CORONA  period give you sense.

Before the crash of the *Stock Market* in Nigeria many years ago which downsized the economy and caused many to lost their jobs , others died of hypertension .The same way Covid 19 crippled the world economy.

I was working in a Stock Broken firm.

What helped me then was that I was still chasing my plan B business which gave birth to what we have today as *Wedding masters Company.* 

So Imidiately,the Stock Market crashed a lot of us that had plan B business used the opportunity to start up their own business.

I acquired a lot of entrepreneurship training in that office because my MD then was a great entrepreneur. Having taking the risk of  building  his company from the scratch and was able to get to the top,he encouraged all staffs to follow suit.

I gained a lot of entrepreneurship skills and knowledge from that Stock Broken firm. 

I know that this Covid 19 may have caused many people to take a plung into new businesses.

Do not be in a haste to resign from a company especially when you are using the platform to build your dreams. You can also decide to work and  save .Just as some people have dreams and ideas but don't have money to pursue it.

If your present job can help you to achieve your dream plan B business why be in a haste to quit the present job.

Don't just resign without calculating very well, you might regret the experience.You resignation or lost of job could also be a blessing in disguise but it depends on the way you position your mindset.

It is good to take risk but it's advisable to take a calculated risk.

Now that Covid 19 has given you sense ,your case may be lost of job,or threat of resignation whichever one it is , you must have in mind that life is all about risks.Now that you have lost your job without having any initial plan B , you may have to take the risk of venturing into a new business or Enterprise.

Let the entrepreneur mindset be in you more than ever before, successful business ownership involves taking risks. If you don’t embrace risk-taking, you may want to rethink being an entrepreneur.

A lot of small business owners have taken risks to get their businesses to where they are now. Taking risks, however, does not mean going into business blindly and then expecting great results. Taking risks in entrepreneurship involves careful planning and hard work.

Let me give you few reasons why risk-taking is essential to small business owners and entrepreneurs:

RISK TAKERS DONT WONDER IN THE FUTURE.

Nobody can really be sure if risks will pay off, no matter how calculated they may be. But this should not stop you from taking risks. If you want your business to succeed, risks are necessary. You should never be left wonder what could have happened if you had dared to jump in! According to a quote by Frederick Wilcox, “Progress always involves risks. You can’t steal second base and keep your foot on first.”

“When you take risks and they work out, they lead to new capabilities you never saw before.” Tom Soderstrom

YOU LEARN FROM TAKING RISKS

Some risks may not pay off, but an optimistic risk-taker will always look at failure as an opportunity to learn. The willingness to experiment with new ideas is key to business growth. As Michael Stelzner puts it, “Nothing ventured, nothing gained.”

Failure will teach you how to think and plan strategically. Just remember that not all risks are good ones, and when you fail, learn from it and move forward.

NO RISK NO INNOVATION.

Innovation involves changing how people do things. It is about sharing and teaching what we know and putting new ideas into practice. 

 Innovation cannot happen if you will not accept the risk that your undertaking might fail. The level of risk may be lessened, however, if you make all possible calculations and evaluate which option is best before proceeding to the next step. 

RISK TAKING CONNECTS YOU TO OPPORTUNITY

Customers have constantly changing demands. For this reason, businesses should be in a constant state of progress. The astute business leader is in tune with what their customers need. Their finger is on the market of shifting trends and market demands. And they are innovative responders who operate by prioritising continuously evolving ways of taking solutions to market.

Business leaders recognise this, accept risk as a cost of opportunity, and then validate this attitude within their organisations. This helps greatly in realising their goals and achieving success.

TAKING RISKS GIVES YOU A COMPETITIVE ADVANTAGE

Since most people tend to avoid risk, those who are brave enough to take risks already have a competitive advantage. They are the ones setting the pace and leading from the front with new ideas, fresh offers, bold inventions. Risk takers are the most adept at pivoting when the going gets tough.

Simply put, when most individuals stay away from risk, that means less competition for risk-takers.

Stay safe.

 *K . E*