Business is not something so easy. It might appear easy on the outside, but when you dive into it, you get to know what the real deal looks like. There are times when you have to make critical decisions, and times when you get mentally disturbed from what steps to take next. But all in all, there are always times you have to take easy risks and some deadly risks.
I have admired business since I was in elementary school. I knew the business was all about capital. When you have enough capital, then you are surely taking little or no risk at all. But once you fail with your capital you are at risk of breakdown.
Apart from encountering the knowledge of how a business runs, and the capital, you also have to know how to manage a business. The wrong management itself has already put the business at risk of bankruptcy. This is why we see many companies come on board with their products today and over time they are nowhere to be found.
They took the risk of getting into business but failed at the risk of managing the business. Any business that survives the test of time has played positively with its management risk. Financial risk is just another thing on its own. There are a lot of risks to be considered.
I told a friend of mine who was about to venture into a new business after he complained bitterly about the results of the former business they engaged in. I told him that there was a way to run. You have to be consistent with a business before people get to know you. And then you also don’t have to spend your capital, you should make profits, then divide the profit into two, one part goes into the business growth and the other can be for your personal use.
Life is all about taking risks, in a lot of things we do, walking on the street is a risk on its own, driving on the road is a risk, and we take risks with the choices we make and decisions we make. So living on and surviving each day is on the tip of risk.
The risk I took recently was on my business. I got a call from a friend of mine who was urgently in need of funds to settle some debts. It was hard for me to lend money out of my pocket at that point in time. But he's not someone I can excuse that I don't have so I decided to take the risk of borrowing him and getting it back later. This money was a part of the capital I used to run my business.
After borrowing him, I got into another issue and needed some funds to back up my business, I already borrowed him the money. And I couldn't get it back. Taking loans or getting into debt is one thing I tried as much to avoid getting into. But in the end, I had to get loans to settle myself out of the scenario. Had it been I didn’t take the risk of borrowing out my capital, it wouldn't have told me that much to have affected my business.
This is my response to the HIVE LEARNERS weekly prompt in the hive-learners community for the Week 170 Edition 2, and the topic to be discussed is THE RISK WE TAKE.
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