Among many characteristics that successful entrepreneurs possess, risk-taking is possibly one of the most important. However, one can’t succeed if he is just purely a risk-taker.
Maverick Mentoring provides help for entrepreneurs & business owners who are focused on success and willing to do their best to achieve what they want.
A successful entrepreneur is the person who knows how to reduce & manage the risks he’s facing to produce the best decisions that will lead to the best results for themselves & their business.
Below are some ideas that you can apply to reduce risks & improves your chance of success.
Murphy’s Law
Being an entrepreneur or a business owner, it’s essential that you always remember Murphy’s Law:
Whatever can go wrong will go wrong
Take a closer look at the things you’ve done to identify whether there is a high chance of risks that can be avoided. What are you doing to identify risk and have a strategy in place for dealing with this.
Planning and research are essential for building your business and securing your future
It Will Take Longer To Reach Break-Even
It’s completely normal that everything will take longer than your best calculation.
On average, it will take about three times longer than initial calculation for businesses to reach break-even point and start making money. Thus, remember to always triple your break-even point timing estimation to get a more correct & realistic number.
The Fudge Factor + Crisis Anticipation
When you’re doing business, everything will probably cost more than what you anticipate. Therefore, to reduce the level of risk in any venture, remember to always add a “fudge factor” to account for errors or unanticipated circumstances, for example, 20% more to the total costs.
Aside from the “fudge factor”, prepare yourself with crisis anticipation also. Identify & make a list of all the worst possible things that could potentially go wrong with your venture. Based on that list come up with prepared solutions that you could use to counterbalance those factors. External circumstances can change anytime, so make sure to inspect everything thoroughly and regularly.
Be (Fiercely) Realistic
Successful people are often found to be extreme realists. These people don’t put their trust in luck but rather carefully calculate every possible risk. They have solutions already prepared in case something unfortunate happens. A successful person will always have a backup plan or “Plan B” ready to be launched as soon as things don’t go the way they wish them to.
Conquer Your Fear
In order to become a successful entrepreneur, you must know how to conquer your fears, or better, the fear of taking risks. Overcoming fear is not something you can do at once, so just gently take one step at a time by practicing goal setting & reviewing. Make sure that the goals you set are clear, measurable, and written down.
Continuously working on your goals & evaluate your progress day by day. Once you are able to figure out how to improve your performance, you’ll feel more competent to accomplish greater things for yourself. This will consequently boost your likelihood of success.
It’s hard to become a billionaire. Nonetheless, becoming wealthy and successful is not an impossible mission. Start improving yourself from today to reap the benefits you deserve as soon as possible!
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Need help with business strategies for success? Contact Maverick Mentoring NOW via 3 9005 8275, and receive a FREE 1-on-1 business consultation tailored specifically for you and your business.
