How to manage calculated risks.

How to manage calculated risks.

Risk taking proves that you are not a coward; Risk bearing is a fate of every entrepreneur. And every step in business execution or management is risky. So you should not fear taking the risks. Because by using them, you can progress.

But, you have to consider positive measurable risks you should take that won’t land you at blind-alleys. Risks worth taking must be at least 70% reliable or positive. When you want to take risks, measure the potentials of your business from the finance to the manager, to the workers, to the team, to net worth, and to the possible upfront.

If you take risk without discovering your potential to succeed, you are very likely to fail. Remember, that risk taking is used in achieving goals, which can make some unexpected challenges to arise. Changes like theft, betrayal, deception or dupe. Whatever it is, you don’t want to intentionally allow anyone of these to happen, for it might be very painful. The worst of the most painful feeling is the feeling of “I knew it would happen this way but didn’t do something in time” .

Think of what might happen on the way to getting something achieved and avoid the more dangerous and less advantageous ones. Don’t plan to fail, plan to succeed. That’s also why you should plan your way before you dive into your risky business.

Become accurate, regular and consistent.

Accuracy builds personality.

 This means that by becoming accurate and regular, you are sure to become consistent in what you are doing. Accuracy means staying up to date, with proper and up to date tools in your business.

Accuracy is completeness and appropriateness Take for instance; to perform better in your blogging business you need to acquire a steady source of electric power supply, strong and internet ready computer, ability to write the blog, and the latest changes and development in your environment and the world. 

To become accurate as a person you have to develop your physical and mental compatibility and strength.

To be materially accurate, there is no much than asking your-self the brutal questions. The brutal questions are logical tools used to find out hidden truth about oneself, ability and possession. 

Brutal questions are critical and contradicting. But, that is why being an entrepreneur; you are termed as your own boss. When you start asking yourself brutal questions like:

 “Why was I not able to complete my task today?”  

“Why did I not get enough traffic on my blogs?”

“Why was I unable to pay my due tax for this year?” 

“Why am I unable to perform my responsibility as a business owner?” etc.

 Be sincere with yourself while answering these question, whatever your answers to those question are, they are the areas you need to improve in order to become accurate and competent. You will know what you have been missing and it will keep you always interested, regular and consistent, so that you might make crucial use of every bit of your time.

Manage your time very well

As an entrepreneur, time is your most crucial need for proper operation. The word “immediately” is the most common language of entrepreneurs, who makes effective use of his time.

In one day, we have 24-hours. 9 Hours for work, and 15 Hours for rest and leisure.

But, unfortunately, the 9-hours set for work is meant rather for the employed and not for the self bosses.

 The entrepreneurs work 24 hours a day. You may ask how, because, I don’t know how many hours you use to attend to your customers, but I’m quite sure that there is no time for customer attention or communication, as far as business management is concerned reason is because, when you set if you do might not be when your customer may want to call.

Reviewing of daily sales record, asking and answering most of the brutal questions, racking your brain, answering calls from clients, checking Emails and reading lots of essential books--They are the things you should be doing with the rest of the fifteen hours of your day.

You can also have sleep and do your weekly exercise when time is due. Those are important things you should do with your time as an entrepreneur.

Sleep and exercise, in order to keep fit and refreshed and health purpose, these will help to boost your self confidence, improve your intelligence and keep you healthy and smarter.

Don’t forget to read some pages every evening, to program your mind, and keep up- to-date.

 If you are not a serious reader, you are too immature to be an entrepreneur. Reading makes you wiser, more courageous, happier, keen and smart. Books enlarge your brain and open your third eye.

 It also programs and upgrades your sub-conscious making you more compatible with your task. Reading also gives you a lot of respect and earns you more than any other exercise can.

Reason I’m emphasizing so much on reading is because, it is the best choice of exercise you can use that time you think is “free” with. That time you would have been using to watch TV, play Chess or Gambling. Reading relieves stress and keeps your system relaxed.

Meanwhile, you have to make effective use of every time you have in valuable tasks, as you know that wasted time shall never be recovered again.

 And this triggers me to say, that time is the most precious gift to humanity. Quitting can be horrible waste of time. That’s another reasons you should plan your way thoroughly before starting a career. Don’t quit unnecessary or you will end up a "Maneroo".

Persist until you succeed

Instead of quitting, keep on trying, sacrifices are not worth counting, until the final whistle blows. A quitter is a loser. “For he that persist till the end, shall the crown be given”

However, knowing the right occasion to quit is also wise. Anything that you started, which if you knew what you now know, when you started it, you shouldn’t have started is the right thing to quit.

But if it is because a goal that is well visualized and loved is now taking too much time, resources, or emotion to be actualized, is the reason why you want to quit, you are not thinking it right.

Don’t quit because the way seems hard; it is hard because the value is high. And because it is hard, not everyone is ready or willing to go there; and when everyone is not ready and willing to go there, that’s the best time to kick off, so that you will be the first and the only first to reach there and win. 

Quitting is a waste of time and resources; no matter how much or how little you have invested in it. Keep doing it, non-stop. Surely, your success is coming soon. It is obvious that what bring us success or victory in most cases of our life is the courage to persist until the end; not much of our strength or weakness. 

Every battle worth fighting has to be hard or nothing. If it’s not hard, then it is not a battle.

If you persist in your career, you will develop more skills to be equal to it, but if you quit, all you learnt, spent, heard, said, done, worked for or hoped for, everything will go in vain. One awesome reason why I don’t quit on any of my goal is because, if I quit in this one, I shall also quit on the next.

 But if I get this one done, I will develop the courage to get the next done also. A quitter barely achieves something worthwhile.

As an entrepreneur, whose time is very precious, the worst feeling you can have is the feeling of “it could have been awesome, if I later finished that my project then”.

And as a professional, your quality is calculated and determined by three things:

-Starting a project;

-Accuracy on a project and;

-Finishing a project.

Doing your task ‘day-in, day-out’ can bring your finishing or conclusion sooner than you think.

So, from today, I want you to start seeing quitting as the weapon of the enemy because, accepting it can mean compromising with your enemies to defeat you.

Obviously, the wish of your opponent or competitor is that you quit, giving them chance to triumph over you. So don’t let them, don’t quit.

Create a side steady source of income

Entrepreneurship is not a job with a steady pay check. What you will be earning or how you can be earning, depends on the type or form of your product you sell. 

You might be a producer who always needs a lot of money to pay workers, get raw materials, store or deliver product. Money doesn’t stay in your hand all the time.

Or you might be a wholesaler, who sells only when your customers come. Or you might be selling long term stocks which you only sell once in a blue moon, anyone.

 This decision depends on what you are selling. If you are selling a long term stock item, it is necessary that you make use of this idea, so that you will have to sell your product with confidence. 

Any steady income source that you create depends on your environment, your business type as well as your personal choice.

 That extra business will bring more people closer to your business, creating the most effective mutual relationship between you and your environment. 

This will help you a lot to make your business known to the people who attended your business place. 

Having a steady side income source will also make money (cash) to always be present in your wallet as long as it continues, so that those little expenses that require to be done can be settled without stress and it can also help you to finance your big business in necessity.