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There Is No Success Without Risk – Shubham Saini

At the young ripe age of 20, Shubham Saini who hails from Rajasthan, is already the founder and owner of more than ten firms.  He is an entrepreneur businessman with M/s SR MALAKAR as his most prominent firm enterprise. You’re probably familiar with this storyline. Entrepreneurs are the daredevils of the business world, always looking […]

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Shubham Saini
Shubham Saini

At the young ripe age of 20, Shubham Saini who hails from Rajasthan, is already the founder and owner of more than ten firms.  He is an entrepreneur businessman with M/s SR MALAKAR as his most prominent firm enterprise.

You’re probably familiar with this storyline. Entrepreneurs are the daredevils of the business world, always looking for another cliff in order to plot their next leap. The problem with this narrative is that I don’t believe it is true. In my experience, one of the things that make for a good entrepreneur is the ability to accurately understand and manage risk says, Shubham Saini

Failure and entrepreneurship go hand-in-hand. If you’re not fully aware that your business could fail — or if you’re terrified of failure – go to work for someone else. Because if you’re not willing to take risks, you shouldn’t be in business for yourself. Risk means stretching, taking chances, trying new tactics, making mistakes, and learning how to work through them.

Most people do a really poor job of estimating risk in business. They often don’t consider the opportunity cost of staying put and not trying out new endeavours. Many businesses fail within the first year because the owner couldn’t get a handle on work time vs. “the rest of life” time. Rule Number One: You can’t spend every waking minute on your business. You still need to have a life. Otherwise, you’ll burn out.

When you talk to people about what it takes to be an “entrepreneur,” most people will say you need to be a risk taker. When you talk to people about what it means to be a “risk taker,” most people will begin describing daredevils From the earliest stages of a new business idea, risk and opportunity are inseparably linked. Entrepreneurs can make this connection when comparing their personal goals with possible entry points into the market. Preliminary research will almost always yield insight on both sides, which is why startup leaders need to have an understanding of their industry.

Along with identifying opportunities, doing your research can ultimately help to mitigate and manage risk.

There are four ways of dealing with, or managing, each risk that you have identified. You can:

  • accept it
  • transfer it
  • reduce it
  • eliminate it

Let the failure not come as an unpleasant surprise. You need to plan extensively about everything-the idea, marketing strategies, back-ups and the post-success plan. If you manage to forecast a risk almost perfectly, you have a chance to reduce it.

Inspirational speaker Robin Sharma once wrote, “If you’re not scared a lot you’re not doing very much.”

It’s a simple fact: to truly succeed in business, at some point it will be necessary to step out of your comfort zone. Sometimes, it’s only with taking a risk that the true rewards will come your way. This is why it’s important to increase your risk tolerance.

If you were going parachute jumping, you’d definitely check that your chute was working before you dived out of the plane. Likewise, in business, it’s important to assess your preparedness before taking a risk. First, check your mindset. Are you feeling calm, have you gotten enough sleep, have you eaten? Second, check your preparedness for the specific task or undertaking.

In the tough world of business, one needs the right tools, the right mindset, and most importantly, the right people that will help one succeed.

Risks aside, as an entrepreneur, you control your destiny. You’re not at the mercy of a company downsizing and eliminating your job. And if you lose an account here or there (it happens), you can go out and get more. You can be as busy as you choose to be. So enjoy what you’re doing. Get up in the morning knowing that you’re doing what makes you happy. And have fun quoted Shubham Saini.

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