Marcus Hiles of San Antonio has been running businesses for years. He knows how to manage risks in business.
One of the things that scares many people about starting their own business and becoming an entrepreneur is the risk. Some people even think that entrepreneurship is all about taking risks. In reality, it is the complete opposite.
Entrepreneurship is not about taking risks. It is about minimizing and managing the risks. Starting a business or running a business is a risk, but it is not a foolish, casino-like risk. Great entrepreneurs usually consider all possible scenarios and then make a decision, expecting the best and insuring against the worst.
Many people see things in life as black and white. It’s either good or bad, Superman or a super villain. Dramatic exaggerations and scenarios rarely occur in daily life. Usually each decision or way to move forward has its own set of pros and cons and is never black or white.
Psychology tells us that humans are extremely adaptable. Whatever role you assume, chances are that you will grow into it, adapt and start getting better.
It is natural to have anxiety, but the truth is that all people manage risks on a daily basis. Statistical research shows that there’s a risk of having a home fire. There is a risk of getting into an accident when driving a car or walking down the street. Some people manage these risks by installing fire alarms in their homes and wearing seatbelts while driving their cars, while others recklessly think that nothing will ever happen to them.
Running a business is very similar. Successful business people and entrepreneurs carefully calculate risks every day and take steps that will allow them to avoid disasters and minimize the probability of experiencing an adverse situation or scenario. Great entrepreneurs demand accurate reports and updates from their associates and professional advisors and welcome ideas and feedback that come from reliable sources. They also know when to stop collecting information and make a decision to avoid being paralyzed by never-ending analysis.
Successful entrepreneurs find a balance between too little and too much carefulness. Finding this balance is a skill. Most entrepreneurs are not born with it. They develop it with practice and experience just like Marcus Hiles of San Antonio did.
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