Welcome to Over Indulgence
Do you feel embarrassed about your loud snoring? Don’t worry, you’re not alone. Millions of people across the globe have this problem. But mind you, snoring is no laughing matter. It could very well be a surefire sign of a serious condition called sleep apnea, which...
Risk management is basically a science used by professional business people and of course, entrepreneurs. Each new business is filled with all sorts of risks which can consume you and make you fail. With the risk management, you will simply avoid all potential issues and get better odds for succeeding.
What is risk management?
As we mentioned, risk management is a science, a more precise one actually. It allows you to calculate all the potential risks which may occur to you at any given moment. You should know that greater risks usually bring greater results. Some risks should be avoided at all cost, while some are worth it.
Risk management will also help you with determining the relation between the cost and the benefits of that particular risk. It is all about careful planning and developing your business strategy to move pass all risks as easy as possible.
Types of risks for entrepreneurs
There are several, common types of risk each entrepreneur will encounter. They are:
- Competitive risk
- Financial risk
- Employees risk
- Tech risk
- Legal risk
We should add that the first type of risk is commonly associated with the marketing risks as well. It means that a rival with a better marketing strategy usually has better odds, meaning that your business is at a risk.
Calculating the risk effect
Obviously, isn’t possible to foresee the future nor risk management will allow you something similar. In a matter of fact, this science ill help you calculate the probability of the risks and their severity, so you can adapt.
The first step starts will list all the risks your, particular noisiness may encounter. Try to categorize them according to the severity and the odds of them happening. Once completed, you will have to develop and calculate the mitigation costs. In other words, it means that you must prepare yourself and your business to deal when the risk occurs. Calculate the cost of solving the problem per each strategy you have been using.
When doing this type of analysis, it is advised to be as realistic as possible. If you are too optimistic, your risks won’t look real. If you are too conservative, your entire business will look like a simple mistake. Don’t forget to include the changes of the market and society. They are dynamic, so try to incorporate them into your analysis. Finding the average line may be tricky, due to constant changes. If you can find statistic data related to your business, use them!
The bottom line
Risk management is something that most entrepreneurs never use, so they fail within 5 years. In reality, almost 50% of them fail in the first 3-5 years! The technique will help you determine the risks your business may encounter and adapt so if or when they occur, you will be capable of defeating them. In addition, this science also allows you to categorize the risks and determine which ones should be taken and should be avoided at all cost.
Getting excited to do the same thing day after day is not easy, even if it is running your own business. Some people don’t even like to wake up to the same spouse every day, so dragging yourself out of bed, taking a shower, driving to your office, and spending the day working to try to keep your business as successful as possible can become tedious after a while.
It Can Be a Challenge
Even those who are running the most successful businesses can find that the workload can get overwhelming or boring at times. They lose their motivation and their passion for what they are doing.
To be frank with you, motivation is really fueled by your passion for something. The more excited you are about something, the more motivated you will be about it. It doesn’t matter whether you are talking about a new boyfriend or girlfriend in your life, a new hobby, or a new class you are taking a college, the more excited and passionate that you are that the more you will want to stay involved with that. That is true motivation.
How Do You Keep the Passion Alive?
Knowing that your motivation will be fueled by your passion, what you need to keep in mind is that you want to keep that passion as high as you can make it. You need to be motivated and excited about what you are doing so you will want to keep doing it. You simply have to find ways to keep that passion flowing. Here are some things to keep in mind.
It’s Your Baby – the most important thing to keep in mind for any entrepreneur is that this is your baby. You are the creator of this product, service, business, or other entity, and so you want to treat it like this is yours. After all, it is yours! Let that be a huge motivator for you. Let that get you excited to wake up every day because this is yours!
Help Others Around You to Get Excited – a sad fact is that if you are not excited about your own business, you can be sure that your employees and your family are not excited either. This can create an atmosphere that feels like death is running rampant through your organization. To curve that, you need to start taking actions to get others excited about what you are doing. Start by giving bonuses or prizes away to employees who reach special incentives. Have your family come in to work some days so they can be involved as well. Get others excited and they will help to motivate you as well.
It’s OK to Be Down at Times – another key factor to keep yourself motivated is to let yourself be unmotivated every once in a while. You can only smile and be happy for so long before you are going to crash. This is why it is important to have an off day, a day where you are at your best so that you can recharge.
Have you ever thought about what makes a successful entrepreneur? You may watch shows like Shark Tank and ask yourself what it is about these men and women that made it so that they could turn a small investment, sometimes as little as $10,000, into a huge business that has made them billionaires. It seems illogical if you get down to it.
The truth is that there are things that a person can do to make themselves a successful entrepreneur. There are characteristics of the most successful and famous ones out there that help to make them a cut above the rest. If you are looking for some of those characteristics, here are a few to keep in mind.
No Quit In Them – the very first thing that separates successful entrepreneurs from the vast majority of people is that there is absolutely no quit in them. You can be sure that along the way many people told them about how their business would be a failure, how their products were no good, how they equipped to make their business into a successful venture, or any other number of reasons why they shouldn’t succeed. Despite this, they continued on, believing in themselves and the vision that they had. Quit cannot be a word in the vocabulary of a successful entrepreneur.
They Learned and Adapted – one of the biggest mistakes that entrepreneurs make is that they have a vision and they stick with it no matter what. They will go down with the ship instead of being flexible enough to learn from their failures, watch the successes of others, and adapt their business to be able to ensure success. If you’re going to be a successful entrepreneur you have to be willing to open yourself up to new ideas, especially those which you know will work.
They Weren’t Afraid to Ask for Help – a successful entrepreneur is someone who will seek the assistance of others in order for them to have success. This can mean asking a friend to help you with some accounting, seeking the assistance of a person you know who was a great painter to help in design, or any other number of resources that a person has available to them who can act as an expert in an area where they are lacking. Take for example a software developer. You may know how to make great programs, but if you don’t know how to get those to market, design your packaging well, and create websites that appeal to consumers you’re not going to make it. Seeking the help of others can be a big benefit.
They Aren’t Afraid to Admit When They Are Wrong – maybe the most important of these is the willingness to admit when you’ve made a mistake. If you’ve chosen an option that simply isn’t working, it makes sense to admit that and find alternatives. Don’t be so pigheaded that you refused to acknowledge where you made an error, deciding instead to continue to make it because you don’t want to admit you’re wrong.
If you look out into the business world today, you will find that there are women who are leading some of the largest and most successful corporations on the planet. We are talking about Fortune 500 companies, who are not only coming up with products and services that are redefining the way that we live in the world but earning their stockholders millions of dollars, employing tens of thousands of men and women, and leading with incredible insight and vision.
These women are truly a remarkable role model for millions of women who would like to get into the business world. There are many women out there who may not see their career path as one leading a major corporation like this but would like to start their own business or create their product where they can set up their little niche.
It Is Not Always So Easy
Every day it seems like some men and women are coming up with businesses and organizations where they can create a successful pathway toward becoming an entrepreneur. The hard part is that it is frequently an easier path for men to follow than it is for women. While it may not be fair, there are some challenges that women face that they should be aware of before deciding to step out into the business world with their product or service. Here are a few of those.
Your Family Needs You
While the dad in any household may play a significant role as a caretaker, the primary role for this function falls upon the woman. This makes it more difficult for her to be able to dedicate herself towards her store or business because a business like this requires extremely long hours to be able to succeed. She simply may not be able to do that and less she has a family that supports her without question. If you have smaller children, this is only going to make the situation even harder.
People Will Doubt You
You will likely find that even some of your very best friends will question your ability to make this business a go. One of the biggest challenges that women face with any task that they decide to take is that their family and friends, who think they know them well, doubt that they can succeed. You need to have confidence in yourself and surround yourself with other entrepreneurs and mentors who will help you to reach your goal.
They Can’t Face Failure
The biggest problem that any entrepreneur faces, whether man or woman, is there inability to face the fact that they may fail. You frequently hear that Thomas Edison created the lightbulb a thousand times before he finally got it right. However, people don’t simply take that to heart. When they fail, they quit. If you are not an individual who is going to stick with this, then give up now. Don’t waste your time and your energy. Understand you are going to have failures, spend long hours in your business, and have difficult times, but you have to believe in yourself.