Article is property of Businesszone.co.uk.
Originally published on June 12th, 2017.
The business world can be cold and disheartening. Making money as an entrepreneur is no easy task and sometimes it feels like it’d be better or easier to give up. Only you know if that’s the case in your situation, but I would caution against any quick conclusion of defeat. People have come back from worse, and we can learn from their stories, triumphs, failures, and more.
Take (Calculated) Risks
Richard Branson has talked about the necessity of taking risks more than once. My favourite quote by him is ‘Continue to take chances. In the future how “lucky” you are in business will be determined by how willing you are to take calculated risks.’ I am naturally of a much more cautious mindset, but his words have made me second guess myself. Failure is ultimately inevitable, but success is often earned after many failures.
I think there’s something to be said for the word ‘calculated’ in his quote as well. A risk may result in a loss, but it shouldn’t break you. Predicting business trends and navigating your decisions around them is a necessity. Meaning, you should have faith that you can be successful from the risk you take, and you should also be able to bounce back if that doesn’t happen. For instance, despite my cautious nature, I like to play slot machines. Slot machines are always a risk and I’ve made a lot of money from them at times, but also lost a lot at others. But I’ve never bet enough to live on. No loss has ever been unmanageable.
Calculated risks can take you new levels if they go well, but they shouldn’t put you out of the game if they don’t.
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