Every business person will have to deal with some element of risky behaviour in their career at some point. As a result, a business owner can either choose to follow this through and potentially experience great success. Or avoid this entirely and miss out big time! So if you are a business owner currently thinking about the next move, but are uncertain, read this guide to discover critical questions that should be asked.
Have you been meaning to take a risk for a while? If you answer ‘yes’ to this question, this indicates that you should probably just go ahead and take the risk. Because the drive to do this has always existed.
If you were to take the risk, could you deal with the potential consequences? There are many possible risks you can take in your business. For example, taking out a loan, selling your business or perhaps even merging with another company. Inevitably, many things can go wrong here. And it is only human nature to overestimate the likelihood of this occurring. Nevertheless, failure isn’t necessarily a bad thing. In fact, failure first time around can be enough motivation to succeed the second time!
Might you regret not taking the risk? There are lots of things that can go wrong as a result of this. However, ask yourself, what would happen if I don’t do anything? Potentially, a considerable reduction of success. Life its self is full of risks and you get to choose which ones you take. Ultimately, by not taking a risk within this business, this could be detrimental to the business.
Would the potential success of risky behaviour outweigh your current situation? If you feel that this could potentially lead to highly successful results, it may very much be worth it. Try and remember that risks occur in everyday life and as such, life always moves forward no matter what you decide to do.
If you have business partners, what do they think about taking a new risk? A decision to take a risk cannot be made alone. There must be buy-in from all stakeholders. Regardless of whether the business owner or director feels it is the right decision.
Stubborn business owners will simply not accept any degree of failure. However, once a risk has been taken, there does need to be a backup plan if things do go wrong. So ultimately, stick to your original plans. But do have an emergency plan just in case as well.