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OVERCOME OUR RISK IN BUSINESS

For every business owner who has met the demands of a payroll, many more don’t make it past doing a first draft of a business plan. What's the main difference between those who drive profits and the ones who fumble and walk quietly back home?

Fear.

It doesn’t matter how many times entrepreneurs read their affirmations, the fears arise, challenging them every step of the way. Review this list of 10 things a business owner might fear and learn how it's possible to overcome them:

 

Lack of ‘Business’ Ideas -

Definitely startups need to solve a real life need for the community they are addressing. There is no such classification as of big or a small idea. Least one need to do is, find a person, understand his problems, try to innovate ways to solve the problem and BILL him for it. Here’s the start of your business, now find someone else like him. Monetization is the aspect of business which you will have to think of in any case. There are numerous examples of the businesses that went famous but failed to survive because of the lack of monetization. To run a business you need money, if monetization is possible before you run out of your money pool, then the CHANCES are your idea can be a breakthrough.

Society -

India is a country which had more than 400 years of foreign role. The DNA of the people in India must have evolved to survive in such a situation. Even the best way to run a country like India in a democratic fashion is to make people feel INSECURE. Our society is a product of such an evolution. Average risk taking capability is very low. Trust is very low. It can be very difficult to operate or break-in such a system with your business idea right from scratch.  All one need is a complete inertness from the unwanted reactions coming out from the society, relatives, neighbours, teachers, friends, employees and more. Just feel your gut. Remember, you can never make everyone who knows you to feel good about you. Also this is not what you should think about, unless they are your potential clients. People will speak negative, either you worry about that or focus on problem solving capabilities your BUSINESS is building upon. Get a mentor who listens to your idea, can give feedback, still you be open for criticism.

Family friction -

Remember your parent are the earlier version of the insecure society we are talking about. The average risk taking ability in their generation will be lesser than yours. You have grown up in a more open environment and a secured state by them. So its you who will take the family to the break even and still have to face the friction of doing that. In a normal situation, your parents will not be there for the later part of your life, so if you will take your career decision based on their choices, you will be left with nothing but to regret in the later stage. As an individual, it doesn’t matter at all whether you sleep on a road, go to jail, don’t eat food, but what matters is what your VISION and MISSION is for yourself and are you on that path to achieve it, or even trying to explore or experiment it. Your family can influence you to work in Infosys, do MBA, get married, change job, but in all that distractions stop getting influenced and think about what YOU want to do.

Lack of Risk taking attitude -

Failure can be your biggest SUCCESS. Failure only makes the taste of the success sweeter, so it is upto you how sweet you can make your success. Try to fail. The best part is you will learn far more FASTER and BETTER than the people who are giving up and do a JOB. Life is surely short and time is irreversible. You can be caught up in a unique problem state of job, family, loan, love, college etc, but all is in the STATE of MIND. Think who you are? why you are here? and where you will finally go? and what will happen beyond that?. You have a role to play in your life, and best way to play that role is to solve PROBLEMS of others and EARN money to solve it better. All you need to do is to trust this and get going. You can never be a failure because you think like above. Just do it.

Lack of Funds -

Money is irrelevant, it’s just a medium for exchange. Lets say if you have zero amount, just remember the resource you have is TIME. Thats what is the potential required. How you use your time will decide how much money you can make to reuse it. All you need to learn is how to SELL or invest your time as a commodity and funds is what will follow. Good news is that it is 2013, and there are lot of good guys in the market that can value your time well and can help you with their money. Understand they are investing in you, because they think you can grow their money faster with YOUR time. They may not be as smart as you can be in your business, as otherwise they could do it themselves or whatever. So you don’t really have lack of resources, you have the Gold mine of your time, rest is how RESOURCEFUL you are to convert it in various other things that are required for a successful business.

Weak management -

Now you have time, money, idea, team, office space and more. Still what you will require is MANAGING your time and work, managing team, mentoring people, handling relationships, operations and various other aspects. But in all this WORK you are doing what you are passionate about, your VISION. There are even certain people who chose jobs over startups for the convenience and comfort. They may also be the people not happy with what they are doing in their 10 – 6 job which means they are wasting their time. You are the one who is having FUN in your work, it is your passion. But the level of multitasking that comes with responsibility and ownership can be tough nut to crack. What you should do is to think SIMPLE in your daily life. Just bring out a 1-2 line VISION of your company and everything you or your company members are doing should be INLINE of that vision. Try to focus on EXECUTION of tasks one at a time. Remember whatever happens you cannot do TWO things at a time. Our brain is made for single tasking. So completing one task at a time is what you need to focus on most. Then you can focus on at least completing 3 MAIN tasks EACH day in whatsoever condition. Delegate your tasks to your people and trust them. Give them the ownership and understand their efficiency.

Your company will operate in the average efficiency of your team. But getting things done is more important and all is a process with constant improvisation. With each task getting done your company is moving forward. Just stay motivated and motivate your team.

 

1. Not knowing where to start.

Most entrepreneurs don't know where to start when first setting their ideas in motion. Start out by finding someone who achieved the goal you've set for yourself. 

Read about the person, the structure of her business and reach out to see if she can offer advice or information. Even if businessperson doesn’t have the time or an interest in speaking with you, you'll know that she has achieved success so it's possible for you.

Just take a step forward and do what makes sense. The path will unfold as you continue to walk.

2. Not being an expert.

You probably know enough about your product or service to answer the lion's share of questions and solve most issues that may arise. So don't worry if you don't feel like a complete expert in the field yet.

For the things you don’t yet know, you can find answers. There is no shame in continuing to learn. In fact, this is a requirement for continued growth. You will never be finished learning: Wear the "expert" label anyway and commit yourself to excellence.

3. Being considered crazy.

Some people will think that you're crazy to start a new business and they will be correct. The safe and rational thing to do would be to never take a risk and work for someone else for the rest of your life.

Did you gag as you read that sentence? That’s because you're an entrepreneur and risk taking is in your blood: You can’t live without it.

You are a bit crazy to step out on a limb, believe in your talents and convince others to believe in them, too. Accept your craziness and then appreciate that it's the crazy ones who end up making a difference in the world....

4. Not finding funding.

Being a business owner would be a breeze if every person with an idea could waltz into a bank and receive a loan or attract an angel investor. Since this is not a dream world, entrepreneurs without investors must jump-start their businesses anyway.

Even if you don’t have the necessary capital at first, you’ll soon learn that a slow and steady process of building the business may be the best thing after all.

Lola Cimmino, the creator of Chick Sticks, a high-end surf board manufacturer in Oceanside, Calif., sold her first custom surfboard, took the profit and invested it back into her business, never relying on borrowing or investors.

“I make better decisions by being forced to take my time with things,” Cimmino told me by email. “It’s really been a blessing in disguise.” 

5. Not being believed in.

Even if you have doubts that people will react well to your business because of your credentials, skin color, height or gender, show up anyway and deliver an outstanding service.

People might be influenced by an physical appearance but no one can argue with a solid work ethic. Even if at first no one believes in you, people will learn to believe in your results.

6. Not attracting customers.

It's terrifying to take the risk of offering your skills to the world, wondering if they'll be valued. Unless you start your business with an established audience of people ready to throw money at you, a stampede won't immediately swarm to knock your door down. 

If you approach your business with joy, consistently delivering what's promised, you'll undoubtedly experience a turn of the tide. In the meantime, work your marketing plan feverishly, study to increase your level of expertise and be kind to yourself because you've already made it further than most.

7. Being incapable of handling success.

The flip side of enduring the dry spells of a new business is facing that you're offering exactly what the world has been waiting for.

Imagine that as you turn on the neon sign, people are lined up for blocks eager to see you. Does that notion scare you? Are you afraid that maybe you won’t be able to handle the demands of running a successful business?

 8. Failing the family.

While you might be scared that your new enterprise will not provide for your family or be an embarrassment, what if someone told you that your family needs this experience to grow closer together? Your spouse needs you to lean on him or her for support.

Your children need to see you go for the gusto and give all to your dreams. Speak to members of your family and let them know that as you undertake this venture, you won't sacrifice their safety or let them go hungry. Talk openly with them about the risks you're about to take and how it's important that you invest your time and energy into the success of this business. Prepare your family as best as you can and ask them to walk this journey with you.9

9.Not earning enough to recover an investment.

The defination of entrepreneur is all about a person who organizes and operates a business taking on greater than normal financial risks.

If you happen to invest in your business and don’t see an immediate return, keep working. Should you quit before you earn a profit, you'll never earn a profit. And if you do decide to quit before your business sees a profit, remember that you raised the investment capital once. You can always do so again.

10. Discovering everything goes wrong.

You can’t play a game of bowling without knocking down the pins. What do you do after they fall? Sit down and cry? No, you set the pins back up and play again.

Setting the pins back up is just a part of the game. When problems arise in business, this just provides you the chance to set the pins up again. As an entrepreneur, you most likely have what it takes to complete the game. So don’t be afraid when the pins fall. You can set them upright 

 

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