Business Secrets, Become The Best
For many years we have said to one another, ‘Never put all your eggs in one basket’. Now this may be true with some cases, however when adapting some of the key entrepreneurial factors to yourself one of the main ones is ‘Risk’, being able to take that risk and to be comfortable with it. Entrepreneurs are defined by their willingness to bear risk. There is such a high majority of businesses that fail when starting out. This can be because of a range of factors, some that you may not be able to see straight away. However, it’s being able to take the weak parts and manage them closely.
Risk is an inevitable part of business, but it can be quantified and action can be taken through oversight and good management. Part of this process involves deciding what level of risk is ‘acceptable,’ and where to place the risk – On all the ‘eggs in the basket’ or just one? Managing risk is a strategic process balancing cost reward.
‘It is impossible that the improbable will never happen’ Emile Gumbel.
Naturally we get nervous that by putting all our eggs in one basket we believe that they could crack together and then we loose them all. Therefore, it’s being able to look after those eggs accordingly and actually predicting when they are going to crack.
The biggest risk is not taking any risk… In a world that’s constantly changing, really quickly, the only strategy that is guaranteed to fail, is not taking risks. –Mark Zuckerberg
Remember when you are starting out a company work out where your weak parts are, work out where the high level of risk falls and manage it closely and efficiently.
If you have any other business secrets, tweet me @mrjamesvincent or comment below!