From the moment you decided to launch your own business, you will have been met by challenges. Challenges are a key part of what an entrepreneur has to face if they want to find that ultimate success and turn their small business idea into an enterprise they can be proud of. There are many challenges around growing any business, from the smallest one-man bands to huge organisations looking to make that next step up. If you want to see serious growth then you can't wait for success to come to you, you have to go and find it, and this means confronting and embracing risks and using them to your advantage.
Ingredients for Successful Business Growth
Growing your business is an organic process and something you'll see happen over time, if you have the right ingredients in place. Accelerating successful business growth does, however, depend on multiple factors - many are under your direct control, some are not. Therefore, outlined below are the core components that you need to embrace to move your business in the right direction.
I believe these four things are central to successful business growth, certainly for me and for many other business people too. Don't believe me? Take a look at any successful entrepreneurs and these four elements are common themes for all of them.
Luck
"Success or failure apparently brought by chance rather than through owns actions" I do not believe Luck exists. So you buy a lottery tickets and win, then say how lucky you are! Did you buy the ticket to lose then??
There are people out there with fantastic business ideas who never get their break; it just doesn't happen for them maybe because they are waiting to get "lucky". Create your own opportunity by sticking to the basics of any business: "the more people you speak to; the greater success you will have".
Graft
Putting in the hours can only benefit your business. Hard work is rewarded in business - with dedication and commitment to your brand it won't be long before you see your hours of graft turned into great results. (Providing you're focusing on the right things, of course!) A great example of this is one of the world's finest basketball players, Michael Jordan, who was known to spend off season working five hours a day, five days a week perfecting his game and it's this extra work which means Jordan has gained legendary status in his sport. We all have the same 24 hours in a day right, it's what you do with it that counts. Time in = Benefit out and then you can enjoy the fruits of your commitment.
Determination
Let's not be naïve here: there are good and bad times in business. Being determined and staying committed are essential characteristics of the successful businessperson. My own experience shows how your personal determination impacts on your success and this is why I try to share my story and push others to do all they can to achieve the maximum potential from their business.
Risk
The above factors are great but if you're not ready to take risks head on then you're not ready to succeed. Mark Zuckerberg rightly said: "The only strategy that is guaranteed to fail is not taking risks." Your business needs you to be ready to dominate risk, embrace it and make it something you can grow from to ultimately achieve that much-wanted success. Bill Gates is famous for having gone from being a drop-out to the founder of Microsoft and one of the most successful and wealthiest businessmen on the planet, while Henry Ford took the risky business decision of slashing prices to get people interested in his first cars. Business risk is daunting but ultimately it can be the key to unlocking just how far your business can go. I have taken many risks both calculated and some outright gambles to build my businesses.
What is Risk?
If you want to embrace risk, you first need to define it. In the simplest terms risk is something which could potentially damage your business. It could be something that could result in financial loss or it could be linked to damaging your reputation. Yes, taking a risk in business could backfire, but adopting a risk-taking approach can be the best thing you ever do for your business. But let's not get melodramatic here: people take risks of many different sizes every day of their lives, both big and small!
To counter this, I'm not going to say "you risk being knocked over by a bus every time you cross the road", as that would be trite. But think about it. Some risks we all take are for entertainment and enjoyment, such as playing video games against friends. Some provide pure pleasure and exhilaration, like extreme sports, and some offer the chance of financial gain, maybe taking a punt on the football. Some even cover all of the above while many provide a fantastic social community for any demographic to enjoy. In these simple every day scenarios it is easy to see how risk can actually be something positive and can lead to great outcomes.
How to Embrace Risk
Here's the crux of the matter, how can you successfully embrace risk without damaging your business? There are no certainties so it is about being brave in business, going for it but also being savvy. Take calculated risks by measuring up the benefits of each situation that presents itself. If you are really serious about growing your business and are ready to face anything that comes your way, then ask yourself these three questions:
Is now the right time?
If now is the time and you can't answer this question with anything but "yes" then that risk has just got to be taken. Gut feelings aren't always right but if you have been thinking about a big decision for the benefit of your business for some time and the moment is right, it's time to go for it.
Can I handle the failure?
I'm not suggesting you will fail but there is always a chance - are you prepared for that? Looking at the worst possible outcome is important when taking risks which have the potential to boost your business growth. If the risk involves a degree of failure which you don't think you or your business can handle, then rethink other options. But if you know that even the worst case scenario is something you can deal with, the risk is worth it.
What are the benefits of the risk?
It is very easy to dwell on the potential negatives of making a risky move in business but what are the benefits? If you can stack up a good long list of benefits which will put your business in a better position than it is today, then this is a risk worth seriously investigating.
Business Risk Assessment - go for it.
It is very easy to see the word "risk" and panic. It has become a bit of a dirty word, associated with maverick entrepreneurs who like to shock and surprise. However, in reality, a calculated business risk can be the best decision you ever make. Any successful business you look at will have at least one big risky decision in their growth story so don't shy away from the risks which could be your key to success.
Good Fortune to you and thanks for reading; I hope I have assisted in your mind set and approach to business.