Things that make your business high-risk

Let’s face it. Only 10 out of 20 manage to stay in business and fewer manage to rake in profits. Why? Because in all probabilities they launched businesses for all the wrong reasons. Perhaps they had to encounter a number of risks in business, but lacked the art of business risk management and business risk analysis.
You might have the best of intentions but your business is less likely to succeed if you are found quoting one of the following as reasons.

I’m tired of working under someone, I want to be my own bossr
You can’t become a successful businessman just because you want to be one. You need to have the skills & the acumen to overcome business risks & reach the top.
How can you even think of employing others if you can’t find a suitable job for yourself? First get the skills you need to get employed, learn while you are on the job and acquire more skills & the confidence to get into business.

Three generations have been in businessr
Remember, good entrepreneurial skills aren’t passed on genetically. They need to be acquired. Just because your grandfather or father were good businessmen doesn’t mean you’ll succeed too. Unless of course, your father has deep pockets & afford to lose a million shillings on your experiment.

I’m so stressed working 24X7
Oh yeah? You think business is a part-time job? It’ll require you to work even harder when you launch your business. Identifying your strengths & weaknesses coupled with finding a niche area to launch business would be in order.

I want to be rich, so will launch businessr
Who doesn’t want to be rich? But not all businessmen who are billionaires wanted to be rich alone. They launched a business because they were passionate about it. Steve Jobs didn’t launch Apple to make money alone. He wanted to be the first to launch a computer that would be stylish & yet be used by the common man. Money came later.

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