Good day everyone! This is the Part 2 of this interesting, informative and educative series, titled, The Safe Way Of Taking Risks As An Entrepreneur. If you have not read the Part 1, I advice you to read it before going on with this article, by clicking here. Knowing ways to make safer business risk as an entrepreneur is very crucial to an entrepreneur's business success. Making a wrong risk could completely ruin one's business and lead to the liquidation of such business. Also, making the right risk could completely change one's business fortune for the better. In this article, I will be sharing with you all, one solid way to ensure that you will be able to take safe risk in your business.
Learn From Your Disappointments
This is one of the safest way of taking risks as an entrepreneur. Learning from your disappointments, is quite difficult but once you can truly learn from your disappointments, you will be able to take safer risk as you already know and understand how the risk will turn out, which will be profits for you. If you have read the Part 1, you will recall my friend who lost massively because of lack of information. If he was to do that same business again, it would be a safer risk for him as he would have learned from his previous disappointments, thus, giving him an edge to profit from the business, hence, safer risk. He would know that he should include transportation cost, talk to wholesalers and ask about their prices, know the season to buy and sell, in order to make more profits. These were all the mistakes he made which made him lose massively. Him knowing and learning from his mistakes will definitely make him able to avoid such mistakes, thus, making it safer to take such business risk.
It is funny, how we sometimes don't learn from our disappointments. I'm currently learning how to trade crypto and the mistake I make all the time, is that, I always buy at the top i.e when there's already like a 30% increase in the price of the coin. It's funny because, I will notice the coin before it starts making its pump. I will notice the initial pump, I won't buy. I will notice a 10% pump, I still won't buy. It's when I'm feeling as though this coin may make 2x or 3x, that's when I will buy it and at that time, the coin has reached it's top and it will begin to dump. And it will start dumping massively, I will sell and make a loss. 2 hours later, the coin will pump again 😂. It is annoying experience. Although, I'm getting better, as my losses are decreasing compared to my past trades. Learning from one's disappointments, is a continuous process, because we will continue making mistakes, but it's always best to know those mistakes and learn from them. By learning from your mistakes, you will be able to make safer business risks in the future.
I hope you found this article quite interesting, educative and informative, if so, do well to leave your thoughts in the comment section below. Thanks for reading.
