Why are some entrepreneurs successful while others are not? Why are some business owners why others are not? Is is because age differences? Maybe, because of their educational differences? Or…? If the truth must be told; none of the above is the major reason why some entrepreneurs are successful over others. I promise not to make this unnecessary long; I shall keep it as coincide as possible.
Sometimes, late last year; I was fortunate to work hand in hand with one Chief engineer who told me about the new refinery Dangote is building. He told me about his own financial personal commitment on that project. He told me; how he will have to leave from one meeting to another based on Dangote’s refinery. He explains some of the financial commitment he made in other to see the project a success.
He gave series of commitments made by him on different occasions. After about an hour discussion; I asked him, what happens if he doesn’t give you the job? Why are you doing that without any financial commitment on Dandote’s part? his response to my question was faster than I was expecting; is like he knows I would ask the questions before hand – He said: “That’s a RISK”.
I asked him what is RISK to an entrepreneur? He said, RISK to an entrepreneur is doing what needs to be done based on Hope. He further explains that every business is a RISK; you can’t tell if you will win or loose. However, he further buttress his point that one should not blind take risk without taking taking some cautions. He said: “the only this that marks the different between successful and unsuccessful entrepreneur is their attitude towards risk taken”. He said; “the HIGHER your RISK the HIGHER your profit margin!”
Meanwhile, he suggested that you should always spread out your RISK. Spreading out your risk will allow others to share in your risk as an entrepreneurs. I think the main reason why people don’t share their business risk is because they want to make all the money alone. Trust me; if something goes wrong they will bear it alone too! It is always a wise decision to always share your risk as an entrepreneurs.
For example, let say you want to supply 200 brand new laptops to as school. Instead of you doing the whole project with your money. It is wise to talk to your supplier and give them half payment making a deal to balance when you receive your money from the supply. In case of anything goes wrong; you will also share the risk with the supplier.
I hope this helps someone. Comments is a guide to direct our post. Please, leave your comments below for us to know how you feel about this piece. Remember, it’s also a means by which you contribute to the discussion.