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Taking Risks In Business Can Help You Make Good Bucks

Author : William Kng


The word risk has negative connotation attached to it and for this reason many of us think of danger and/or possible monitorial loss as soon as this word hits our ears. Did it ever occur to you that something good could be grabbed along by taking certain risks? The chances of making or breaking the deal are always there but we somehow focus on the negatives only and magnify the possible bad outcomes. The truth however is that the certain risks can lead you to making more bucks than you had anticipated.
Arranging investment and allocating funds is a crucial part of wholesale business and so is taking risk but very few wholesale traders manage the finances properly and are bold enough to take certain risks. Though business risks are not comparable and have tons of different types, yet a wise wholesale supplier must know the risks which are worth trying and promise possible rewards and which aren't worth their time.
Though there is no foolproof method to evaluate risks before time, however, following are the few screening points, which will help you make wise strategies regarding risky decisions.
Attitude towards risk!
For wholesale suppliers and manufacturers planning a new business venture, determining the attitude is the first and the foremost point to consider. The very basic mistake made at higher or managerial level, can be covered easily but these mistakes erupt many major mistakes and make the entire situation uncontrollable. Your attitude will direct your business, for instance if you like to blame others for the mistakes which concern you directly then you have to prepare yourself for not achieving the desired results and if you intend to succeed then develop the habit of making the consciously planned and wisely aided decisions.
Estimate the probability of Failure!
Once you decided to open up yourself for learning, you can move to the next level that is perhaps the hardest for many wholesale suppliers. Opportunities and success do nor comes in a wrapper with a tag of "Sure shot success guaranteed". A diligent and cautious entrepreneur should not decide to take the risk without any calculation. Complete your home work and if it proves to be an intelligent risk, you may proceed. Remember the rule of success, if you do not have time to evaluate the opportunity and estimate the probability of failure then let it go and wait for the next.
Methods to minimize the negative risk!
In the beginning, every opportunity appears to be lucrative and worth a try; however, you must know that risks are never fixed. Certain risks may apparently not be associated with the best opportunity but it does not mean that you should let go every such opportunity in the quest of a "risk-free opportunity". You must find ways and methods to minimize the negative risks and achieve the results with minimum damage. For instance, Manufacturers usually get many profitable opportunities that need additional capacity and it may cost them several hundred thousand dollars. One may look at the cost and decide to drop the opportunity; however, it is only wise to see the events in larger frame. You can minimize the risk by sub-contracting with any of your counterparts and share the investment. Sharing can substantially decrease the risks.
Prepare a contingency plan!
To create a learning environment and grow professionally, wholesale suppliers must develop a more analytical approach. Once you have evaluated an opportunity and analyzed its pluses and minuses, it is important to establish a "Plan B". This is called a contingency plan or a set pattern of learning. Once you will start implementing it, soon it will not remain an exception but become a rule of evaluating risks in your business. Similarly, if something goes wrong in your plan, this plan B will you recover from the negative effects, keep you focused to move ahead and hit the set goals.


Author's Resource Box

William King is the director of Manufacturers, Wholesale Dropshippers, Wholesalers Directory and UK Manufacturers. He has 18 years of experience in the marketing and trading industries and has been helping retailers and startups with their product sourcing, promotion, marketing and supply chain requirements.

Article Source:
Articlebliss

Tags:   Risk, Plan, Business, Attitude, Question

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Submitted : 2011-11-18    Word Count : 701    Times Viewed: 739