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The Game & The Gamble: Dealing With Risk

It’s such a cliché, entrepreneurs and those people starting on their startup adventure are all about pushing the boundaries, exploring the horizon, and throwing caution to the wind to discover a whole new world. These so-called Columbus’s of the business world, however, have one big thing to mitigate in these circumstances, risk! If you don’t know how to manage risk, then you are going to sail off a metaphorical waterfall pretty soon! So, when you are in this startup environment, where risk is at every corner, what can you do to minimize it?

Playing The Game Efficiently

You’ve heard it all before, the bigger picture, foresight, blah blah blah. But the big thing in ensuring that bigger picture is seen is that you know how to play the game properly, so, to use the metaphor of chess, you need all your pieces to be in the right place, to ensure an overall base of protection. This means leveraging the best resources outside of your remit. So, this could be making the most of a managed private cloud, so your data is protected adequately, which can be done by hiring a company to do this for you. Instead of managing it in-house, you are offloading responsibility to a trusted source. This helps you to minimize risk in relation to one of the biggest threats to modern business, viruses, malware and so forth!

Learning To Weigh Up The Chances

There are some basic principles of risk management, which consists of you, essentially, looking for opportunities that, should you fall short, you only lose a certain value. But, if you are successful, you could gain far much more! And whether this is in hiring the right people, picking a new venture to go down, or just making a few changes in-house, it’s all about implementing something where you only have minimal loss. In addition to this, it’s not just about the one plan, you have various backups also.

Making Sure You Learn

It’s a simple as this, really. Many entrepreneurs and leaders are so keen to impress upon others their skills and savviness that they put up a metaphorical barrier, leaving them impervious to any sort of improvement. This is something that we, as human beings, should have in spades, the ability to learn from our mistakes. And when it comes to risk and how you manage it, it goes back to that old adage, if you want to learn how to build a house, and then build one. Working for yourself is the best training ground.

To minimize risk, it’s what are those things that every entrepreneur needs to learn about at some point. But lots of people learn about it by experiencing it. Sometimes we can’t do anything about it, but sometimes preparation and a good offence is the best way to minimize risk. A sense of acceptance and learning to embrace uncertainty is a mindset that you can learn, and you know that in your heart of hearts this is a characteristic you need to embody, but it’s something that you will develop as time goes on.