Tuesday, November 12, 2019
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5 tips to business success irrespective of the risk

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To achieve business success as an entrepreneur, there are a couple of things to take note of.

It is important to note that to experience business success there are a lot of hoodlums along the way to resist it from happening.

You need to go out of your comfort zone to experience breakthrough but there are risks to take in every step of the way that’s why your risk threshold has to be optimum because in every risk there is a potential opportunity in view.

Hi everyone my name is Timileyin and in this article i will be sharing 5 tips for achieving success in your business irrespective of the  inherent risk attached to it.

Just like i mentioned in the second paragraph about the importance of having a good threshold in terms of risk, most people call it risk tolerance.

In this article, it is important to address what this term actually means, risk tolerance is basically the amount of risk you are able to withstand to achieve your goal.

Now let’s get to the 5 tips

1. Know your risk tolerance

I’m sure you are not surprised by the fact that this tip happens to be the first on the list.

Knowing fully well that you will definitely experience risk at certain stages of your business, it is imperative to have yourself prepared for it by knowing hoe much of the risk you are able to withstand.

You also need to know what kind of risk you can also withstand not only the extent of risk but it’s also important to know the type too.

Having a good understanding of this will not only help you overcome it but it will also give you a certain level of courage to perform better than usual.

The good thing about this is that the more you know your risk tolerance the better for you because you tend to always work on yourself to be better at handling similar situations and also more serious ones.

2. Get yourself informed

Handling risks can be quite challenging at times but knowing how to go about it can just be a walk in the park.

Before undergoing any project, it’s important to ensure that you know what the project is about in terms of the risk involved and how to resolve them.

You can leverage on the past experiences of people that have done it in time past for you to adequately prepare for the unexpected.

3. Set achievable goals

At thr beginning of a project or a phase of your business, set goals to achieve and while doing that you will realise that you are actually scaling heights.

You may ask but how does that relate. It does relate because your goals will give you a direction and a target. It will also inform you about the certain tasks to take and not just any task.

Doing this will help you to carefully select areas where you can dispense your energy and fully maximize your inputs.

4. Leave your comfort zone

I’m sure we have all heard this all over again.

There was a study that was conducted where a student was told to trace 9 dots and once the pen is placed in the paper, it shouldn’t be raised again until the nine dots have been touched.

It turned out that to touch all the nine dots, the student had to go outside the box. This connotes that to do things and to increase our capacity for success, we need to do outside our comfort zone.

When you are out of your comfort zone, you will definitely try to want to readjust to your present state and this will ultimately lead to an improvement in your capacity for success.

5. keep a report book

As you progress in your business, you need to alwayd keep account of every activity you engage in especially the ones that were not too good.

This will help you in similar cases in the future.

Having a report book can do a lot of help in determining your success in any activity you frequently do.

It will be a sort of guide for you when facing a particular hurdle you might have faced in time past.

Read, practice and share

Regards.

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