Gladys Edmunds







Articles by Gladys

You can't avoid risk, so deal with it
By Gladys Edmunds
04/07/03

"Dear Gladys, I read your articles every week and share your words of wisdom and inspiration around the office. The one thing that I notice is that you never admit that owning your own company is risky business. I know many people who have not made it in their own business. I would like to start my own business, but the risks and responsibilities are scary. Please say a few words about the risk of business and how to avoid them.
Thanks, Helen"

Answer: Okay, I admit, that risks are unavoidable, whether you are in business or not. Many entrepreneurs fail, not always from unavoidable risk but because they entered business with their minds clouded by doubts, fears, and obstacles, most of which didn't exist.

It's this self-defeating attitude that is often to blame. It's just as difficult to maneuver and operate in life as it is in business. Too often, we have been led to believe there is something happening in the business world that is mysterious; there isn't!

Owning a business is the economic aspect that you use to drive your existence. You are the driver, and the reason you enter your own business is to have control over your economic destiny. There's nothing mystical about it. There's as much risk in running your own business as there is in getting in your car and taking a drive. Doing either can bring you enjoyment or create problems.

I think of quite a few things that make running your own business seem simple. What bigger risks do parents encounter than trying to raise a child from an infant to an adult, praying every step of the way that they have made all the right moves and will present to the world a well adjusted and well rounded individual?

I Developing a business is nowhere near as difficult as rearing children. Yet every day, millions of people become parents and think nothing of the responsibilities inherent in parenting.

She Many of those same people will cry the blues about their fears of being an entrepreneur. But there's little, if anything, that will happen to you as an entrepreneur that you can't handle with a little know-how and common sense.

I There is no way to move through life risk free. But, there are steps you can take to reduce your risks in business.

  • To avoid tax and legal problems, consult an accountant and a lawyer.
  • Write out a detailed plan for your business that includes marketing and sales strategies.
  • Research your suppliers before hiring them. If you want to deliver quality merchandise, you will need suppliers that can meet the demand.
  • Keep yourself motivated, to make conscious choices about where you want your business to go.

Few problems are insurmountable. The way we view them and how we deal with them determine our success or failure.

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