Business Activity| Risk taking, A Concept in Business - By @Solexybaba |10% Payout to the community account

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Hello to everyone in this great community known as the Business Activity. I hope everyone is just fine in this beloved community. I am overwhelmed with joy that I can no longer hold it to share with us all regarding my business. I have learned so much in the great community and hence it is also good to share ideas with other users so as for everyone to partake in the teaching and growth we tend to have in this community and as well to incorporate it into their place of business. I will be talking about an important topic today with a case study of my business. I believe by the end of this discussion, many of you will see the need and importance of taking the risk in business. so, I will be talking about the importance of risk-taking in business. so here I begin.

WHAT IS RISK-TAKING

The word risk is no longer new to us all, hence we know what it entails and in a short sentence, risk can be seen as the level at which there are tendencies of making a loss regarding a decision or event. so the risk can be seen as unforeseen circumstances that are capable of bringing loss in regards to a decision or an event that has been carried out or taken.

Often, we hear about risk in cryptocurrency and risk in investing your money in certain ways, it all goes in line with the word risk.

Now risk-taking is also seen as a particular decision that is taken with the hope of making a positive outcome. it is quite difficult to take risks as though the tendency or the possibility of achieving your objective is low. no wonder many people prefer to stay idol than to risk their money on an investment.

I have a friend who does not believe in risk-taking, and this is a result of him seeing his brother who took a risk by investing in **terra (Luna) cryptocurrency, and a few days later, the currency crashed and render his brother helpless and hopeless. from that day henceforth he does not buy the idea of taking a risk. he prefers to be guaranteed any investment or else he pass. so risk-taking is not a personality, it is a decision. no wonder certain people are making money every day often it is not because they are 100% sure of the investment they are into as though there could be uncertainties, that is to say, anything can happen. but then they keep going on a daily and even if things go south, they are careless about it because it happens, either they restrategize and then adjust their direction but they keep on going hoping to see the light at the end of tunnel.

Risk-taking is a decision that when it turns in your favor, you will be glad that you took such a risk. although it is never guaranteed to always win when taking risks but there is hope whenever you take a risk. take a look at the first bitcoin investors, they took the risk even though the coin was yet to see the light of day, but they kept on with the fate and hoped for a bright future for the currency, and we can all see that the risk they took paid off. as we all have noticed a coin that had n value and was regarded as nothing, that same coin is now the top most accepted currency regarding the digital currency. so those early investors are in money already, even if it was just the bitcoin they invested in at that period, they would be glad they did. this is the power of risk-taking.

RISK TAKING IN BUINESS

This aspect always stirs up my morale as though I am a product of risk-taking in business. risk-taking in business is quite difficult and it takes a strong mind to carry on in that trend. among 100% of the people in my community, I am sure that it is just only 30% that can take risks in business. I am a student and a businessman. I was once a salesperson as though I had a boss. and he was paying me salary every month and I also love my job so well. but it got to a point that I became uncomfortable because I have wasted many years with him and I still collect the same amount every month for 4 years and that was not our agreement. he said he will increase my salary yearly if only I improve in the business and I agreed and indeed I made massive growth and developed my business approach skills. but then he never added my salary, so I decided to go back to college and as well start my business with no help from anyone. it was quite risky.

I became afraid of taking the next step because I was scared of wasting my money and not making it. but then I summoned courage and I took the risk. I made sure I paid all my school dues and then I began to set up my place. for some months it was telling on me but then I kept going. I was having fear but I took the risk, and I am pleased to tell you all that it paid off.

At first, I felt I couldn't do it but with the courage and hatred for failure and took the bold step, and today, I am a boss to someone. this is a result of the risk I took in the business. there are certain risks and you must be strong enough to handle them if you want to be successful. imagine I never took that risk, I would still be a servant to his master. but now I am my own master.

SOME IMPORTANCE OF RISK-TAKING

There is certain importance of taking risks, and with this one will know what to see as benefits, especially in the business scenario.

• Risk-taking helps and encourages creativity - With risk-taking, one will get to be encouraged, sometimes when the risk we took did not pay off, we tend to strategies to a new plan. so risk-taking helps us to know what works for us and what will not.

• Risk-taking provides certain lessons to us - With risk-taking, we get to learn certain lessons in life. when we fail we tend to rise and do not go back to that part we failed. for instance, when a student failed an examination, at the end that student will be given his or her test script and then, he or she will realize where he has got it all wrong and then work hard next time. that is how risk-taking is as well. when you fail, you tend to know the next step to take in other for you not t make the same mistake just like the previous one.

• Risk-taking also helps you to be on track - We all aspire for a brighter future, and this future can not come right to our doorstep unless we take the risk and chase after it. so risk-taking helps us to be on track and hope for a wonderful tomorrow.

SOME ADVANTAGES AND DISADVANTAGES OF RISK-TAKING.

ADVANTAGES	DISADVANTAGES
- Risk-taking boost your financial status and helps you to generate income regularly	- One can easily lose funds and life savings when taking a risk as though success is not certain
- Risk-taking gives you an insight and helps you to take a different decision or strategy when you fail for the first time.	- In risk-taking, one may not be able to come back again because of the phobia of failing again and again, and with that one can easily give up and not want to try again.
- Risk-taking enables one to always see the bright side of this investment he or she wants to sign up for and it also helps one to be a fast thinker and a creative individual.	- Risk-taking can equally place an individual in a terrible situation where one can not get up on his feet again.
- Risk-taking can enable you to get to meet several individuals and business-minded people like you, it also encourages positivity.	- Risk-taking, when things do not go in your favor, makes you lose friends, families, and relationships with people, probably the people you frequently collect loan from.

THINGS TO KNOW BEFORE TAKING A RISK

There are certain factors to take note of before one takes a risk, this factor will guide you and put you on the right track so that you can minimize losses in case of eventualities and they are as follows.

• KNOW THE NATURE OF THE INVESTMENT - Knowing the nature of the investment before you agree to invest is very vital, know how it operates and works. know who is responsible how do you get paid. make sure it is legit and not a scam. because we have seen issues of individual investing and then do not know how the investment makes its profits, just because you get money from the investment does not necessarily mean that investment is legit. so it is important as business-minded individuals to know the kind of business or investment we are willing to take the risk.

• KNOW THE MAJOR SOURCE OF THE INVESTMENT - As a risk-taking individual, it is important to know the main source of that investment. know who owns the investment and make sure it is a well-reputable individual. this will give you hope of not being into fraudulent activity and also checkmate the kind of personalities you find in such investment.

• RISK WHAT YOU CAN AFFORD TO LOSE - This is a great fact that people do not take note of especially investors. they feel since we can make profits from this business, let us pump more money into it as though we will be profitable and make money in time. this is a big mistake. make sure you only risk what you can afford to lose. do not be greedy and selfish. this will help you to minimize loss should there be an event of uncertainties that will lead to investors losing their funds.

CONCLUSION

In as much as risk-taking is beneficial when it turns in your favor, it is also depressing when one loses his or her funds as though that might be the life savings of some individuals. so we all must take the above teachings and make judicious use of them when taking a risk. this will help us to a great extent. so be wise when taking a risk and you should know when an investment is worth you taking the risk or not.

Thank you all for your time, see you next time.

MY BUSINESS DETAILS

Business name:	Xclusive Concept
Owner's name:	@solexybaba
Business address:	Zaria, Kaduna state, Nigeria.
About us:	Link to presentation. link