The Two Sided Coin – Not Always!

In my line of work, there is no room for error. Being a medical student the basic understanding of the profession is that it is always a matter of life and death, and every single decision matters. Even a layman understands that in the question of life and death, there are no heads or tails. You can either choose life or death. Being an entrepreneur has given me a change of perspective. I sell handbags. Anyone who has ever tried this line of business knows that the greatest fear is having a large inventory of outdated designs. I must admit that as a retailer this is my biggest nightmare. The basic common sense knowledge that we all know about business is that it is always taking a leap of faith and having the courage to execute your plans with due diligence. In simple words, it is all about taking risks. Unlike the medical world, in business, it is always a two-sided coin as many put it. You can either make gain or run loses. Nobody ever wants to have an experience of the latter category.

As I was taking up orders last week, I engaged my mind a little bit. I say the mind is the only limitation to what we can become. It occurred to me at the break of dawn that there are ways that we can bring about a paradigm as entrepreneurs. Risk stratification comes a long way in ensuring that as entrepreneurs we have a near 70% chance of success and move away from the 50-50 that is a heads or tails scenario.

Many of us venture into businesses without a clear strategy. Ultimately every entrepreneur’s goal is simple to make as much profit as they possibly can. What most of us do not realise is the fact that there is more than what meets the eye regarding the initial set up of any venture. From thorough market to customer care and reward, risk stratification and assessment of expansive opportunities form the core of entrepreneurship. Some will argue that doing a cost-benefit analysis formed the foundation of their entrepreneurial venture. However, many can attest to the fact that they fall under the category that ran loses. My question would be what was the depth of your risk assessment? Did it entail extensive research into the target population? Were you keen on the changing trends regarding marketing? Did you take it a step higher to know what your clientele expects before providing the goods or the services? Risk stratification not only comes from putting monetary gains on the weighing scale but it also encompasses all other aspects that surround your market and the changing waves of times. That said, depending on the approach that you take, it is not always a two-sided coin. Sufficient preparation and laying down a strategy is the key to stepping further away from the heads or tails predicament.

While it is possible to have a midline shift regarding minimising risks, one thing that we should always know is that you can never be too sure. As an entrepreneur making mistakes is merely a stepping stone to rising above and beyond the set limit. Even the very best in this field have made mistakes but unlike medicine there is always room to make the rights wrong.

Play your cards right and walk the journey with your head high and enjoy the benefits of a nearly one-sided coin.