I read a journal about the risk taking of entrepreneurs and what entrepreneurs should check before they start their businesses. The 4 basic points that the writer suggested are Training, Tools, Fitness, Partners. He explained the concepts of these by comparing entrepreneurs to ice climbing. When we decide to clime a vertical ice mountain, we have to ready for several things. We have to practice the climbing and the uses of climbing tools and improve the strength of our body, and most importantly pile up trust with our climbing partners.
In fact, starting a business is like a gamble. Because we have to invest our house, money, and almost everything. Also the success of a business is dependent on the possibility. Even if we exert to succeed our businesses, the key is mostly dependent on the environments of markets. But through some steps we can minimize the risk of uncertainty. Here I will introduce the basic steps. As I already wrote in first paragraph, the points are Training, Tools, Fitness, and Partners.
At first, Training means the judgment that we have to process when we knock against a problem. We have recognize proper skills and strategies in each problem. Secondly, Tools are strategie that we can use when initiate our business in a creative way. For example, we can choose several creative products before begin our business. The more suitable to the market, the more we can earn profits. Next, Fitness is a process that improves our reflection to the fluid market. Before we decide to start our business, we have to research the market and ready for the needs of the market. Through the process, we can respond to the market fluidly. Lastly, Partners are necessary to minimize the risk. We have to pile up trust with our close business partners. When we meet the emergent capital insufficiency, we can borrow some money from them. And also we can gain confidence in the market.
I think the decision to start a business is a difficult thing. Almost 90 percent of the ventures fail in the first period of the business. But to be an entrepreneur is so interesting to me. If we make full effort to prepare our business, we can succeed in the turbulance market. And also these ventures are the motive power of economies.
entry 5 20700067 Kim Nam Joong
No comments:
Post a Comment