Risk in Business : Are you Brave Enough?

Risk in Business : Are you Brave Enough?

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As business owners, we are living in uncertain times, many of the business people I have spoken to are apprehensive about the future. In the United Kingdom, the reality of Brexit and all it entails means that business owners, senior management in larger companies and advisory boards of all descriptions are very risk averse. Business uncertainty is not confined to the UK of course, in Germany a recession seems imminent. There area also signs that despite the recent trade truce between the United States and China, both economies are set to become embroiled in a global slowdown within the next two years.

 Business is Risky

The natural human reaction to this uncertainty is to play it safe and be cautious, this approach seems reasonable but can you win with a ‘play it safe’ approach? Just being in business is taking a risk but so is the so called safer option of entrusting your livelihood to a single company as an employee.  In recent times, many household names in the retail sector have gone into administration including Blockbuster, Toys R US, Maplin and Thomas Cook. There are plenty more examples here. 

Bravery in Business

Playing it safe is famously what the directors of Blockbuster did when they turned down the chance  to buy Netflix for a reputed $50 million dollars. It is currently valued at $145 billion and Blockbuster is no more.

It is my recommendation that you are brave and take calculated risks for your business to give it a chance to thrive rather than merely survive. My opinion has not changed in the seven years since I wrote this article, Is your fear of risk taking holding you back? 5 big risk takers to inspire you   

Instead of passively hoping that your business survives a recession, create a proactive strategy that embraces risk and gives your company the chance to thrive in a recession. Be positive and be enthusiastic.

There are always companies that surface on the other side of recession in a better place than when they went into it. What will it take for your company to be one of those? That is what you should do.

If you need any help from a Content Marketing and Social Media perspective, please email me via mike@marketingfundamentals.com  to start the conversation.

Are you ready to embrace risk for your business? Let me know in the comments section below.

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Mike Pitt

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Founder of Marketing Fundamentals Ltd, Blogger, Author & Content Creator