Topic: - Risk Taking Speaker: - Zulfiqar Kanchwala

Any person who wish to rich from 0(Zero) to top level then the easiest way to reach on TOP is by doing business. And one can do business or can become Businessman only if he has entrepreneurship in him. A book written by mastermind will show you what capabilities or characteristics Entrepreneur should have in him. As per my opinion a successful entrepreneur should have ability to take risk. A program called Man Vs Wild showed on Discovery Channel is one of my favorite TV Show. Because it shows one Adventurist called Bear Gear. Who explore totally unknown Deserts & Ocean on his own. And faces many difficulties while exploring these totally unknown and dangerous Places. In a same way Entrepreneur also enters in to a totally unknown business place. He does not know about what kind of difficulties he is going to face in a business. In spite of those difficulties he takes a risk and with courage he fights against difficulties and Become successful Businessman.

In a todays dynamic world only those people win who take RISK. In taking a RISK person faces with a unknown fear of failure. If person do not take RISK then what will happen? He will never be able to grow. Take a example of small child who is learning to walk .There is a fear of fall down and get hurt. But just because of this fear Child never try to walk then he will never be able to walk on his own. If person do not take RISK then he will leave talking about Growth. He will not be able to leave his ordinary life also. Because on a daily basis knowingly or unknowingly we take RISK with our Life. Now it is up to us that we want to take RISK for our Growth or not. Because Bigger the RSIK your chances of Success & failure will be also big. For Ex. If I buy shares of one company. and prices of share rises by Rs 10.Here one question arises. If I have purchased 100 shares then I will have a benefit of 1000 Rs. And if I have purchased 1000 shares then I will have benefit of 10000 Rs.In the same way if prices will reduce the loss will be based on proportion of qty of shares.

A Person who is successful in Business has a capability of taking RISK. Many times RISK is not only in monetary terms but also related to your social status. When one entrepreneur tries to get rid of old beliefs and system and wants to try new system & Processes Then he faces resistance from society and your competitors.

Truly speaking when one entrepreneur takes RISK for some new Job then he is not visualizing RISK associated with it but he is visualizing possibilities of success in future. That is the reason why entrepreneur have so much of enthusiasm in him that for him nothing seems impossible and that is the reason he can turn Impossible into possible.

Do you know When Entrepreneur start his Business what kind of RISK he takes? As per my Knowledge Entrepreneur takes mainly 5 type of Risk in starting a new business.

Leaving his secured Job. Leaving his study & Learnings. Risk of Financial instability. Failure in your own Venture. To become a victim of criticism.

Leaving His secured job:Most of the entrepreneur decide to leave Fix salary, relatively secured Job and enter into a totally unsecure Business world. Leaving your job is a big risk. Because we are leaving financially stable environment and entering financially unstable and unsecure world. For that we should have a fix objective. Then only we will be able to work on it. When we ask for guidance from our relatives or well wishers then most of them will suggest not taking risk and remaining happy with your JOB. For Ex. Mr. Narayan Murthi has left his job with Patni Computers and started his own venture called INFOSYS. Second Example Of Mr Shiv Nadar Who left his JOB and started company named HCL Computers.(3) Mr Jaif Bajose has left his job and started totally new concept called amazon.com.

Leaving your study:Many of the entrepreneurs leave his study to start his own venture and fulfill their Dream. This Involves Big RISK. Because he is putting his future on Gambling. If he fails to succeed in Business Then option of success becomes very limited for him. Example:-Steave Jobs (Co Founder APPLE inc.),Bill Gates (CEO Microsoft inc.)

Risk of Financial Instability:When we invest our money in some new business then there is always a RISK related to loss of money .For majority of people this looks like playing a Gamble. But this is a one kind of investment which gives us a hope for future success. But if our calculation goes wrong or we dont get success then chances of your Bankruptcy are higher. For Ex. Mr TOM has taken RISK in starting Dominos and because of that he was able to prevent his bankruptcy. Few. Ex. (1) Mr. Wault Disney has made Disneyland. (2) Mr. Red Turner has invested all his money in starting CNN News.

RISK of Failure in your OWN Business:There are chances of failure in Business where you are visualizing Success of your Business. Sometimes Entrepreneur is so passionate about their new Business that they ignore some facts and take wrong decisions. Because of that he sometimes becomes fail in his business. For Ex.Subhiksha has expanded its Retail Chain in a very Short period and was not able to manage it leads to failure of Business.

To become a Victim of criticism:Many times entrepreneur avoids taking RISK just because of the fear of social criticism. Especially when entrepreneur take RISK against set Social Rules. For Ex. When Right Brothers where trying to build airplane at that time they faces critics from society. But still they have not listed to critics and carried their job and they get Success in building First Airplane. As per My opinion ability to take RISK might differentiate between Successful people and ordinary People. In End only those people get success who can accesses RISK from time to time and act on it.

Thanking You Zulifiqar Kachwala