22nd December 2011, 10:17 PM
Risk in Business - Food for thought
Christmas is a time of giving... and here it is... another thought from my end and hopefully help someone who read this.
While everyone prefer to stay in their comfortable couch and waiting for things to happen, some took the risk and against all odds, it pays off or perhaps it was the most stupid risk one took and fail. But if you never try, you never know.
In business, you will always assessing your risk as far as how your business goes.
In 2004, I took a risk to end my full time employment and doing photography full time without any backup plan.
In 2008, I took a risk to start on something that to many, it was something "not doable". That is natural light children photography (without props and without studio) in the most natural way.
In 2009, I took another risk to start newborn photography with a vision of capturing how a newborn might be in the mother's womb.
In 2010, I took another risk to start a subsidiary company based on other's work and nurture new photographers to reach their vision
Of course, the above would just be a beginning...
I am glad that I took the risks above and I have gained a lot of insight and learn from a lot of mistakes along the way, but against all odds, I reach half way point of my 10 years plan in 4 years.
The thing with life is, if you don't take some risk and sitting on the fence, you will never go forward nor staying still, you are actually falling backwards.
So once the busy season is over, what are you doing in terms of your business?
I once read a book and here is the story:
Assuming you will live for 70 years and you have effective working life of 40 years.
You will have roughly 2100 saturdays (just keep 2100 marbles in one big jar) and throw away 1 marble when every Saturday come to an end.
It is scary to see how quickly these marbles gone!
So by the end of each week, you will need to look back and think, what have you done for your life? Be it in business or your well being.
Each business will take a good 2-4 years to become stable (once you have figure out your inner vision), so what you are doing today and tomorrow is very important to the survival of your business....
Here is what you can do to MOTIVATE yourself so you can consider taking a little more risk in your life and better yourself (and its for yourself).
1. List out what things you scare the most
2. List out what things you love the most
3. List out what things you want the most
Then list out "Solution" to each of the items that you list above. Of course, the solution will always have some "risk" factor to it, so ask yourself, what risk will you take today?
In business, apart from the mechanics of running the business, there are psychological side which people might not understand that it could be the driving force behind what thought to be impossible...
I will leave it here... for those who would like to share, please do...
23rd December 2011, 03:47 PM
Very insightful and frank sharing. Do agree that nothing ventured, nothing gained.
Allow me to input my 2 cents worth to all.
Another way to analyze is to conduct a SWOT analysis before taking the plunge. Not foolproof cos in everything that one does, there are risks. But it puts a lot of issues and factors (personal, financial, economical, family) into the individual's thought process and perspectives.
SWOT stands for Strengths, Weaknesses, Opportunities and Threats.
Strengths - what are the selling / strong points of your ventures or photography biz, that sets you apart from the others?
Weaknesses - what are the weak links in your ventures or current photography biz that will put your biz in jeopardy?
Opportunities - in the next 3-5 yrs, do you foresee any new openings or ventures to embark on and venture into?
Threats - what do you foresee that will hinder or threaten whatever ventures that you want to embark on?
A yr back, I had the opportunity to return to photography full-time. A talk with a close friend who is doing well in the biz, putting into use what i learnt in my full-time work and some considerations later, I did not. Till now, I did not regret not seizing that opportunity. Instead, a lot more opportunities related to photography have opened up for me and I am happily doing it on a freelance basis or incorporating into my full-time work, yet continuing with another area which I am proficient in.
To sum it all up, taking risks and venturing into something new are part and parcel of life. Esp for a livelihood, careful planning and considerations must be undertaken.
23rd December 2011, 06:55 PM
Re: Risk in Business - Food for thought
The purpose of this post is really trying to open up the idea of risk for people and understand.
Risk generally is a calculated and SWOT is one of the method. Remember taking a risk is not equal to blindly going into something like gambling.
I wish everyone well and please share so hopefully someone learn from the post.
I can only do very small part in sharing my experiences but together, we can do more.