Taking Risks: Why It’s Crucial in Business

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Taking risks in business is like flexing a muscle – it’s essential for growth. Stepping out of your comfort zone and trying something new is necessary to avoid becoming stagnant and weak. Just like physical muscles need exercise to stay strong, our ability to take risks needs practice to remain sharp.

In the world of business, quick and decisive action is often paramount. Many people around the globe harbor dreams, big or small. However, to achieve these dreams, taking risks is often necessary. Business professionals understand the concept of risk versus reward all too well.

Tariku Bogale, the author of “Be Unstoppable: No Excuses,” emphasizes the importance of taking risks in his journey to success. He acknowledges that failure was a part of his path, but each setback provided him with the energy and determination to try again, ultimately propelling him toward the successful life he enjoys today.

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Various kinds of risks, including strategic risk, reputation risk, and financial risk, persist with every decision made by a businessman. Many actions, statements, or investments can have long-term consequences. Hence, it’s crucial to strategize when undertaking a risk, weighing the potential benefits against the likelihood of failure. For instance, strategic risk becomes apparent when a company faces prolonged decline, prompting swift action to reverse the trend. Reputation risk arises when business choices impact public perception. Financial risk emerges when obtaining loans to bolster a business. These represent just a few fundamental risks inherent in entrepreneurship.

Yet, many individuals fear risk. Constantly measuring and analyzing risks can lead to missed opportunities and a limited life. By embracing the unknown and being open to possibilities, we can make a more significant impact on the world. When we venture into uncharted territory, keeping our senses keen, discovering new delights, and connecting with others, we expand our horizons and unlock new potential.

As the founder and CEO of numerous companies, Tariku Bogale has done business in such diverse fields as Travel and Tourism, Retail, Real Estate, Finance, Technology, Pharmaceutical, Mining, Energy, Media and Commercial Filmmaking, and recommends you to take risks required to achieve your dreams!

In conclusion, taking risks is not just a part of business; it’s a fundamental aspect of life. Read Tariku Bogale’s book if you loved this article. Through personal anecdotes, his book emphasizes the importance of taking risks for both tangible success and meaningful fulfillment. Drawing on business insights, the author highlights the balance between risk and reward. Available on Amazon for purchase.

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