In August 1960, NASA launched the first weather satellite. Its purpose was to transmit information about the Earth’s atmosphere back down to ground stations on Earth. That was 63 years ago.
Imagine if the satellite had never been invented. Many of us would still be looking at the weather thermometer that was a feature in every house where I grew up in Ireland. It took a huge risk both in time, finance and will power to realize this invention.
We all will achieve a lot this year because of the risks we are taking now. We may ever announce our risks to our family, friends, or the world yet our risks will have the ability to create monumental changes to our lives and businesses. We may not like taking them yet if we do not, we can’t change our circumstances, move our futures forward, invest in innovative ideas and new ways of facing our challenges.
Why are risks important in business? .
Risks are inevitable in any business venture. They can be internal, such as operational failures, financial losses, or legal disputes, or external, such as market fluctuations, customer preferences, or regulatory changes. However, risks are not necessarily negative. They can also be opportunities for growth, innovation, and competitive advantage.
Risks are important in business because they challenge the status quo and force the business to adapt and improve. By taking calculated risks, a business can explore new markets, develop new products or services, or implement new strategies. Risks can also help a business to identify its strengths and weaknesses, and to learn from its mistakes.
However, risks should not be taken blindly or recklessly. A business should have a clear vision of its goals and objectives, and a sound risk management process that evaluates the potential benefits and costs of each risk. A business should also have a contingency plan that prepares for the worst-case scenarios and mitigates the impact of negative outcomes.
Risks are essential for business success, but they should be managed wisely and responsibly. By embracing risks as opportunities, a business can achieve its full potential and create value for its stakeholders.
Don’t be afraid to take those risks. I am currently mentoring clients who are in the process of taking such risks and the changes are amazing.
What risks are you taking now. Would love to hear your stories.
Georgina Kelly – Business Mentor l Sales Trainer l Customer Service Trainer
www.georginakellyme.com