Navigating through Pandemic-Related Risks in Emerging Markets

Even when the pandemic would have, eventually, been under a form of relative control, the coronavirus would still pose a threat to many emerging markets.

These are markets from countries, with unequal governance, poor healthcare system, overpopulated urban slums, coupled with extreme poverty.

In some countries, there are indications of instability in the region’s politics, with civil unrest.

These and many more would pose many disadvantages to foreign investors, trying to dabble into these emerging markets.

Prior to the pandemic, the business atmosphere in the regions of these emerging markets, are already becoming unfriendly.

Now that the pandemic has taken its toll on a global scale, it will appear very difficult for ease of business navigation, especially, foreign investment.

With travel restrictions still in place, investors may find it difficult to get a piece of first hand information on their investment destination.

Some developed countries have flattened the curve, however, travelling to developing countries would still get restricted.

Some governments would not allow it and asides that, national health restrictions and also, the bankruptcy facing some airlines, would make the situation, much tenser.

Foreign investments would, eventually, have to secure strong, local partnerships, even though, each carries its own risks.

Local partnerships come a long way when foreign investment is making its way into an emerging market, as they can make a significant difference.

On the flip side, too much reliance on local partners, such that the investors would have less direct insight, can lead to unnecessary liability.

With the current physical distancing, businesses can get worsened and cultural differences can, also, get heightened.


Also read, Post Pandemic Recession: Strengthening Our Economy Through Diversification


Some business situations may lead to misconception and since the pandemic has made movement difficult, communication might, also, get affected; a situation that leads to cultural insensitivities.

Considering the weight of the pandemic, governments in emerging market regions may pose as a hindrance to foreign investments.

The system is already overwhelmed, with health challenges, an economic downturn from loss of jobs and foreign debts.

Even as some government officials try to self-isolate, the tendencies in attending to foreign projects may likely get affected as they have health-related issues to worry about.

For instance, in Africa and the Middle East, a significant number of the country’s leaders, are well over 60, a result that poses a COVID-19 related risk to them.

At this point, many of them are left with no option, than to stay back in their country, as they cannot carry out their usual medical tourism any longer.

This is a development that is not favorable, as a lot of awaiting projects for approval, would remain unattended to for long.

Crisis situations, like these, can overwhelm governments, in developing economies, investments will get stalled, money wastage will increase, as companies will battle over changes in government policies and priorities.

In all these, investors can still navigate business environments, through the following:

Reconsider your local partners

The capacity of a local partner would, definitely, have a direct effect on the risk option of an investor.

Consider their strength and weakness, also and if physical distancing has tied investors’ hands, in over-reliance on local partners, then, they should consider new training and capacity development for them.

Know the government’s current priorities

At this point, political connections are required to deal with this new situation.

You may have to reach out to some top government officials, or probably get engaged with local consultants, who can call for priority investment.

Consider the different human dimensions in the pandemic

Just like every other person, your local staff and partners will, definitely, have concerns over their health issues and the crisis ruining the economy.

The stress from the pandemic is enough, to cause government officials to get exhausted.

Investors should, therefore, reiterate their commitment to the country of concern, by supporting its recovery growth.

Emphasizing how the investment would help bring jobs for the local community.

Investors need to take a new look, at the effects of the pandemic, on their target country, in order to be well informed, of the eventualities that might work in their favour.


Featured Image: knowledge.wharton.upenn.edu


 

4 Ways your Business can Benefit from Cloud in this Pandemic

Before the pandemic, a significant number of businesses have moved their businesses online.

Now with the pandemic fully blown, more businesses have been forced to join the cloud train.

Not all these enterprises, however, have the required facility, to run the cloud.

A simple way your business could pull through this pandemic effect is to leverage cloud computing.

The concept of cloud computing is not new, as businesses have sought after it, to modify their structure.

Indications have it that, a large percentage of workload, will run through the clouds and COVID-19 has appeared to be the booster for the digital process.

With the ravaging effect of the pandemic, your firm should not get caught unprepared for eventualities.

Adoption of cloud computing can ensure that your company possesses the facilities required, to face the current challenges.

Here are 4 ways to ensure that your business remains relevant:

Cybersecurity

The digitized world of business has been prone to cyber attacks, however, the coronavirus pandemic has increased the challenge.

A report from McKinsey, shows that the increased work from home, in this period has seen an increase in cyberattack rates in organisations, through their digital platforms.

Cybersecurity, backed by cloud, have the ability to solve many challenges facing a lot of businesses in this period.

When you keep your security operations in the cloud, you enable your firm, more digital prowess, as more platforms leverage artificial intelligence, to find out cyber threats.

Remote Working

Before the pandemic, some organisations allowed some employees to work remotely.

With the pandemic fully blown, a large chunk of organisations, especially, the private firms, have duly embraced working remotely.

Even after the world gets over the effects of the pandemic, it is unlikely that some offices will be fully opened.

With the stay at home, work from home policy, it is important that businesses find ways of managing their workforce, beyond the office walls.

Video conferencing platforms have become necessary tools, for remote working.

Zoom has become the most popular of them all, however, if it boils down to simply messaging, then, Slack can offer a cloud solution.

Your workers may not have to worry about challenges, like internet connection and data usage.

Document Sharing

In an endless chain of email, important documents can get lost, but with cloud-based documents, you can easily share the piece of document for viewing and accessibility, by anyone who needs it, without spending hours trying to dig them out.

With people no longer together in the office, it is becoming more difficult to keep up with sharing physical documents together, however, document-sharing platforms, backed in the cloud can save the day.

Google Docs and Dropbox can make this easy for your team members.

Scaling

Uncertainty looms in times like these, for larger digital firms, experiencing growths.

The same cannot be said of smaller organisations that are looking to downsizing.

Businesses must seek ways to remain solvent in times like these.

The cloud does not require any physical server to operate.

That is why you can use as little, or much computing power as you require.

According to research conducted at MIT, data centers on-site require up to a year to get built properly.

With cloud computing, you scale, without waiting all these long years.

COVID-19  has come with some unknown factors that have directly affected all our daily lives, therefore, your business needs to dive into the cloud, to explore the many advantages it offers.

It is not too late to leverage cloud, for the benefit of your business.


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These Questions on the COVID-19 Pandemic Can Define the Future of Your Business

In this very defining moment of our lives due to the pandemic, a few thoughts, or rather questions, must have been running through your mind on what the future of your business will entail.

The pandemic has altered the way business is operated, across the globe, however, are these changes temporary, or permanent?

In my years of experience in dealing with hard times, such as recession and some unexpected financial downturns, there are some vital thoughts that have crossed my mind, which I would be sharing.

Let us examine some of these salient questions you need to ask on the future of your business.

Should I provide paid time off?

In these pandemic times, business owners have frequently asked, if offering a paid time off should be considered, in their employees’ benefit package?

As at the period COVID-19 was at its peak, many employees with sickness had refused to take days off from work, due to financial reasons.

In some countries, the legislative arm of the government had to, temporarily, enforce employers of labour to offer family and paid sick leave to their employees.

The question is, therefore, what happens when the temporary legislation is over?

Will you continue paying your sick employees paid leave, or not?


Also read, 3 Tips That Will Keep A Business From Failing


As an employer, you may try adopting a policy on a paid time off, for your business.

This will ensure that your employees can get the necessary time off, when they are ill, without worrying about money.

Alternatively, your employees can work from home, if they just have a common cold.

Preparing for future emergencies

You might not have had preparations for the pandemic, however, you do not need to start mulling over the present.

Rather, take a lesson and make plans for the future. Whether it is a pandemic crisis or another emergency, you should have plans that look like these:

  • Alternative form of work arrangement, e.g., remote working
  • Mode of communication with your employees
Should I take my business fully remote?

For some businesses, the pandemic was the drive they required, to kick-start a remote working model.

Are you one of those ventures that started work remotely, at the onset of the pandemic?

You might just be wondering, whether, or not, to continue with the model, after the pandemic abates.

If the remote work appears to be working for you, then, you can just permanently adopt the model, moving forward.

Since the beginning of the pandemic, adoption of the remote model of work has given us what to think about, in terms of what works and what does not work.

You might ask questions like:

  • Was there a drop in the productivity level?
  • Can it be maintained, over a long period of time?
  • What are my employees thoughts about it?
  • What about my customers? what do they think about it?

Remote work might be the best for you, or not, depending on your operations and business model.

Working remotely comes with its advantages, such as:

  • More flexibility for your employees
  • Attracting talent without borders
  • A drop in overhead cost

It, also, comes with its own disadvantages, such as:

  • More security risks
  • Miscommunications

If you are not sure of adopting the remote model of work, fully, even after things return to normal, let some of your employees stay back at home and compare their productivity, with the ones working in the office.

From the statistics gathered, you can determine what to adopt, thereafter.

What are my strengths and weaknesses?

Put down your strengths and weaknesses. Make a SWOT analysis, so as to better your organisation.

In this period, ask yourself these questions:

  • What made me stand out in particular?
  • Why did I fall short?
  • What do I need, to make improvements?

Observing the strengths and weaknesses of your business operations would open your eyes to possibilities to explore.


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3 Things you Must Do Before Stepping Down as the CEO

I have been in the tech ecosystem for quite sometimes now and I have, all along, seen how business organisations start to crumble, immediately the CEO of the organisation steps down from the day-today running of the organization, or meets with an unfortunate ailment that restricts his/her activities, or, death.

The growth of an organisation depends on the kind of leader that is steering the affairs of the organisation.

If the organisation grows, one of the reasons is because, the leader was able to galvanize and effectively use all the resources at his /her disposal.

If the organization, eventually fails, the leader must, also, take the bulk of the blame, as he/she, calls the final shot.

Once in a while, business organisations, do undergo some changes and sometimes, the changes may require new leadership.

This might happen, because the incumbent leadership, may lack the right skill set, to lead the organization, to the next level, or, it may just be the right time, for the CEO, to step down.

The period, when an organisation’s leadership is, transiting, from an existing CEO, to a new one, will always be a defining period in the organisation’s fundamentals, culture, values and futurE.

There is a high probably that, the new CEO, will have to deal with some lingering issues, (if there are any), that has been limiting the growth of the organisation.

Most high networth business organisations, like Microsoft, Apple, Walt Disney and a host of others had, at one time, or, the other, experienced leadership changes, which has gone on to affect the organization, positively.

It is, highly, important to note that, as a CEO, there are some specific plans that you must put in place, before you step down from your position.

Failure to do these, may trigger the slow death of the organisation, after you have stepped down.

Below are some fundamental things, every CEO must do, before passing on the leadership baton, to another individual:

Clearly define your culture

It is very important that you build a strong and well thought out culture that, you know will stand the test of time and stay relevant, even, when you have left.

A strong culture, defines the organisation and it is that, footpath that, other CEOs after you, will tread on because, it is what, really, keeps the company standing.

It should be in writing and ensure that, every worker in the organization, knows about it.

There is, a huge difference, between culture and strategy, but they are both, extremely, important in an organisation.

It ensures that, everybody works with a common goal, geared towards the growth and profitability of the organisation.

Culture and Business Strategy should be, in perfect equilibrium

There should be a synergy, between the organisation’s culture and business strategy.

The absence of one, will slow the growth of the organization, which may accelerate the death, of the business.

It is, highly, essential that, you drum this, into all the staff.

Test and Teach as you slowly pull back

It is essential that, before you step down, you should become more, of a teacher and your staff, students.

Pour into them, all that you know and how you built the company.

Share with them, all the challenges you encountered and how you overcame them.

Open up and tell them, your dreams and aspirations, for the organisation.

The more you share these things with them, the more they will be interested in seeing to the success, of your organisation.


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How Start-ups Can Close Great Deals With Large Enterprises

One of the very common pitfalls of sales is, neglecting the people you are trying to sell to.

Some entrepreneurs, often, come with the mindset, of selling to the companies, rather than selling to the people, in the company.

If you can take care of this challenge, then, you would find it, quite easy, to make great deals, with very large enterprises, irrespective of the size of your own company, or, start-up.

By, simply, following some set of advice, you save yourself, from unnecessary stress, when it comes to closing great deals, with big enterprises. These are analysed below:

Knowing The CEO Is Not Enough

You might have a connection, say with the CEO of the company that, you are about to pitch to.

Do not feel on top of the world yet, as the CEO will not be the only member of the panel, or, a committee to access, approve, or, take the final decision on whether to take you on or, not.

The board and committee members want the best of great deals, for their company and do not, really, care about your relationship, with the CEO.

The CEO, or, any other Senior Manager, maybe quite excited about your product, but the final decision to land you that dream deal, does not lie in the hands of only one, or, two people that you believe are influential.

It might just be one person, like the Project Manager, or Quality Control Manager, for instance, that will, eventually, give a damning report about your supposedly, “wonderful product”! Your product, therefore, must be flawless.


Also read, Raising The First Seed Capital For Your Startup


All Must Key Into Your Product

In selling to a big enterprise, you will have to face a lot of decision-makers, who have a stake.

The CEO might have bought into your product, but you still need others, like the Product Manager, Operations Head, Quality Control Manager, etc., to buy into your product, before you can get the deal closed.

All these people are equally, as important as, the CEO. If they are not, wholly, convinced, then, your potential deal is, heading for a brick wall.

Research indicates that, some accomplished CEOs, base their decisions on their team’s feedback.

This is, why you cannot afford, to look away, from dealing with them, in your quest to getting them to key into your product.

An Internal Giant Help Cannot Push Sales

Okay, you have secured an influencer in the company you are trying to sell to and have gone, to a good extent, in convincing him, to be on your side.

Such a person may have given you the assurance of landing a good deal with the company.

Should that be the end? That is just, quite the beginning of your journey, as you will still need, to sell your product yourself.

Your internal contact, no matter how influential he, or, she appears to be, the total power of conviction, still lies with you.

Your internal person(s), cannot convince others, about your product, better than, you would do. A single person, excited about a product is, hardly ever enough, to influence the general feeling of the company.

Get To Know Them All

Do not just plan to work with your internal contact. Everyone else in the company is, also, important. The fewer people you will need to convince, the lower your chances of rejection.

You will need to be in touch with the IT guys that would guarantee the other members of their company, of the security of your solution.

Explain to the executive team, how your product will set their company, on a path of adding to their revenue.

This suggests that you need to know an ample number of people, working at the company. Beyond that, you will need to know about the company culture and ethics, to increase your chances. This process, of course, requires a lot of conversation.

There Is A Specific Need For Each Stakeholder

It is not just about selling alone. but also, having a clear understanding, of what each stakeholder in the company requires.

A Product Manager, for instance, wants more than the technical details, of your product. He, or, she may require knowing, how it will enhance the final product that comes out of the company, into the market.

The company, department and individuals, must all appear, in your equation. These three tiers are very important.
Try integrating them, into your sales process and this will get you closer, to striking your much-coveted deal.

Do Not Ignore The Power Of One Person

Balancing the need of an individual and a company might be, quite a daunting task, especially, if the decision of the individual is, quite negligible.

Balancing this to work is, however, essential, for closing deals. Is it in making the company’s job easier, or, well? You can outrank your competitors, with your product.

These should be able, to answer the need, for each stakeholder, in the company.

Striking great deals, with big enterprises, as a start-up, can be quite complicated, however, you need to talk to many people, within the company you are trying to penetrate.


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You Might Not Need a Technical Co-Founder to Launch Your Start-up

As a Founder of a tech start-up, who will be offering a product, the ability to write code is, not a necessity, as you could hire someone, who has the knowledge base, to carry out the coding job.

Do you, even, need a Co-Founder at all, for your start-up to be successful?

Start-ups that have been built to a point of success sometimes, eventually, fail, due to conflicts of interest.

Do not be surprised that, a technical Co-Founder, may not be the answer, to solving the “who’s going to build the product” problem.

I have come up with the following steps that will ensure that you launch a successful start-up, without the input of a technical Co-Founder:

Stop The Search For A Technical Co-Founder

Most start-ups spend ample time with their Co-Founders, an indication that the two must be, specifically, aligned, at the same point of interest.

You do not look for them. Life has, just, got to make it happen for you. How is that possible, if you may ask?

Your availability counts here, a lot, as you will be required to be active, in your community, by attending tech meetups.

At such events, you get to meet up with, at least, one right person that you can get, to execute your ideas with.

You might, also, seek other options like getting to hire someone, while working on that partnership, with the hire, to build a Co-Founding relationship.


Also, read Mistakes Tech Founders Should Avoid In Team Building


Get An Entrepreneur Onboard

It is, one thing to develop a product, while it is, another, to build a start-up.

A significant number of applications did not get to scale, in building a successful start-up, as most of them, failed to build a business model, with validity.

What a Founder ought to bear in mind is that an app that has, less than thousands of subscribers, turned paying customers is worth, more than, a technology that, gulped millions of dollars, without subscribers, let alone, paying customers.

The worst of all is, if the million-dollar app, lacks a market potential.

The difference that, an entrepreneur will offer you is, in building a start-up, but a coder will only help you to build an app.

No idea, whatsoever, about what it takes to, successfully, launch an app.

An entrepreneur might just be that fit, for your Co-Founder.

Coders, with entrepreneurial experience, always approach start-up building, in a different way.

For instance, on getting an investment, an entrepreneur, with a start-up experience, rather than, proposing to create a product, suggestions, such as, splitting the investment into multiple parts, to minimise risk.

Their experience will push them, to make very tough decisions that would, eventually, prove beneficial to your venture.

Take Charge Of Your Position

It is quite remarkable, to have the knowledge, of how your application is, built for work,
however, you do not need to learn about the programming, behind the creation of the application.

There are other important things that, you can do, with that time, to contribute to the success of your start-up.

You could maximise the value that, you create, from your available resources, without a technical Co-Founder. How do you get this done?

You could get, to validate your ideas, through communication with potential users, of your product; getting to pre-sell it while, also, building your audience.

While doing this, your coder gets to use the insights you obtain and turn it into a working product.

Test Quickly

Your position, as a non-techie, warrants that you perform some tests, on your product.

Commence your testing, with a period that, should not take, up to two months.

This is one of the things that, your programmer, will let you know, with his entrepreneurial experience.

For a non-technical Founder, if the progress of your start-up depends on the available resources you have, then, testing your product, quickly, is critical.


Featured Image: medium

The next set of World Billionaires might come from this Industries

In 2018, the founder of Amazon, Jeff Bezos, was ranked, as the richest man in the world, but far back in 2008, he was, barely, in the top 100.

What does this show? Innovative creation that spurs, from looking into the future, comes as an advantage.

Imagine you had a spare $1,000 and you were asked to invest the money, what industry would you think of?

Would you consider the dynamics, in the market, futuristic interests and global trends, to determine what industry, you would, likely, drop your spare cash?

In this article, I have come up, with innovative industries that you can look into and get yourself positioned, for new investments in the billionaires club.

Renewable Energy
Credit: smartcitiesworld.net

Billions of dollars are made, in the fossil fuel market and this, will most, likely, continue for years to come. In recent times, the world is moving beyond the energy created, from fossils, to more eco-friendly energy.

Renewable energy, appears to be the most reliable source of alternative energy that individuals, and businesses, are employing into their personal and working operations.

This form of energy, especially, the one harnessed, from the sun and wind, are cheap and friendly, to the environment.

In its 2000 World Energy Assessment, the United Nations Development Program, has estimated the annual solar energy potential to be between 1,575–49,837 exajoules, (EJ), a value, larger than the aggregate world energy consumption, which was 559.8 EJ in 2012.

From a REN21’s 2017 report, renewable energy has contributed, to the humans’ global energy consumption.

An estimated 7.7 million jobs are associated with renewable energy industries, around the world.

Global investment in 2017, shows that renewable energy amounted to $279.8 billion.

As of 2019 Global trends indicates that more than two-thirds of all new electricity capacity installed was renewable.

As consumption of coal and other forms of fossil fuel may decline, the call for renewable energy is, on the high.

Investment in this will, no doubt be a source of potential benefits to producing the next set of billionaires.

5G Technology
Credit: thefastmode

The 5G technology is, the latest internet connectivity around, with a speed of, over 2 gigabytes, per second.

With great anticipation of this network, by a significant number of telecom companies, the industry is set, for the future of super-fast internet connectivity.

According to a report from Zion Market Research, the global 5G infrastructure market was valued, at around $ 1.3 billion, in 2018 and is expected, to reach, approximately, $ 22.5 billion, by 2025.

The 5G technology would, on a large scale, transform data services, while ensuring faster connections.

Connectivity in Africa has seen a huge challenge.

Anybody investing in this would be in, to rank among the next set of billionaires.

Electric Vehicles
Credit: forecourtretailer

The electric vehicle market was, globally, valued at $118,864.5 million, in 2017 and indication suggests that, by 2025, the value may rise to $567,299.8 million.

With lots of advocacy supporting an eco-friendly environment, electric vehicles, are set, to take over the future of transportation.

Developed countries are set to phase off vehicles, running on fossil fuels. This means nothing, but gradually, paving way for the full acceptance of electric vehicles.

Artificial Intelligence
Billionaires - cfagbata
Credit: medium

Businesses, nowadays, are supported by big data, big data is applied, in the execution of business, using Artificial Intelligence.

AI-backed solutions are much applicable, in the sales and marketing services. All businesses have a sales and marketing department. This appears, as an opportunity, for investment in Artificial Intelligence and Robotic Services.

Space Travel
Billionaires - cfagbata
Credit: phys.org

Since the conquest of space, by the Russians and the Americans, the world has come a long way, in space travel. It should be noted that space travel has not been, evenly, spread across the world.

We have, nevertheless, seen recent ideas, on space travel, where man has been thinking of making space travel, relatively affordable.

Some tech entrepreneurs, are now in the race, of trying to find a cheap means of making space travel possible, by commercial means.

Very notable, among these tech entrepreneurs, is Elon Musk, who wants to create a cost-effective trip to Mars.

In conclusion, even, if you do not, eventually, end up, having the 9 figures, setting yourself up, for the enormous opportunities, in these industries, will go a long way.

Are there other industries that have the potential to produce the next set of billionaires, feel free to share in the comment section below


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Need Business Growth? Do These 3 Things

According to James Cash Penney, Founder, JC Penney, “No company can afford, not to move forward. It may be, at the top of the heap today, but at the bottom of the heap tomorrow, if it doesn’t”.

Most people think that starting up a business venture, is to some extent, easy. That, I do not argue with. Anybody can start a business, but the main problem is, growing the business.

A business venture is, like a child that, needs to be fed first, with breast milk and gradually, with little soft food that will be introduced, before the breast milk is altogether stopped.

As the child grows up, different classes of foods and supplements will be added, to the child’s diet, in order to ensure that, the child grows strong and healthy.

This is, exactly, how a business, needs to be nurtured, for growth.

For a business growth, it needs to be furnished with new ideas and innovations.

Below are 3 key things to do, if you want business growth:

Understand Time Management

Time is the fundamental bedrock, of everything in this life and it does not wait for anybody.

Not knowing how best, to utilise and maximise time, to your advantage, will not bode well for you and your company.

You should have a clear understanding of, how well to program and organize yourself, in relation to time.

Your ability to succeed depends on how well, you use time, to accomplish a lot, in a short while.

Program yourself and your business, working with time. Keep to appointments and move, even, when no one is there, to back you up. Just move, when you know that, it is time to move.

Grow Your Customers

Your customers are an essential part, of your business and your business will only grow if you know how best, to satisfy your customers.

You only need to satisfy, just one customer, to get 10, or, 20 new customers.

Customers have a way, of connecting with themselves and the last impression that they have about what you sell is, what they will spread.

Get your customers, to give you honest feedback and reviews, as well as, offer them incentives. All in all, ensure that you deliver a great service.

Get Funds To Run Your Business

Business growth - cfagbata

This is very essential as, without funds to run your business, it will look like an awkward house, without a roof.

The availability of money ensures that your company grows, at an exponential rate.

Pursue every means and come up, with new ways, through which the company, can generate funds.

You could also read, 10 ways to leverage business growth with your relationship

Does Risk-Taking Really Lead to Success

You may have come across stories of successful entrepreneurs, who have spoken about their entrepreneurial journey, being driven by risk.

Going on the path of taking risks, as an entrepreneur, is most likely, to stand you out, from your counterparts.

Your peers might be gripped by the fear factor and may not be willing to explore unknown grounds, but on the other hand, your willingness to take the bull by the horn gives you an edge over them.

When, however, the outcome of your decision pans out, you will always gain valuable lessons from it.

On a general note, does risk-taking, lead to success? The factors stated below might just give us some answers to that question:

Calculated Risk-taking

Open risk-taking, is not always productive, as it may appear, rather, successful entrepreneurs have the tendency, to take on risks that limit their eventual potential loss.

Leonard Green, points out the difference, between risk-takers and calculated risk-takers, as the difference between failure and success.

“Entrepreneurs are not risk-takers. They are calculated risk-takers”, stressed Green.

Successful entrepreneurs, find ways to mitigate certain risk factors, which often puts them on the winning side.

They get insurance, or, carry out a risk assessment, on their business.

A Survivors Bias

Many entrepreneurs, still credit their success to risk-taking.

Do we deny this truth, from their success stories? No. A number of evidence they put forward to back up their claims, may not just be sufficient enough, to show the effects of risk-taking.

Where is the place of a survivor’s bias?

They often tell the success stories and leave out the part of the failure.

The success part, makes an entrepreneur appear like taking the risk head-on with no regard for the consequence to bear.

An average successful entrepreneur is guilty of this bias.

Survivorship bias often distorts the perspective that one has, on the role that risk plays in success.

Risk Vs Uncertainty

Risk and uncertainty, are quite different concepts.

Though, both concepts can be explained, as a situation, showing an unknown outcome.

Risk can be the distribution of known probabilities, or, chances.

For instance, when someone tosses a dice, the chances of a four, appearing as an outcome is, 1 in 6.

You could find the other chances and have a direction of what risk you are planning to execute.

The game of uncertainty, meanwhile, comes in, as a distribution of unknown probabilities, or, chances.

Imagine someone randomly picks cards from a different set of a deck of cards, in your presence and comes up with another set of 52 cards.

From the above illustration, an entrepreneur would build his, or, her business, on where the chances of success are and they tend to choose uncertainty over risks.

Conclusion: One cannot, separate success from risk-taking, outright, as there appears to be a strong relationship, between both.

A number of complications exist to say with a 100% level of significance that risk-taking may likely increase one’s chance of having a successful outcome.

Ultimately, even, the boldest of entrepreneurs would need to find ways, to mitigate, or, cushion the effect that comes with the damage, from the risks they take.

With these factors, it is possible to turn future risks to your advantage.


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Why Focus On Raising Startup Funds, When You Can Do This…

There is this friend of mine, who goes by the name Smith. Smith is an intelligent, smart-looking young man, who wanted to raise funds for his Startup, but he does not know how to go about it.

He went for pitching, but it all came down to nothing, as he was told that, his business idea was not test-proven. He was disheartened and discouraged.

There are a lot of Smiths out there, who feel that they need to raise Startup funds first before they can get the needed capital to push up their ventures.

According to the 4Q 2017 PitchBook-NVCA Venture Monitor, in 2017, venture capital funding has been impressive, but recently, investors are shying away and are investing in fewer seeds and pre-seed rounds.

The average entrepreneur is expected to self-fund for, at least, two years before seeking to raise capital funding from outside.

Raising funds is good, but sometimes you need to push the Startup organically, to a stage, whereby, raising funds may or may not be needed.

Below are 4 ways you could consider before venturing to seek capital funding for your business:

Start slowly: Start slowly and try to maximize all the available resources around you. Ensure that you have a means of income.

Do not quit the job that is bringing in steady income because you want to focus on the Startup that has not materialized yet.

Start by using and exploiting all the spare time you have during the weekdays and during the weekends, before gradually making the transition from a full-time employee at your old job, to a part-time worker.

In time, you can migrate to your own business, full-time, when the Startup begins to gain traction. It is safer this way than to just drop everything and quit your job to pursue a dream.

Work on a low-budget: Do not bite more than you can chew. Run on a stringent budget.

Work with what you have on the ground and make sure that you maximize it, to give you the best result. Work with freelancers and part-time workers and rent a ready to use office space.

Build a winning team: You need the right people to key into the dream with you.

Building a winning team entails that you engage the services of the right personnel, who are well-informed and self-motivated, to help you to push your dream.

Sell your dream to them and they will help you to fulfill the dream in record time, sometimes, without receiving any monetary reward.

Connect with people, who will bring in new ideas to boost your prospects and take care of some things for your business that includes, accounting for accountability, promotions, and advertising, etc.

Solutions to key issues: When your Startup provides key solutions to some problems facing the society, the chances of it gaining traction, will be very high. You would not need to go out there to source for funds.

Funds will flow in for you because your Startup is bringing in solutions to lingering issues besetting the society.