How to take risks in business - Research Paper Example

Every business in the competitive world has to take charge of its own operations specifying clearly, what they really want to achieve (Ferrell etal, 2011, p.89). Whatever the specifications, they have to be in form of plans and in fact lifelong plans and future aspirations and endeavors. The plans have the impact of helping the business in question visualize in the manner in which to attain the enjoyable heights in operations that have since only been dreams. Risk taking plan process only brings business dreams to a clear view in terms of how they could be achieved (Rees, 1977, p.53). It is a fact that any merits that are normally realized in the life of any business normally only opens the doors to the realities that such forms of businesses are faced with.

The realities to achieve greater heights of business operation, realities to make greater profitability, realities for future business expansions and even the realities of the likelihood of beating all the fierce competitors in the market of their operations and become the giants, holding closer to if not 100% of the market share (Rees, 1977,p. 53). Assumptions, procrastinations, and fears are normally the sole and foremost obstacles to the attainment of the above aspirations. As it is always very clear that fear is the first step and sign towards failure (Ferrell etal, 2011, p. 90). The moment’s one individual decision maker in any form of business takes the first step geared towards what the individual really wants for the business.

Then in such instances, the individual must as well be prepared to accompany the relevant decisions with an equal amount of risks. The risks that we are referring to in such a case are the risks that are likely to help the business be recognized, get the required attention, and forcefully propel it forward in its operations. They are the risks that the business really