Today we bring to you a more insight about what a business entails and what you will encounter or experience when running a business and how to grow even with the challenges.
*What can a mentor help you accomplish?*
Your mentor can help you stay focused on your goals and hold you accountable to your vision for your company.
A good mentor can help a fledgling entrepreneur think through strategies, crunch numbers, and create a business or marketing plan.
His or her guidance can get you through rough times when your self-confidence may be waning, and show you new perspectives and pathways to success.
A well-connected mentor can also point you in the right direction for obtaining start-up funds, seed money, and operating capital, and can introduce you to a wider network of contacts.
Additionally, a mentor may help you develop ideas in practical ways beyond those your experience can currently afford.
And a good mentor will point out ways to make positive alterations that are responsive to the changes you experience as your plans unfold.
Many start-up founders observe that it’s preferable to make a “good” decision early in the process of unfolding your company,
rather than waiting until you have all the knowledge and resources necessary to make a flawless one later.
This is one of the key areas where a mentor’s greater insights and more extensive experience will come in particularly handy.
Your mentor will look for early opportunities to help you achieve a “win,” so that your confidence builds up to face subsequent challenges.
He or she may be able to spot trouble long before you do, and can spur you on to further success through praise and celebration of your accomplishments.
*How can you find the right mentor?*
You should select a mentor carefully. Make sure to understand exactly what you want your mentor to do.
Do you need networking opportunities, introductions to great contacts, or advice on evaluating markets or developing your product?
Different individuals will bring different sets of skills and varied perspectives to any mentoring experience, so you will need to know what your “ask” is.
Create a checklist of skills and attributes you know you need your mentor to have.
And remember that your needs as a mentee will likely shift over time — there’s no rule that says you only have to have one mentor for your entire entrepreneurial life.
Start networking early to identify who your likely mentors may be. You’ll want people with lots of practical experience, and with a dedication to mentoring newer entrepreneurs.
Listen carefully to what people say and how they say it. You want to pick a mentor who can offer substance and thoughtfulness, not just style and talk.
By cultivating your own skill in active listening, you can elicit the information that will help you choose the best mentor for a particular project.
There is no need to behave as if you know everything already. Confidence in yourself and your company is essential,
but over-confidence can result in alienating the very people who would be able and willing to help you.
Be open to new ideas and perspectives from potential mentors, even if they do not match your own.
Mentoring ensures that knowledge, experience, and hard-won insight transfers from one person to another through personal interaction over time.
While your own great ideas are essential to your new business, with an experienced mentor at your side,
you will have one of the most powerful assets any new businessperson can ever have: someone invested in you and your success.
Here are a few key points on the vital role a good mentor can play in the success of an emerging entrepreneur, along with advice on choosing mentors wisely.
BUSINESS RISK
As Business risk can be defined as "uncertainties or unexpected events, which are beyond control."
In simple words, we can say business risk means a chance of incurring losses or lesser profit than expected.
These factors cannot be controlled by the businessmen and these can result in a decline in profit or can also lead to a loss.
Nature of Business Risk
Business risk is the possibilities a company will have lower than anticipated profits or experience a loss rather than taking a profit.
Business risk is influenced by numerous factors, including sales volume, per-unit price, input costs, competition, and the overall economic climate and government regulations.
Causes of Business Risk
(1) Natural Causes
Nature is an independent phenomenon and human beings have no control over it. Natural calamities like earthquake, flood, drought, famine etc. Affect a business a lot and can result in heavy losses. The natural causes are such type of uncertain factors that human beings cannot make any preparation against.
(2) Human Causes
Human causes are related to a chance of loss due to human being or employees of the organization. The dishonesty of employees can bring heavy losses for business e.g., the employees may leak a business secret to a competitor and may commit fraud also bring heavy losses by wastage of resources.
The employees may hamper the production by going on strikes, riots etc. This can also lead to heavy loss of business condition. There can be price fluctuations in the market, there can be a change in fashion, taste, preferences, and demands of customers
(3) Economic Causes
Economic causes are related to a chance of loss due to change in the market. There can be a change in the degree of competition. All these have a direct impact on the earnings of the business.
Even change in Government policy affects the business a lot. For example, in 1971 when Janata government came to power the Coca-Cola Company and many other foreign companies were sent back to India
(3) Physical Causes
All the causes which result in damage of assets are considered as a physical cause, for example, change in technology may result in machinery being outdated, use of old technology, mechanical defects may also result in damage of assets such as the bursting of a boiler, accident to employee etc.
At the end the day Profit is the Reward for bearing the Risk:
The business earns a profit because they are bearing risk.”No risk no gain” larger the risk more is the profit. An entrepreneur bears risk with the expectations of earning a profit.
Stay tuned for tips on how to minimize risk in business,As said too much of everything is bad.🙌
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