The question that arises is, how can a person develop the right kind of attitude and character to manage risks in business? The answer to this question depends on a number of factors. The most important factor is whether the risk taker wants to take a calculated risk, and has the analytical skill to analyse the consequences of taking the risk. The next important ingredient is to possess a clear vision of the probable consequences of various alternatives. This will help the risk taker to understand that there are various possible outcomes in a particular situation and thus choose an alternative that is less negative in terms of his position. For help with Business Coaching, visit Randall and Payne
In other words, in business the risks to the existence and survival of the enterprise are various and varying and depend upon many external factors such as economy of scale, risks to raw materials, risks to employment etc. Hence, if we want to be a risk taker in business, it would be necessary to possess certain characteristics that are required by any rational risk management professional. Some of these characteristics are: self-discipline, ability to adopt a flexible attitude, an understanding of the different types of risk, a clear perception of the market and so on.
So, how to be a risk taker in business does not imply that one should never take a calculated risk, but it requires one to identify potential risks and to evaluate the consequences of those risks in terms of their effect on the enterprise. A risk taker should be able to plan for and control risks and to achieve his or her objectives.