How important knowing the risk before establishing a business

starting a business without knowing well enough about it is a seriously damaging risk that you will be taking yourself into! I have seen people risk their money and become successful and also seen people whose lives was just completely destroyed for making a wrong decision. An example would be my dad.He made an investment in the electronics sector.He understood the business very well and was earning a lot too! Life was going well for us.We bought expensive cars and stuff,but suddenly he made a slight mistake that changed our lives.All he did was one mistake in the mistake and now even basic life needs like internet is like burden to us.Now we have no money to start a business again and there's no chance of recovery as i can see. So moral is You have to know a to z of a business literally to be safe and if you can then congratulations!! you've got yourself a successful business and a life. And if you make mistakes then you will get yourself a miserable life.

Hi Matthew. I am fully employed as a broker but i have started my little online business. I sell books. Well, you know the trending.. whats the point of selling books when anyone can easily download them. here in the philippines, i know that that will be the future. That alone, is my major risk. But then, i thought.. hey i have the hard copies of these small books, so i can easily scorch them.. well, it means hard work but those come along with business. To be honest with you, i didnt mind about the risks. Actually, i started this business because I have a passion for these special books. Only God knows what happens next.

I am not yet venturing in this field but I have plan in the future. I know how hard it is to start. Risks are things that are beyond our control but we have to deal with it as it might affect the business environment. Risks varies from time to time and the nature of business that you are planning to have. One of the most common is the weather. Does it have any effect in our business? What are we going to do if the weather condition is not favorable?

There are some risks when starting a business but in my opinion we can not succeed or establish a business until we take some risks.It is not easy to know risks in business.