It's often been said that a conservative approach to business is the safest approach, but many times those that take chances end up way ahead of the pack in the business environment.
While taking the safe route can often lead to a more comfortable feeling, it may also prevent you from allowing the business to reach its full potential.
Understand, there is a difference between taking chances and being stupid. Very few business owners ever succeeded by doing dumb things. Sometimes you will need to take chances, but even when taking a risk, it has to be an acceptable risk, which in the worst scenario will result in an acceptable loss.
While no loss is good for any business, weighing the potential for a positive gain, whether it be money, additional clients or making a name for the business against the potential loss, will help you decide if being conservative in any given situation is the right or wrong way to go.
If the potential for gain outweighs the potential for loss, then it's probably a worthwhile venture, providing you are aware of the potential negatives.
If you consider playing it safe because you never do anything illegal, immoral or unethical then yes, you need to play it safe all the time. In business, regardless of the industry in which you work, there is no right way to do the wrong thing. Just like the end does not justify the means, taking unnecessary chances is a risk that a business should never take.
There will be times in most businesses that you have to trust your gut instinct. Perhaps a customer is in dire need of a product, but can't afford to pay for it until next month. Considering how faithful that customer is to you, and to a lesser extent how badly you need their continued business, taking a chance by fronting them the product may help them through a rough spot, enabling you to gain a faithful customer for life.
On the other hand if they take your product and run, it was a risk you took and lost, but the customer can never bad mouth you to anyone.
If your business is currently running on a shoe string, and your family is dependent on you to keep the family finances, taking chances may not be in your best interest. The scenario changes considerably when the welfare of others are at stake.
Similar decision making skills may apply if you have employees and a bad risk may end up causing some or all of them to lose their job. It would be a very selfish business owner who ignored the needs of his people and his family in place of taking a risk that could ruin his business.
Godfrey Thaxter is a Marketing Consultant who provides
articles, tips and resources to help new online marketers
get started right with their internet home business.
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