Risk Taking

David Knox, a 25-year real estate trainer says: “ He who does not take any risk in life should go out to the morgue and wait!” Well in essence he is right literately, every step one takes is a risk. Learning how to take risk is very essential. One has to realize that that one does not go into business to fail but there is a certain risk one has to take. There is nothing wrong about taking risks as long as one has a well-developed plan behind it. It is true that the bigger the risk the bigger is the reward. However, considered that the liability is as big as the reward. The key is how much liability one is willing to handle.

How you take a calculated risk? Always keep in mind that what you don’t know will hinder you. What you do know and don’t take care of will hinder you as well. What does this means? It means that one constantly needs to be learning. One needs to get organized. Here is a couple of other risk taking ideas that can help you coup with your venture: Risk Taking Ideas!

Here is some of my pep talk, tips of handling risk. Whenever one is deciding to take any course of action, I advice you considered answer the following questions. These questions cannot be measure in a scale. However, it will give one an inside direction of what should one do and where should one go?

1) What is your purpose in life?
§ This question tries to answers what it makes one happy. What does success means to one? Before one makes any decisions in life, one needs to be happy with oneself before taking any course of action. I learn that the hard way. One does not need to answer this question right before making a decision. It is recommended that one answer the question way in advance. Therefore, whenever a decision comes in ones way this question turns out to be just a reminder of what it is that it makes one successful, what it is that it makes one happy in life?

2) What are you going to do?
§ This question tries to answer the course of action. The decision that one intent to take. At this point one has not taken the decision yet. One is just considering courses of action as options. It could be one or many at one time.

3) What do you have and what do you need to have?
§ This question tries to answer or make a list of those ingredients or things that one needs to acquire in order to take that course of action. What skills one already has and what skills one has to acquire? What things one already has that are needed for the course of action and what things one needs to acquire? What is the cost of the things or ingredients that one has and the things or ingredients that one needs to acquire?

4) Does it goes a long with what your purpose in life is?
§ This question tries to align one’s course of action with what one’s purpose in life. This is important because there are a lot of opportunities out in the world. However, not all the opportunities out there will be appropriate for one’s purpose. It is not recommended that ones takes on all the opportunities there are because then one will be starting a vicious cycle. And if one tries to take on an opportunity or a course of action different than what one’s meaning of success is, guess what? One’s chances to be successful or happy with one’s self diminish quickly!

5) How does this help you accomplish your purpose?
§ This question obligates one to really look at the how one is putting this possible course of action in line to build one’s success. If one can put the plan together in writing the possibilities of accomplishing one’s purpose in life increase greatly! Not all the time one will be able put a plan in writing. However, it will help tremendously, if one can always include this questions in the decision making process.

6) What are the advantages and what are the disadvantages?
§ I recommend that one be thorough with this question. This is a decision making tool that can help you enormously. The concept is that if the advantages taking this decision are more than the disadvantages then go for it and vise versa. Nevertheless, try to give each criterion a numbering system to weigh the importance as well. As one goes a long writing the advantages and disadvantages. Give each criterion a number from 1 to 5. The number 1 represents “not so important” and the number 5 represents “very important.” Once one finishes writing down the advantages and the disadvantages and giving it value, add all the number value in both columns. If the number value is more in one column than the other, then one knows if the decision is favorable or not. If the number values is equal in both columns, then count the number of entries to find out which column has more entries to decide which course of action is more favorable. This decision-making is very effective in taking quick decisions. Very rarely one will find one’s self in the dilemma of having the same amount of entries and the same value amount. It is time to go onto the next question and think a little bit beyond this problem.

7) Are you going to hurt someone in the process?
§ This is a yes or no question. One have to realize that every time that one makes a decision one is benefiting someone and hurting someone at the same time. This goes beyond the physical realm into the spiritual realm. I’m going to elaborate more in the future about this topic. However, let me give an example of what I’m trying to say. There is a natural law named Karma, Dictionary.com defines it as “The total effect of a person's actions and conduct during the successive phases of the person's existence, regarded as determining the person's destiny.” In other words, “what goes around comes around.” Years ago I decided to go into the military because I wanted to use the experience and discipline I wanted to acquired at the time for my own convenience. Everyone was happy of my decision with the exception of my mom. She was worried about me going into the military! She did not want me to leave home! I did not realize it then, however up until today that I’m out of the military, she still troubled because I’m away. That is just an example, now others would say, “but you have to leave and do your life.” That is definitely right! However, there has been time when I really need her support and I don’t have her around! That is an example of Karma!

8) How many people are you going to hurt in the process?
§ This is a number question. One needs to realize how many people one is going to hurt in the process. Remember every decision that one makes can benefit some and hurt others. So at this point you are trying to realize what number amount, the more people one hurts the more damage one is causing.

9) Who are the people, if there are any?
§ At this stage one is figuring out who is it that one is hurting. When one knows the people that are getting hurt, one tends to give that criterion a lot of weight. Getting to know the people may or may not change ones decision. Once you are done thinking about the people you might hurt, answer the questions 7 through 9 with the people you might benefiting. Ask those question in a positive way. Are you benefiting someone in the process? How many people are you going to benefit in the process? And who are the people you are benefiting, if there is any?

10) Up to what extent will be de damage or the benefit?
§ This questioning will lead one to measure the impact of the decision. In both degree and length in time.

11) What are the consequences that you foresee in the future?
§ This question will help one to think in the consequences. It is recommended to make a list of consequences you can see happening in the future about one’s decision.

12) Are you willing to accept the consequences?
§ Once one have seen the future through the consequences that are most likely to happen then it is decision time. It is time to accept the consequences. In this question helps to debate weather to accept or not the consequences of that decision?

13) Is it worth it?
§ This question is a yes or no question. It takes one back to the past to answer this question. Is it worth it? Is it aligned with my definition of success? Am I willing to live with the consequences, and the benefits?

14) How and why is worth it?
§ Explain how? By explaining how is it worth it, one should be more in peace. If there any trouble in one's mind about the decision that one is making then, it will be wise to go back and re think the situation.

15) What have you decided after all?
§ Last but not least, I’m sure that when one get to this question, one may have readjust so much the decision that one have started with, that it might not be de same. But at least, the decision will be wiser!

These are not set-in-stone guidelines however these questions may help enormously in any decision that requires thorough thinking! You don’t need to answer all of the questions if you don’t want. However, one questions builds upon the next one.

Things One Needs To Take In Consideration

It’s true that, like Robert Kiyosaki says: “You don’t need money to make money what you need is an idea.” You can always come up with anything and if you know how to sale it, people will come up with the income to buy it from you. You can always come up with OPM (i.e. other people’s money). However, one thing is certain cash has to come out of somewhere, and nine times out of ten cash will come out of your efforts. It doesn’t matter if is directly (i.e. coming out of one's pocket) or indirectly (i.e. coming out of other peoples' pockets). Here is why!

The first thing one needs to consider is counseling, unless one have a family member that is willing to provide his or her professional service as a business lawyer, or accountant putting their title and experience on the line. Willingly to give you guidance for free, and accepting the liabilities that one may encounter as a business owner with the government, creditors, suppliers, and employees (if your planning to get some); then I say go right ahead. However, you have to realize that “if you want it you have to go and get it.” Counseling is a very important expense but it will get keep one out of trouble. Before you start buying anything, do yourself a favor go and get some counseling. Pay someone qualify in business law and/or accounting to help you set up the business entity that best fits your needs.

You might say: “Well I don’t need none of that. I because I joined XYZ business they already have all those systems in-place.” I would say: “Smart move” Nowadays, there are some systems like: MyPowerMall that can let you joint for free, as long as you are willing to bring in the people into the business. These types of businesses already are set up in a way that one can benefit from them. Keep in mind though; you are a representative, a sales representative! You are not the president or the CEO of the business. You are valuable because you believe in them, and if you are able to convince a lot of people to join you’ll become more valuable for them, because you are bringing in income for you and for them.

If you decide to go that approach is fine, more power to you. I highly recommend trying other peoples’ business systems first before you start your own business with your own idea. Get train first by them and then decide to venture on your own. Why I recommend that? Simple! Face it, one need to acquire all the time management skills, the accounting skills, the marketing skills, the selling skills, and the planning skills possible before one ventures out on its own. And this people can give most of these skills to you for free. All you need to put in return is a little effort to bring-in people into the system. Let me tell you a little secret, even if one decide to go back to college for a Masters Degree in Business and Administration, you are not going to be able to learn all there is about business. Therefore, your constant education is indispensable. The business concept is changing all the time and if one wants to be in business, one needs to be ready to embrace change constantly.

Starting My Own Business Day 1

There's a lot that one needs to consider when starting a business. First there is the mental aspect of it. Second there is the physical aspect of it. And third there is the spiritual aspect of it.

The mental aspect:

In the mental aspect one needs to come up with business idea; something that you can develop into a business plan. Here is some guidelines that can help anyone start from scratch: http://www.wikihow.com/Create-a-Business-Idea.