Written in Partnership with Amir Bakian
In business, there is always profit and loss, that is how business thrives. At one end one person is losing money and at the other end another investor is getting wealthy. Sayyaf M. Al- Otaibi, the business mogul speaks on how he has met with young business owners and they all had a win it all mentality, this has a flaw he says, as this may make them emotional about their business and instead of letting go at the appropriate time they end up with a loss.
In business you may not always win, when taking on a business venture, never be scared it will fail, you either learn from it or you win, We (Entrepreneurs) never loose. That doesn’t mean you won’t keep an accommodation for a loss. Remember its business.
Innovations are tied to risk, check out break out companies they all started on high risk, from the internet boom in the late 90’s when people thought the internet was another scam but here we are now to the inventors of the computers while men like Bill gates saw it as the future, the world was gradually gliding towards others saw it as a ”risk” some journalists infamously quipped it to be a ‘ toy ’ that will one day fizzle out and it didn’t.
The boom in the early 2000’s saw the likes of Bill gates rise to the top as one of the richest men in the world, those who were never be scared to take risk, try out a new route or chart a new course. Learn to always be innovative. The world was very different in the early 2000’s compared to today because Innovations and inventions will always rule the world
Many people avoid taking risks and fail to realize that not taking a risk is a risk in itself. Research have found that Old people on their dying beds when asked what was their biggest regrets was. They almost always talked about risks they didn’t take because they were scared to jump out of their comfort zones. It is better you know it never worked than regretting you never tried.
There is no harm in trying a new line of business, if it fails you learn from it and that adds to your success stories. There will always be innovations and a man who is not ready to change with the changing world will always be left behind. When computers got into the market many were still boasting that they had a certification in typewriting, and there was no way they could lose their jobs they all lost their jobs as you already know the story. They refuse to take the risk to learn a new computing device that come into the market, hence they were left behind.
Business has no sentiments for anyone. It is the exchange of value, and value can go outdated and it is very important that you realize when a particular skill or business is going obsolete and which is trending. When Sayyaf M. Al-Otaibi Speaks on risks he is not only talking about buying a sock with a hope it will rise tomorrow but it also involves you taking a risk to learn a new language, a new software, a new business model, a new path. Innovation is the soul of business. When YOU or your business refuse to innovate or change, that is you risking your own existence in the business world.
Here are Sayyaf M. Al- Otaibi’s advice for people intending to start a new business:
- Before starting a new Business venture, the capital you need is not money but knowledge about the business. Do not invest your money in a business you know nothing about. Read extensively about the subject matter before taking any action.
- Do not invest with a certain amount of money you are willing to lose. Keep at it young business owner and entrepreneur, you will boom soon, keep your head high.
To follow Sayyaf M. Al-Otaibi’s journey and get first-hand info, check his pages on Twitter today!
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