3 Reasons Why Risk-Taking Is Essential For Entrepreneurs

Alena Rinwi
·2-min read

Entrepreneur Ahmed Khalfan Yasin explains how taking risks can open new opportunities for businesses.

Risk-taking is at the core of entrepreneurship; they go hand in hand, and successful entrepreneurs immediately realize this. If you’re not ready to embrace this aspect, entrepreneurship is not for you. Taking risks, however, does not mean going into business blindly; it means having a tactical approach that involves careful planning.

Entrepreneur Ahmed Khalfan Yasin, owner of UAE’s famous MK Barbershop and MK fashion, This young and successful entrepreneur shares why entrepreneurship is synonymous with a bit of daredevilry!

  • There is no innovation without risk

You cannot become a front runner of anything without the accompanying risks. Failure is very plausible in any venture, and successful entrepreneurs embrace this fact. “You can never avoid taking risks as a businessperson. You can, however, lessen the risk level through careful calculation and planning,” says Yasin. He states that his success comes from his hard work and willingness to take risks and be the first to the finish line.

  • Risk-taking gives you a competitive advantage

Most people tend to avoid risk, which gives those who are bold a competitive advantage. If you’re ready and prepared to take risks, you become a leader, not a follower. You set the pace and create bold inventions, explore new ideas and opportunities, and more people want to work with the person leading. Yasin notes that he has always been a risk-taker, which is what has helped him build his business to what it is now. “I believe winners never quit and quitters never win. It is that simple.”

Another edge that risk-taking affords you is adaptability. Risk takers can quickly bounce back and are the best at pivoting when times get tough. “Risk-taking prepares you for any possible outcome,” states Yasin, “calculating risk helps you better your vision, and it made me realize that freedom is one of my highest values. I wanted time and location independence, to be able to work from anywhere and have full control of my time. I couldn’t get this without taking a risk, and it paid off.”

  • Risk and opportunity are connected

Businesses will always be in a constant state of change due to changes in customer demands and the world. To become a successful entrepreneur and remain one, you need to align your business with the changes as they occur. Yasin emphasizes the importance of keeping a notable pace with changing trends as that’s when you’ll be able to spot opportunities for your business. “I always keep up with lifestyle trends, not just in the UAE but the world over,” he says.

Ultimately, it is up to entrepreneurs to weigh what risks they’re willing to take, but as long as you’re an entrepreneur, you’ve already taken the first risk.

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