Do Not Dive into Business Suddenly: Plan for Hazards and Risks Too!
Optimism is good. But if it makes you so absorbed in your business dream that you overlook risks and threats, it can be dangerous enough to cost you your valuable time and capital.
Sometimes people become so captivated by an idea or plan that, if you try to discuss its darker or negative aspects, they either close their ears or distance themselves from you.
Do not misunderstand! Examining a plan's risks or darker aspects does not mean abandoning it, not at all. It means having a plan for them.
Example: when you board an airplane, the flight crew repeatedly explain the life jacket under your seat, the oxygen mask available above your head in an emergency and the emergency exits.
Aircraft designers and manufacturers did not say, "An aircraft might develop a technical fault, so we will stop building it." They took precautions during design and manufacture to reduce risks and, finally, offered passengers advice and protective provisions.
In this part of the work, seeking help from experienced people, people who have failed, pessimists, people who focus on negatives, conservatives or cautious people can be very useful. Record their views, carefully examine and measure their effects on your plan or business, and determine the necessary actions and responses.
Does this issue have the same importance and weight for every business?
No! Assessing hazards and risks usually depends on their effects on the following:
A- Human life and health: the danger they may pose to users of products or services, or to business employees while working.
B- Capital: the financial damage they may cause.
C- Customer satisfaction: the effect they may have on reducing customer satisfaction.
D- Laws and regulations: they may cause violations that lead to legal action against the business.
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