By Dr Paul Bundi Human beings are endowed with remarkable resilience, which can only be broken when they choose to give up. Says Viktor Frankl in his seminal book, Man's Search for Meaning; ''it is a peculiarity of man that he can only live by looking to the future-sub specie aeternitatis. And this is his salvation in thd most difficult moments of his existence, although he sometimes has to force his mind to the task.'' Man's life is primarily driven by the desire for future, the unshakable belief that the future holds promise. We invariably cease to live when we think we have hit a dead end, or that there's nothing more to be had by living. Theoretically, there is no limit to man's achievement, and that is what drives men to wake up and strive day after day. The opposite is spiritual, psychological death, which manifests way ahead of physical death. Lesson? Losing today doesn't mean losing always. You can lose 10 times and win the 11th time. Or, you
It can be easy to neglect risk planning when you first open your start-up. However, it is very important to attempt to assess the levels of risk involved in your business activities in order for you to try and come up with ways to reduce them. This article will mainly cover general risks involved with business, although your enterprise may have additional specialised risks related to the industry you are in. Risk management is a process of continuous analysis of your business practices and a lot of communication at all levels of your organisation. You also need to identify potential hazards and a ‘worst case scenario’, and then work on devising contingency plans in case they ever occur. If something goes wrong it can be very reassuring to have a plan to work from to restore the status quo. Business insurance is an integral part of risk management in order to make sure that you are compensated or protected if something goes wrong. You must first consider what needs to be insured (e.g. equipment / inventory / property / vehicles / employees / liability or business interruption) and decide upon a realistic amount that it is worth. It is then possible to decide what you wish to insure each item against (e.g. fire / theft / accident / everything). Make sure you get multiple quotes and choose the best one. Things to remember: *. Identify Risk – If you are unsure about this, a good place to start is reading through your business plan *. Measure Risk – There is computer software that can calculate risk well, in addition to specialised risk consultants *. Decide how to Limit Risk – Brainstorm some solutions to the risk issues which are identified *. Implement Solutions – Put the solutions in place e.g. install a fire alarm *. Monitor Risk – Review the situation at regular intervals
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