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Anonymous

Stealth • 1m

4. Understand the Risks and Rewards Another key to being successful is taking calculated risks. Besides contemplating the potential rewards if you succeed, a good question to ask is: "What's the downside if this doesn't work out?" If you can answer that question, you'll know what the worst-case scenario is. If you could live with that scenario and are prepared to take the necessary steps to manage the risk as much as possible, you might want to give it a go. Otherwise, this could be a good time to consider other opportunities. Understanding risks and rewards includes being smart about the timing of starting a business or launching a new product. For example, certain products or services may be more popular during a particular period of the year. Technological change and fashions also impact what consumers buy and how they behave.

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