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Have you ever taken a risk before? How about a gamble? Aren’t they the same thing? In the business world, risk is the opposite of gambling.
Gambling relies on chance, it might be a calculated chance, but it’s a chance nonetheless.
Interested in learning more about the definitions of these two seemingly similar words?
Check out the following breakdown to clear things up once and for all.
To get a better idea of how these two concepts differ, it’s important to define them:
To pursue any endeavor of chance for stakes. It also mean to risk or stake money, or anything or values, on an outcome that is purely chance
The chance that a company will generate profits that are lower than anticipated, or even a total loss.
Business risk can be influenced (and changed) by several factors that include competitions, economic climate and more.
Based on these definitions, it’s seems as if gambling and business risk are virtually the same, but this is an illusion.
Although both of these terms have similar definitions, there are some stark differences that set them apart, just like the free slots games in Canada when compared to other slot machines.
Today the biggest online slots site in Canada is Royal Vegas online casino which is offering a wide range of online games, including online slots and other casino games.
Royal Vegas casino expanded it’s Canadian market lately and considering a main online casino operator in that region
In business, taking a gamble means to apply an idea and believing that everything will work out.
What makes this even worse is if you decide to take a gamble because others are doing it.
In other words, gambling is a far more risky undertaking, and comes with longer odds. This is true regardless of the size of the gamble.
In business, genuine risk can be considered a form of entrepreneurialism. Being an entrepreneur simply means that you organize and manage an enterprise, no matter what it may be.
Entrepreneur control their destiny, they call the shots
It’s up to you to make your passion a reality, and to do so you will have to take a risk or five. A great info graphic on managing risk in your business will be very helpful when you get to this point.
Before an entrepreneur takes a risk, he or she will assemble all the fats and evaluate everything from different perspectives to get an objective view.
An entrepreneur understands that, in life, there are no guarantees and, no matter how many precautions one can take, there’s still a possibility of failure; just like in gambling.
Without risk there’s no space for creativity or innovation, no real opportunity to evolve and grow, no hope for the future.
Risk gives you the opportunity to face your challenges head on. In this way, you are able to learn from your mistakes and make better decisions in the future.
Without risk, there is conformity. Risk takers don’t follow the crowd, they see more, feel more, and be more.
But, that’s not all – they also empower others to do the same.
No matter if you are a risk taker or a gambler, make sure to make smart decisions to avoid unwanted complications.
This involves performing research about concepts that you don’t understand so that you can gain a bigger grasp of the situation. Another option is to seek out the help of others who are more knowledgeable than you. Following these steps will help you minimize the risks in any situation.
In your own words, how do you define business risk and gambling? Do you agree with the assessment above? Share your thoughts in the comments below.