TAKING RISKS AND WEALTH CREATION

 Life is a risk. It seems interrogating the word risk is very important in adult life. This is because as we grow older we become more risk averse .As we become more educated we tend to be averse to risk(this is not to generalize that every educated person is risk averse). Some of the most celebrated entrepreneurs such as Bill Gates are risk takers. The Wright Brothers faced criticism when they were initiating a plane. The rest is history. When Thomas Edison was inventing a bulb he failed more than 100 times but his response was the he had not failed but was becoming intelligent towards his dream. I believe the educated or elites who are supposed to be the major drivers of the economy can learn a lot from taking risks. Some of the leading entrepreneurs started with limited capital but were armed with a vision and determination. In his book Think And Grow Rich: A Black Choice, Dr. Dennis Kimbro noted that Oprah Winfrey who is one of the wealthiest women in the world did not begin that way. She was born in a poor family but had that dream in her. The rest is history.

Dear friend what is that dream that you have and are fearing to test . Dr. Myles Munroe noted that the wealthiest place is the cemetery .This is because that is where uncompleted companies and unwritten books are located. Brian Tracy in his book the 100 Absolutely Unbreakable Laws of Business Success noted that doubt and fear are the greatest enemies of personal success. So many accomplishments have been destroyed because we fear to take risks. The fear of criticism has destroyed many of tomorrow's leaders. Some people fear to step out and be counted. They have self imposed limitations.

It is said that Uganda is one of the most resource endowed countries .But how come many of our urban dwellers go to  bed without food? How come despite the entrepreneurial spirit the rate of unemployment is high? What is the missing link? How come every youth we see has plans of going abroad regardless of the quality of work they will do there? The other day on the news I saw a group of youths who wanted to beat up staff of a sports betting company because the company had not paid their "Return on Investment". With this state of affairs where is the country heading? With many youths plotting ways of making quick money to the extent that some are involved in illicit activities such as snatching peoples' bags and phones, what does this depict about our culture?

HOW TO TAKE RISKS

1.Believe in yourself

2.Ask questions

3.Associate with successful people

4.Scan the environment for opportunities

5.Read news papers 

6.Share your ideas

7.Join like minded organizations

8.Embrace continuous learning

9.Take action on your goals

10. Think Big but start small

It seems there is a correlation between taking risks and making progress in terms of wealth creation. Sustainable wealth starts in the mind and therefore we should embrace taking risks as discussed above.


Phillip Kiryowa

Finance and Leadership Coach

+256752615916

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