When you start any business or even think of starting something of your own, there are infinite things to think about. Right from simple things like coining a name for your prospective business to dealing with serious issues like how to set up the necessary infrastructure, arrange for capital, bank guarantees if the nature of the business so requires and so on. One such major issue prospective entrepreneurs have to deal with is the issue of ‘risk’, both foreseen as well as unforeseen.

Understanding the ‘risks’ involved

 It is an open secret that carrying on a business also includes taking risks at all stages right from its inception till the time the business is or continues to be in existence. So any prospective entrepreneur has to take the ‘risk’ factor along with the provisions or adjustments which he intends to take into account. Risks involve both, foreseen as well as unforeseen events and incidents.

Foreseen are those events which an entrepreneur is and should be able to estimate and be prepared for while unforeseen are those which are not within the control or reach of any person. These would normally include any acts of God in the form of natural disasters like floods, famines etc. A prudent businessman should be one who is able to see what can happen or what may go wrong in his business and take precautionary measures accordingly.

Risks in IT sector

The ever growing and booming IT sector is no exception to the risk factor. Today, as part of every company’s data protection policy, when you enter the premises of any IT firm or company, you are immediately stopped and whisked at the gate asking you if you are carrying any data transfer devices like portable hard drives, pen drives and so on. However, in spite of all these precautionary measure being taken by almost every IT company, we still hear and read cases of data theft and such other offenses taking place. There is so much at stake for any company or business when their data gets stolen, especially the goodwill which the business has earned so far and which is intangible apart from the loss of profits which the Company was seeking to earn after launching their products or services.

Lesson to learn and the road ahead

Irrespective of the type and nature of your business, there are always going to be competitors who will try to pull you and your business down by employing such tactics. These are all part and parcel of any business which every professional businessman is supposed to be prepared to experience.

All that we can learn from this is to take necessary precautions. However, as humans we should lay more emphasis on the ‘unforeseen’ risks which can take place anytime and in any corner of the world. This is because as we have a duty towards our own family, we also have a duty towards our extended family and most importantly, our Mother Earth without which none of us would have been in existence and she is the one who carries our entire burden on her shoulders and makes the world a better place to live.  Let us get together and do our bit for our brothers and sisters living in different corners of the world and make the world a better place to live in.