Business courage a prerequisite for success

Business courage a prerequisite for success

Beata Drzazga – visionary, entrepreneur, life and business advisor talks about how to manage courage and risk in business. He confesses whether it’s worth it to make business decisions based on intuition and an inner sense of certainty about whether something does or doesn’t make sense.

Where to get the courage to take business risks?

Drawing the courage to take business risks requires self-awareness, planning, learning from mistakes, motivation and support from others. Each of these elements influences how we deal with risk and the stress inherent in it. Our self-awareness of our skills, strengths and weaknesses, helps us assess which risks we can take and which we would rather avoid. When you feel confident and know that you have the necessary skills and knowledge, it is easier to take business risks. Before taking a business risk, it is worthwhile to carefully analyze our situation and develop a plan of action. Such a well-developed plan and strategy will help us minimize the risk of failure. Unfortunately, setbacks are inevitable in business, but it is important to learn from them and not be discouraged by them. Analyzing our mistakes and taking steps to avoid them in the future helps boost confidence. Of course, it won’t do without self-motivation, or support in motivation from our environment. Achieving success in business can be a strong motivator to take risks. The more we achieve, the more our confidence and willingness to take risks grows. On the other hand, support from family, friends or business partners is usually invaluable, as it boosts confidence and courage.

Do you happen to feel anxiety and uncertainty before making important business decisions? How do you deal with it?

In the past, I have sometimes felt a sense of anxiety or uncertainty before making an important business decision. However, as someone who has only held senior positions in business for a long time, I have had to deal very often with various challenges and decisions that required courage and confidence. In such cases, I usually used my experience and ability to analyze the situation and make the right decisions.

What were your most important business decisions that you are most proud of today?

I can give some important examples of business decisions of my first company that contributed to the success of the company that BetaMed SA is today. The implementation of innovative medical technologies, allowed the development and production of new, effective and innovative products to provide better medical services to our patients. Other important decisions, for example, are to invest in employee development by providing training in new skills. These allowed them to improve their competencies and qualifications. All decisions regarding the company’s strategy and development, which contributed to increasing profits and strengthening the company’s position in the market, were also necessary and finally the decision to expand into the US market. All of these have led to brand recognition. He makes similar decisions in every business activity he runs.

Did you have any business failures that gave you something though? How did you deal with them and what did you do to learn from these experiences?

As the founder of such a large enterprise as BetaMed, I have had to deal with various difficult situations that required courage and determination to face them. Some of them involved business decisions, such as launching new products, expanding into the US market or negotiating with difficult contractors.

In every situation, I used my experience. I have already made all sorts of decisions, whether to restructure the company or change business strategy, which has allowed me to survive difficult situations and succeed again. In any case, dealing with failures is an integral part of doing business and can lead to further development and growth of the company, but it also strengthens us as entrepreneurs because it teaches us from our mistakes. Learning from your own mistakes is priceless. Therefore, one should not be afraid to make mistakes. Unfortunately, we rarely learn from successes. It is the mistakes that develop us, one should only look at them and learn from them.

Do you always make business decisions on your own, or do you get help from other people?

When it comes to making business decisions, it’s a process that usually requires consultation with other people. Like most entrepreneurs, I benefit from the point of view of others – such as mentors, business advisors and even employees and business partners. It helps me get different perspectives and advice that can help me make the right decision. Whether I make it on my own or with the help of others depends on a number of factors, such as that person’s level of experience, my financial resources and also the type of decision to be made. Benefiting from the experience of others, can be of great help in making these very important decisions. This way we get different perspectives and ideas to consider. Ultimately, however, it is up to the entrepreneur to decide which option best fits his or her vision and business goals.

What steps are you taking to reduce the risk of business decisions? Are you developing any contingency plans in case of failure?

I am of the opinion that developing such steps and contingency plans allows entrepreneurs to reduce the risk of their business decisions and react quickly to changing circumstances. Thorough market research and data analysis to understand your competition, market trends and customer needs helps you make more informed and rational business choices. By forming teams that consist of experts in different fields who can provide different perspectives and ideas. Setting goals and strategies allows you to focus on key areas and avoid distractions. Developing a contingency plan is very important. It is always worth being prepared for unforeseen circumstances. This allows you to react quickly to problems and minimize losses. This is helped by a risk assessment, an analysis of what risks may arise in the business. This identification of risks allows you to prepare for possible scenarios and develop strategies to minimize risks. We should always be flexible and ready for change. I am constantly looking for different options, I also monitor the performance of my businesses and make decisions based on them.

Do you think there are some business decisions that are just too risky? What are your risk limits?

Risk limits vary depending on many factors, such as industry, company size, purpose, strategy, resources and many others. Business decisions can be riskier or less risky, depending on the scale of the venture and the extent of the consequences. However, there are some that can jeopardize the entire venture and destroy the business. Examples include taking actions without sufficient knowledge and analysis, overstepping legal or ethical boundaries, inadequate financial management, etc. Ultimately, these boundaries depend on the company’s goals and strategies and available resources. Entrepreneurs must accurately assess risks and decide what to do based on data and analysis. For riskier decisions, consider seeking the help of experts or consultants who can provide additional perspectives and ideas, as well as help develop contingency plans and minimize risks.

What advice do you have for others who are afraid of risky business decisions?

Making risky business decisions requires careful analysis, flexibility, creativity, self-confidence and commitment. It is also important to develop your risk management skills to be prepared for any situation or challenge. My usual advice: carefully assess the risks before making a decision and carefully evaluate all possible consequences. It is worth collecting data, doing market research, analyzing trends and seeking expert advice to make decisions on a solid basis. I also urge you to be prepared to fail, because failure can happen. It’s always a good idea to have an option in your contingency plan for the worst-case scenario and to carefully consider what the consequences of failure will be. I encourage you to sometimes change your approach or strategy to adapt to changing circumstances. Flexibility to change, ability to respond to situations and make appropriate decisions.

Sharing ideas with others is just as important as consulting other people. We gain additional perspectives from this. That’s why it’s a good idea to find a mentor who has experience in the industry and who can help with decision-making. And I’ll mention at the very end – trust your instincts – after all, business decisions are often made based on intuition and an inner sense of certainty that something makes sense or not. It is important to trust your energy and make decisions that are in line with the company’s vision and mission.