The true Mindset Of Avoiding Losses
While it's hard to say that you'll never experience one or two losses as a businessman, many people have come to hold the believe that it's okay to just take losses. Some people will hide under the idea that making mistakes and losses is part of business.
But this is not the mindset that you should possess as a business person. Your aim is to reduce risk to the minimum, such that even if you were to experience a little loss, it doesn't affect the fact that - overall you're in profit. Note that, the only reason for doing business is to make profits.
Recently, I've been noticing that people who are willing to lose a little, tend to lose a lot in the end. But those who do not want to lose at all, make better plans to avoid losses. And even if once in a while, a loss may be inevitable, such losses are not frequent - because they do all it takes to avoid any loss at all.
This is the kind of mindset that you must adopt. The reason why most businesses fail is because the owner doesn't make a concrete plan to absolutely avoid losses. Understandably in business, you may have to take some risks, but always ensure that it's a manageable risk.
I once heard a successful man say, "While it's okay to take a risk. Don't risk the whole business, and don't take a risk too big." Even when taking risks, it should be very calculated risks. One time, the famous Chess player Bobby Fischer said, "I can't stand the thought of losing one game."