Welcome to 12th January and the 12th Day of 2023. Today we are examining the 3 TOLERANCE LEVELS THAT MUST BE HIGH TO ENSURE YOUR SUCCESS IN BUSINESS.
The constantly changing world with its uncertainties and diverse innovations, resulting in the lack of security of jobs in most industries and businesses, coupled with challenges with traditional investing, has witnessed a lot of people attempting to pursue entrepreneurship and the setting up and management of their own businesses and side hustles.
Many people who have jobs, now have or considering to have something else doing on the side to generate some extra income. Entrepreneurship and doing one’s own business is fast becoming the norm and a lot of people; employed, unemployed and even students are constantly finding ways to set up businesses and be their own bosses.
As exciting as that is, there is the need to examine one’s tolerance levels in their pursuit of running their own businesses and the measure of those tolerance levels will greatly determine their potential to succeed or fail in that business.
So let’s look at the 4 Tolerance Levels that must be high to Ensure Your Success in Business.
1. RISK TOLERANCE LEVEL – Risk is essentially exposing yourself to danger, harm or loss. In business and in Entrepreneurship, there are associated risks which must be mitigated, tolerated and eliminated. When one decides to go into business for themselves, they should be aware of the risk involved and be able to examine their risk tolerance levels to ensure that they will be able to stand regardless of the risk involved.
Losing your savings, losing your sleep, losing your investments, losing your health, losing your sanity, losing your partner, losing your relationship or marriage and even to some extent losing your mind and life are all potential risks associated with starting and managing your own business or side hustle.
The question is; are you ready and able to face all these potential risks head-on, still survive and keep going? If your risk tolerance level is low, my advice is that you stay in your current job or find a job and start advancing your career there before you become too old for the job market and end up full of regrets.
2. CHANGE TOLERANCE LEVEL – Change is said to be the only constant thing and it’s impossible for change not to happen every day of our lives. Even when one tries to avoid change as much as they want to, everything around them will keep changing so rapidly that they will be forced to rebel, conform or adopt; in whichever way, change will happen.
Change in business is even more rapid, as the factors that result in those changes are both internal and external. Changes in the world, changes in preferences of clients, changes in technology, changes in governments, changes in economies and so many potential changes can affect even your products and services and without constant innovation, you are likely to go out of business within a twinkle of an eye.
When your change tolerance level is low, you are likely to be slow to adapt and risk collapsing your business.
3. PEOPLE TOLERANCE LEVEL – People are interesting and so diverse in character, personalities, behaviours, attitude and beliefs. As a result, dealing with them can be one of the most challenging undertaking of your business life. Like it or not, you cannot succeed in any business without people. In every aspect of business and at every stage of business you will deal with people, internally and externally.
From clients, to employees, to partners, to various government and private stakeholders, to investors, to suppliers, to service providers, to spouses, to friends, to family, to religious leaders and so many categories of people. Dealing with people is non-negotiable and on a daily basis you will have to engage with people.
When your People Tolerance Level is low, the tendency to succeed will be low as well. Handling disappointments and heartbreaks from people you trusted, clients saying no at the last minute, chasing non-paying clients, dealing with difficult employees, handling a non-performing partner, dealing with investors changing their minds, not sure who has your back and who doesn’t; all these can have huge impact on you, your sanity and ability to perform and succeed in business.
It’s no body’s intention to give up, to fail or to remain stagnant when they start business but when their tolerance levels for Risk, Change and People are low, their capacity to stay resolute and not give up tends to be low as well resulting in stagnation or collapse.
So check your tolerance levels, constantly build them up and keep going daily, for as your knowledge, skills and experiences increase, your tolerance levels increase too; resulting in your success in business.