What do Warren Buffett, Bill Gates, and Tony Elumelu have in common? They all took significant risks to pursue their dreams against all the odds.
Whether it was buying a distressed bank or taking a chance on a failing textile company, these icons invested heavily in bringing their vision to life. Beyond the money, these men were motivated more by the chance to grow. Buffett aptly said, “The most important investment you can make is in yourself.”
With few resources, these men were able to achieve their goals. Today, thanks to the power of the internet, you also have the ability to invest in yourself and explore countless opportunities from your computer.
Online trading, one exciting venture born out of the internet, is gradually changing the business scene in Africa due to its incredible potential.
For those willing to dip their feet and try new ventures, here’s how taking risks can help you grow as a person.
You learn how to uncover hidden opportunities
Tony Elumelu’s decision to buy Crystal Bank Limited in 1997 raised several eyebrows. While many people saw an insolvent bank, Elumelu saw a hidden opportunity to redefine the banking industry. He convinced investors to take the risk with him and they were vindicated 8 years later when the bank (now called Standard Trust Bank) became one of the top 5 banks in Nigeria.
Similarly, online trading is filled with so many hidden gems for those willing to explore and take the leap. The best part is that those hidden gems could relate to things you’re passionate about. So while Elumelu was passionate about banking, you could be passionate about technology. Keeping an eye out for trends, you could invest in a company with great promise.
Taking risks gives you a boost in confidence
When Bill Gates dropped out of Harvard to pursue programming, his first client was a company called MITS. Although MITS collapsed shortly after, Gates had a taste of success and this gave him the confidence to never return to Harvard. Rather, he focused his energy on creating software for companies like Apple and IBM and building his empire.
From Gate's example, we learn that nothing builds your confidence like a taste of success. Same applies to online trading. As you achieve some successes in your trade, you become more confident to want to take on more strategic risk in your investments. Of course, too much risk could make you lose sleep at night, but the right level of strategic risk sets you up to enjoy potential higher returns.
According to Buffett, the biggest mistake he made was investing in Berkshire Hathaway, initially a textile manufacturing company. Attracted by the low price, Buffet bought 49% of Berkshire thinking it would recover. It never did because the textile industry was dying. Years later, he wrote to shareholders talking about the critical lessons he learned, one being that it’s far better to buy/invest in a wonderful company at a fair price than a fair company at a wonderful price.
This principle can be applied to online trading as you seek solid assets to invest in. When you do make a mistake, take heart from Warren Buffett knowing that you can learn from that mistake, improve, and bounce back.
Reap the rewards
With consistency and perseverance, today Buffett, Gates, and Elumelu are reaping the rewards of their labour. But they would have never reached such astronomical heights if they had never taken the risk, dared to believe in their potential and seized the opportunity.
Take a chance on yourself with online trading. Try something new. Your success is probably lingering around the corner. The best part is that you don’t have to be alone in your online trading journey. Our team at Fab Investing is here to answer your questions, offer advice, and help you take calculated risks to help you grow your business in online trading.
Our aim is to provide business-minded Africans with the necessary tools and resources to empower them build a successful business in online trading. We believe Africa is on the verge of a rise, and Africans will be the ones to drive the continent to the next level of economic expansion. For this reason, we dedicate our efforts to bringing to your doorstep, access to the world’s financial markets, which hold vast business opportunities.