Essay on The Nils Reservist Story

It is a fact that when new startups are developed and when new business line is initiated; it can have lot of risks and uncertainties. The bad thing about uncertainty as compared to risk is that it is extremely hard to measure uncertainty, whereas risk is something, which can be measured. The situation faced in this case is based on uncertainty. The Ice Art business was washed away by the rain and things were looking uncertain with unclear future that what to do next. In such vulnerable situation, where uncertainty is looming around and things are going nowhere, the best thing to deal with such uncertainty is to use considerable approaches. It has been observed that various approaches can be useful in dealing uncertainty, which comes with the essence of entrepreneurship. One of the two most considerable approaches in this regard is effectual as well as casual thinking approach. In casual approach, the process is started by setting a goal in mind with available means and resources. On the other hand, effectual approach starts with available means and then plan is developed and changed accordingly.

It is important for me to understand that which approach is going to be more suitable for me and my future business startups so that risk and uncertainty both can be handled accordingly. I believe that effectual thinking approach is more considerable for me as compared to casual thinking approach. I can achieve better results with the help of effectual mindset as it is more open and explore more opportunities than any other style. I must analyze my means, which I currently possess such as my strengths. First of all, I started my career as an environmental engineer, which helped me to gain knowledge on environment and its various important elements. Then I started the work of Tour Guide as a hobby, and it turned out to be a good business for me. I also have been involved in the restaurant business. Looking at these means, which I have possessed over the years, now I was having a diverse experience in life, and I could use that for future endeavors. Looking at my available means and experience, I can say that I can open an Ice Bar or Ice Restaurant, where building structure will be made with the help of Ice.

It is mentioned above that I will start an Ice Bar or Ice Restaurant, where people will have a difference experience of staying, enjoying their time and having food in a place made with Ice. To minimize risk for this business, I would like to make sure that plan is developed by looking at every available mean and if any mean is missing, and then it should be arranged accordingly. I will also minimize risks by developing a detailed plan, and project will be given a certain timeline. Moreover, I will certainly make partnerships with others, and will take benefits from their experience. I will look for partnerships with people or companies, who are already somehow related to the Ice Bar business. In the end, I will deal with contingencies by making sure that business has enough flexibility to deal with such eventualities, and Plan B & C will be there too for such contingencies.