Running a business is often considered to be a bit of a gamble. No matter how hard you work, the connections you build, or the time you invest into this area, there will always be the chance that you won’t find success. Some businesses are riskier than others, though, and this is where things start to get complicated. In the field of research, for example, the risk you take on could lead to incredible rewards, and this makes it worth it for some. But, what exactly makes research so risky, and how do business people cast aside their doubts?
Researching anything, from new tech products to medicine, is an extremely expensive process. Companies will spend billions on this process, throwing their resources into learning about new materials, substances, and even scientific theories and concepts. Of course, you probably won’t be spending quite as much as this, but you will still have costs to consider. Modern research methods often have a lot of consumable resources which have to bought before you can get started. If you wanted to research DNA, for example, you would need to invest in products which can help with ChIP-Seq workloads, and this is just the start of your spending.
Risks and rewards often meet in the middle in business, and the opportunities you get during your time doing research will represent this fine line. If you choose the wrong field to research, you could find yourself unable to create anything of value, wasting your time in the process. On the other hand, though, you could make a world-changing discovery, and may never have to work another day in your life. This can be seen in fields like cancer research. Any company which cracks a cure for something like lung cancer will have a secure future, but the risk that you won’t have success is so high that very few organisations will go down this path.
Unfortunately, thanks to the nature of something like research, very few businesses are able to stay afloat without doing great things. You will either sink or swim, with very little middleground, as no one wants research results which don’t prove anything. Instead, only those who are able to get the results which other companies and customers want will be able to find success. The risk which comes with this can be mitigated by selling your research capabilities to other companies, and letting them decide what they’d like you to work on. This will promise far less profit, though, and this is something worth considering if you’re willing to make a gamble.
Risk comes with any kind of business no matter the field you’ve decided to work in. This doesn’t mean that it isn’t worth working on this side of your life, though, as the rewards for those who are able to push through can be very significant. Not only will you be able to avoid working in a normal job, but you will also have the chance to earn far more than most people.
*This is a contributed post