Risk Apetite for an individual - Coimbatore Business Risks

I went to Sea World Theme park for the long weekend with my family and in-laws. I dared to go on a roller-coaster ride in the park. This ride is definitely dangerous and thrilling. The ride goes really up and down and goes wild, and feels like I am going to fall down. It gives a strange feeling inside the stomach, when it goes that fast downwards.

Overall the ride was very thrilling and scary. I was thinking about it later on and analyzing my risk taking appetite. Here is what I derived from it -

Initially, I didn't think about the risk or scary part before going to the ride. The ride was scary and thrilling. After the ride, I asked a question to myself, if I will be able to go back and ride it without fear. My answer was Yes. That is good for me. My inference from that was I am ready to take the risk any number of times, even though I knew things are risky.

Another feeling is that I felt it would be better if someone would have been there with me, so that it would be much more fun than that. Inference is partnership. It would be more fun if I have a person sharing the risks and profits.

So, my risk appetite is good enough that I can take risks and also will be able to share risks with partners.

Difference between satisfied customers and loyal customers: Coimbatore Business Execution Tips

How can you differentiate between your satisfied customers and your loyal customers? Here are eight ways. They are equally relevant to your external customers as they are to your internal employee customers.

1.Pricing. You negotiate prices with satisfied customers. You negotiate costs with loyal customers.

2.Payment. Satisfied customer pay at their discretion. Loyal customers pay on time.

3.Referrals. Satisfied customers become referrals of your competitors. Loyal customers willingly provide referrals to you.

4.Turnover. Generally, you will experience turnover rates of 15% or higher of satisfied customers. The turnover rate of loyal customers will be less than 5% and will be for reasons out of your control.

5.Competitive data. Your satisfied customers are seeking competitive data. Your loyal customers are sharing competitive data.

6.Perception. Satisfied customers perceive you as a commodity provider. Loyal customers perceive you as a partner.

7.Contract. You will need a contract to keep many satisfied customers in place. You have a virtual lifetime contract with your loyal customers.

8.Difficult times. Satisfied customers will leave you. Loyal customers will stay by your side.