Lessons to be taken from the virus | FASTENER EURASIA MAGAZINE
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How Corona virus affected the industry and trade

by Ali Baysal
Editor in Chief of Fastener Eurasia Magazine

Dies slowly he, who becomes a slave to habits. 

We all know that commerce has risks. But sometimes we overlook the risks because of the ambition to win more or bilateral relations. However, it is sometimes costly to forget the fact that the rule of trade is to distribute the risks and not to put all the eggs in one basket.

Some quotations encourage us to take risks. “Seeking success in risk-free life is like fishing in turbid water”,"Watch the turtle. He only moves forward taking risks by sticking his neck out." “One who is not brave enough to take risks achieves nothing in life”.
These words encourage us, we think “one cannot be the hero who thinks of the end”. But in fact, "The fist that knocks you is not the hard one, it is rather the fist you haven't seen coming." Though being in the safe zone is sometimes right, however contemplating that “man cannot discover new oceans unless he has the courage to lose sight of the shore” we presume it is imperative to take risks.  

Lessons to be taken from the virus

The world is now struggling with a virus emerging in China and we see that trade is also affected all over the world. Production, marketing, business trips and fair visits have come to a halt. There are millions of dollars of damage. China produces to all sectors, including fasteners. Because it produces cheaper than other countries in high volume orders. 

The biggest truth that emerged in this incident is that “it is risky to supply most of the supply from the one country or even from the one company”.  Appears that it is necessary to purchase 10 percent more expensive to turn toward alternative sources. 
The companies can not get the goods from China had to turn to Turkey and some other European countries. But processes such as die and raw material procurements will delay immediate production. Perhaps this virus has taught the world a lesson. It reminded us the necessity to be in league with alternative suppliers from different countries.

It must also have shown to Chinese companies that they must have production facilities in different countries. Establishing new factories in different countries where they can produce at low cost can reduce the risks for them.
 “Only those who will risk going too far can possibly find out how far one can go." However, taking risks is not always the right thing to do, staying in safer harbors may be more advantageous in the long run. "The world isn't interested in the storms you encountered, but whether or not you brought in the ship" but everything will lose its meaning after sinking the ship.

Having alternative suppliers and customers is always the least of the risk.