“A ship in harbor is safe, but it is not what ships are built for.”
– John A. Shedd
Risk-taking is one of the crucial skills an entrepreneur should acquire. Taking a risk is scary, sometimes. In a card game or daily-life works, it is relatively easy to take a risk. But taking a risk with your livelihood is not that easy to handle. This is why normal people try to avoid risks when possible, because the result may not favor him. Still, the story of most successful people will tell you the opposite – they got to where they are now because they were willing to take some risks in some situations where others were frightened.
4 Golden Facts about Risk-Taking in Entrepreneurship :
1.You Need to take Risks to Know More :
The world of business is enormous. You never know where your success lies. Taking calculated risks will let you discover those new fields, and the failures will help you find the right path to conquer the area.
“…maybe sometimes it’s riskier not to take a risk. Sometimes all you’re guaranteeing is that things will stay the same.”
– Danny Wallace
Without taking a risk, you’ll never know how prominent your company could be. You shouldn’t risk everything you’ve worked for. Meanwhile, if you study and take a calculated risk, you can push your company toward even more success.
2. Risk Triggers Innovation:
Customers are continuously making different demands, and demands create new fields for business. But, to acquire the opportunity, you will need creativity and innovation.
“Risk-taking is the essence of innovation.”
– Herman Kahn
Good leaders accept risk as a cost of opportunity and innovation. Opportunity won’t turn into success if you don’t take the chance that your decision might fail. This is how risk will lead your team to innovate or create great solutions.
3. Risks Should be Calculated :
Taking risks is definitely something an entrepreneur should do, but it’s equally important to figure those risks and make the best decision.
“Innovation is not about saying yes to everything. It’s about saying ‘NO’ to all but the most crucial features.”
– Steve Jobs
Avoid taking unnecessary risks and understand the perfect time to take the risk – are also critical for an entrepreneur. Determining how much financial or personal trouble the business can invest in a new idea and avoid making any decisions that could ruin the company and entrepreneurial aspirations. You have to make all possible calculations, evaluate, and make the best decision to lower your risk.
4. Risks Differentiate and Lead to Success :
“The reward is in the risk.”
― Rachel Cohn
Not all risks offer the same value. Bets are taken to make or break your business. But the best thing is – risks differentiate between a good entrepreneur and a normal one; a leader and a follower. As most people are hesitant to take risks, the risk-takers stand out with their creative ideas and evolve the way others think as they move forward to success.
Risk-taking is one of the critical skills that define an entrepreneur. By taking calculated risks, entrepreneurs can take their business to a new level. Failure is a part of life, so, rather than staying still because of fear, entrepreneurs should take risks, learn from the losses, and always strive for better.
“If you opt for a safe life, you will never know what it’s like to win.”
― Richard Branson, Screw It, Let’s Do It: Lessons In Life
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