Entrepreneurship Is Not About Risk Taking!

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Point 5: It’s not about taking risks. It’s about taking calculated risks.

Typically, entrepreneurs are considered as ‘risk takers’ and people who put everything at stake to achieve what they want. Often, people think an entrepreneur would ‘just do it’ without thinking the outcome or consequences of his/her actions.

I think it’s absolutely wrong. Entrepreneurs are not the risk takers. Of course there are few of them but most of them fall flat on their face. An entrepreneur would never take risk, as he/she is always working on scarce resources, limited capital and strict deadlines. An entrepreneur often cannot afford failure.

Entrepreneurs take calculated risks. You will often find an entrepreneur thinking 100 times before making a simple purchase or an investment. He/she has to be accountable for the expenses and returns. Of course, it’s not just about the money always. An entrepreneur will think 1000 times before hiring an employee or defining a company policy.

Tip: Entrepreneurship is thrilling. Read lot of real life entrepreneurial stories about how entrepreneurs faced challenges and how they took calculated risks.

Finally, I’d advise all wannabe entrepreneurs to have a clear, calm mind before taking up entrepreneurship as a career and taking the plunge. Once in a life-time, do something on your own and it’s worth doing. At 80, you won’t regret having started and failed but definitely never starting when you could have.