entrepreneurship risk

Entrepreneurship: Risky Business

As more and more people start or consider starting their own business, it is important to understand that entrepreneurship is risky, most of the times people loose time and money, so be prepared to enjoy the ride even if it does not make you the next “millionaire on the block”

Some of the most famous entrepreneurs had a vision of a product or service that did not even exist before, a new business category, a new business overall, but for most entrepreneur’s cases, to be entrepreneurial is just to start something new, even if it is not a revolution like Microsoft or Apple, but in every case there is a spark, a vision to do something from nothing.

Ted Turner, for example, launched CNN because he thought that people wanted more television news than they were being offered. It took a lot of work, perseverance, patience and money to realize the vision, but when he thought about the business idea he had read the market in a way that few “experts” did at the time. If he had not run through all the associated risks to make a business from an idea he wouldn’t have built his vision.

No matter how innovative, brilliant and visionary your idea, the competition is always right behind you, probably willing to invest more money and other resources than you to make similar brilliant ideas a real thing, therefore a “simple” idea is worthless, that is why most of those that require you to sign a NDA before telling you about their fantastic idea are blatantly wrong, and you need to take risks to add real value.

Taking risks associated with a new venture is what really makes it go from a worthless idea to a valuable one. Investment of time and resources, including your own money of course, are the only way to transform a potentially valuable idea, but worthless whatsoever, into a real valuable one.

No business opportunity is guaranteed, there is no such thing, all business opportunities demand to take some amount of risks and there is no guarantee of success. Never! To become an entrepreneur one person needs to realize that sooner or later there are going to be losses, sometimes catastrophic losses and the entrepreneur has to be prepared for such events and if one is not prepared to accept the possibility of failure, one should not attempt a business start-up.

It may not seem like it, but entrepreneurship is a risky business. Be prepared if you want to go through that path because even if risky, the experience is fabulous, exciting and the possibility of success is always there.

Read more about what to consider before starting a business or creating a business plan. Use our free business plan software to create your own business plan.

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