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3 Risks You Need to Take as an Entrepreneur

July 3, 2017

 

 One of the distinctive qualities of entrepreneurs is that they are risk-takers.  In the business world, risk taking is often termed as synonymous to having an entrepreneurial spirit.

 

Entrepreneurship is exciting because you get to be your own boss. But as exciting as it seems it is definitely not easy. Most people only leap on entrepreneurship bandwagon to ditch their 9-5 routines. What they fail to understand is that entrepreneurship is not 9-5 job, it is a 24/7 duty that you have to fulfill.

 

Therefore, it is important to set your priorities straight and know what you are getting into before you take the plunge and regret later.

 

That being said the world need more entrepreneurs. Operational dynamics of the business world are changing continuously. Businesses these days don't operate the way they used to almost a decade ago. Forget about decade, the dynamics are not similar to what they were a couple of years ago. Machine learning and automotive technologies are on the rise. Human beings are living in the fear of losing their jobs to robots. The future requires high degree of innovations and advanced skills-set to remain relevant.

 

Al the jobs can be replaced by automotive machines to a certain extent but idea generation cannot be outsourced to complex algorithms. At least not yet. This is why economists and social scientists refer to the current and future times as an Era of Entrepreneurship.

 

One of the distinctive qualities of entrepreneurs is that they are risk-takers. In the business world, risk taking is often termed as synonymous to having an entrepreneurial spirit.

 

Here are 6 risks that every entrepreneur has to take at some point while establishing a business or a brand.

 

1. Quitting your day job to follow your passion

 

If you are serious about your entrepreneurial career, at some point you have to leave your regular job. Some people effectively manage their own business while having a job. However, those people are exceptions and not the rule.

 

It takes a lot of energy and efforts to establish a business from scratch and then continuously planning for its growth. Managing a job with the whole process is not ideal.

 

You might end up adversely affecting both of your careers in an attempt to become a jack of all trades. It is difficult to leave a job that is paying your bills. You might even confront a financial crunch for a while but it is a risk that you have to take.

 

2. Investing your finances in your idea

 

Understand it from the start that if you don't believe in your idea, no one will. You can go around looking for investors and sponsors and persuade them to invest their money in your project. However, you have to have a compelling pilot project even to persuade others to invest with you.

 

Investing your hard earned money and streamlining your personal finances in your project is a risk you take because no one has guaranteed you a pay-off. But if you cannot sell your idea even to yourself, is it really worth pursuing?

 

3. Relying on your team

 

No matter how hard you try you cannot do everything on your own. You have to hire a team to help. Hiring people to do your job is also a risk because everyone has a different skills-set and work ethic. You can try to align the skills and interests of your employees to the core objective of your business but that is the best you can do to get the desired outcome.

 

April Salsbury, MBA is a strategist, an analyst, an operational guru, a recognized leader and C-suite global healthcare executive with drive and focus for competitive markets.  Co-host of The Business Forum Show and regular contributor to various business journals, she possess multi-functional and multi-national competencies with more than 15 years experience in business and healthcare. Her expertise is in invigorating revenue growth and infusing value of lean practices in growing companies through improvements to cash flow and operations management.

 

Fueling revenue, growth and profit, Salsbury & Co. is a consultancy firm focused on helping businesses and healthcare organizations achieve excellency.  Our specialists have executive experience combined with deep functional expertise to provide our clients with services that drive real impact and results.

 

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