By: Rebecca Cho
The word entrepreneur has been around since the 18th century. It is derived from the French word entreprendre meaning “adventurer” or “one who undertakes some tasks.” These adventurers would not only take on financial and institutional risks for their enterprises, some would even risk their lives while attempting to expand their markets.
Although entrepreneurs today do not have any large physical risks involved with their profession (hopefully), there is an even larger need today for risk-taking, as the pressures of competition and technological advances increase.
While heavy innovation and risk-taking may put your business at real jeopardy, this not need be the case. Today’s entrepreneurs have the advantages of technology, more resources and the lessons learned from the mistakes of their predecessors.
Don’t let the fear of risk-taking stop you from expanding!
William Sahlman, a professor from the Harvard Business School said it best: “One of the great myths of entrepreneurs is that they are risk seekers. All sane people want to avoid risk.”
All great and successful adventurers did not simply go out and explore, they made sure to plan ahead and focus their passion into realistic goals. Similarly, entrepreneurs we must do the same. The limits of risk-taking do not have to make you limited!
Here are some reminders for how to minimize risks:
1. Gain a basic understanding of finance and accounting
2. Spread and use your resources wisely
3. Plan ahead
4. Learn from your own past mistakes and work to fix them
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