Why Entrepreneurs Must Take Risks?
Be it any industry, corporate or consumer, each and every entrepreneur reaches a stage where they are required to take a risk and they shouldn't shy away from it
In today’s age and the world, every millennial aspires to become an entrepreneur. Driven by the need and desire to be successful and to be ‘one’s own boss’, the business market is witnessing a stark increase in the number of startups in India. Entrepreneurship and running your own business is a task at hand and also a sustained effort on the entrepreneur’s part. As an entrepreneur, you must take on multiple roles at times to fill in shoes as and when required which means taking risks.
Risk taking is often synonymous to entrepreneurship. You have to be prepared to face headfirst whatever bottleneck you come across in your journey and be mentally, physically and also financially prepared to take risks. As a personal opinion, We can never be the one to consider anything as ‘risky’. Every ‘risky’ decision an entrepreneur takes is a learning experience that they can yield out of sacrifice. Be it any industry, corporate or consumer, each and every entrepreneur reaches a stage where they are required to take a risk and they shouldn’t shy away from it.
This particular study conducted by LinkedIn which stated that India is the most confident amongst nine countries in achieving career advancement. This acutely translates into the rise of entrepreneurship in the country. While venturing into the world of entrepreneurship, you must be ready to go through these phases.
1. Let go: Entrepreneurship, no matter how liberating, is often financially an unstable period,
especially during the foundation stages of your brand or company. That means you will have to let go of the monthly income that is credited into your account. Be ready to set loose from a comfortable financial space where you earn a certain amount of income towards the end of the month. Your financial stability will depend on your skills and capabilities of how well you can run a startup as well as the market dynamic.
2. Take a chance: A start-up requires a certain amount of capital and funds to run and that can be either a personal capital or through the means of a loan. Building upon a plan of a startup is important; however, it is all the more important to support the idea financially. The execution and structuring of the startup will require personal funding, that is investment/capital you have saved up or you can apply for a loan to be able to run the startup financially. This step is a gamble but it will definitely help you build your enterprise.
3. Trust your peers: As someone who is running a company and is goal oriented, you will require assistance in achieving results. The employees and the staff you hire are the keys to this process. The relationship you build with your employee translates to how your customers will view your brand. Not necessarily a risk but it is important for every business owner to place faith in their staff and their employees’ competency. Not all processes in the execution of managing a startup will be in your control.
4. Look beyond: Being an entrepreneur means living and breathing your startup and thinking and building our idea or plan day and night. There is one path to follow and it calls for some sacrifice. You need to be prepared to look beyond your problems and focus on your company.
As and when you venture into entrepreneurship, you may need to sacrifice your personal health problems or sacrifice on time you give yourself or to relationships in your personal life.
5. Predict it: You are the architect of your plan and you are the builder of the start hence you are the only person who will be able to predict the end results or achievements. Right from the prediction of achievement metrics to behaviour outputs, you must be prepared to have an eye for what works with your business and what does not. It is important to know your market and also keep in mind what their reaction will be to your brand. Following your gut instincts and making decisions with the right mindset.
Risk taking is an essential part of developing the entrepreneurial spirit you need to run your own business. These learning experiences will enable you to grow and inch closer to your goals, just as it did for me. It is important to trust yourself and your instincts. If you think something is not going to work out or if you have a sliver of a doubt, it is advisable to rethink the idea or drop it as it is likely that it may not work well. In the words of Helen Keller, that define the life of an entrepreneur in a sentence, “Life is either a daring adventure or nothing at all”.