This week we revisit why entrepreneurs take calculated risks.
If you always play it safe then you have made the choice of not being an Entrepreneur. When you take all the time necessary to explore all the options and know the end result to guarantee practically zero risk, then you are not an Entrepreneur.
Entrepreneurs do take calculated risks most of the time. Time is of the essence when making decisions. You have to take a snapshot, make some presumptions and calculate worse case/best case scenarios. Make a decision to proceed or not to proceed. No time to procrastinate!
The key is to make the decision. Entrepreneurs know the pendulum is always swinging. If it stops, you know when you get comfortable, or if it swings backwards, in both cases you are going in the wrong direction. The pendulum must at all times be swinging forward. Calculated risk decisions will keep the pendulum moving forward.
Entrepreneurs are also vulnerable. By taking on the risk, they know the decision to move forward may result in not achieving the desired result. Accept the facts, learn from it, add it to your knowledge base to avoid making the same error and keep moving forward.
Don’t forget to stay focused even when those around you may fall into the “nay-sayers” category. OK sometimes they may be right and your instinct and experience will train you to be aware when to listen to them. Follow your instinct.
Do you always play it safe or do you take calculated risks as an Entrepreneur?