Transform Your Life Like an Entrepreneur

change risk reward chart | BIGG SuccessBIGG success is life on your own terms. It’s about entrepreneuring your life.

You may or may not be an entrepreneur in the traditional sense or not. However, you own your life.

The entire subject of entrepreneurship can be boiled down to six key terms:

Change

Most people hate change. Entrepreneurs thrive on it.

It’s because they understand that change creates opportunity.

Entrepreneurs look for change from technological, political or other forces. In some cases – if they can’t find change – they create it.

Opportunity

Ideas are cheap. Opportunities are golden.

An opportunity has passed through a filter. First, it must be a good idea for you. Second, there must be a market for the idea.

You may have spotted a bona-fide opportunity. But it doesn’t fit you. So it’s best to pass.

Or you have an idea that fits your passions, proficiencies and preferences. However, the market either doesn’t exist, can’t be reached or is already being targeted by too many competitors.

Risk

Entrepreneurs are risk lovers, according to popular lore. It’s a lie.

Successful entrepreneurs are excellent risk managers. They share it with others. They shift it away.

Entrepreneurs are also often able to see a situation through a different lens. They know the actual risk is much lower than the perceived risk.

When considering an opportunity, entrepreneurs focus on the downside until it reaches an acceptable level. Only after they’ve outsourced as much risk as possible do they consider the rewards.

Rewards

Some people think entrepreneurs are only in it for the money. In reality, interviews with entrepreneurs have shown this to be incorrect.

The most successful entrepreneurs are generally driven by non-monetary factors. The money is a nice bonus.

Resources

Entrepreneurs are incredibly resourceful. However, they are not resource full.

They make the most of the resources they have at their disposal. They find ways to stretch every dollar and get the most out of every day.

Value

Entrepreneurs know they must solve a problem for other people. These people must have both the desire and the wherewithal to buy the entrepreneur’s product or service.

But that’s not enough – the price they pay must exceed the entrepreneurs cost. That’s how value is created.

Entrepreneurs get the spoils. They have to add value in the lives of others to create value for themselves.

The entrepreneurial process

So if you want to transform your life, look for change. Then analyze the situation to determine if there is an opportunity.

If there is, think about where the risk lies. Do everything you can to minimize it to an acceptable level.

Next, compare the rewards to the remaining risk. If the relative rewards are sufficient enough, pull together the resources at your disposal.

Use these resources to create value from your opportunity. It leads to BIGG success!

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  1. […] BIGG success is about entrepreneuring your life. Entrepreneurs – especially in the early stage – don’t see immediate results. They only […]

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