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entrepreneurs risk less

3 Ways Entrepreneurs Risk Less Than You Think

entrepreneurs risk less

Contrary to myth, entrepreneurs are able to do BIGG things without losing their shirt. Whether you’re a business owner or not, you can profit from the 3 S’s of entrepreneurial risk management.

Most people think entrepreneurs are risk lovers.

But is it a myth?

Yes!

Entrepreneurs are NOT risk lovers. They are, however, great risk managers.

Today, we want to talk about three ways entrepreneurs manage risk.

Click the player to hear The Professor & Mary-Lynn’s podcast version of this post.

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Find Your Passion with the Can’t Fail Option

The No Fail Option | BIGG SuccessHere’s a question to ask yourself: If you absolutely, positively knew you would not fail, what would you do?

Would you do what you’re doing now? If so, you can quit reading. But check in next time – we’ll have something just for you, assuming you want to take it to the next level.

Now back to those of you who would do something different. What’s holding you back?

In most cases, it’s fear. Pure and simple. And rightly so. As our friend Jim Bouchard says, “The absence of fear is stupidity!”

How do you overcome it? Here are two suggestions:

Do your due diligence

Passion is great. However, if it’s not combined with evidence, you may find yourself passionately unhappy. Prove out your idea. Remember, where there’s growth, there’s opportunity. Whether you’re thinking of starting a business or changing careers, is the industry growing?

A great resource for this is the Occupational Outlook Handbook from the U.S. Department of Labor’s Bureau of Labor Services. It’s available online and it’s free.

Mitigate the risk

BIGG success is about entrepreneuring your life. Contrary to popular lore, entrepreneurs are NOT risk lovers. However, successful entrepreneurs are excellent risk managers.

They mitigate risk by managing it, sharing it and by seeing it differently.

  • Risk management

Can you manage the risk by saving extra now and storing it away?

  • Risk sharing

    If you’re thinking of launching a business, could you share the risk with a partner?

  • Risk perception

    Is there something you know that most people don’t? Because of your unique knowledge and experiences, you may be able to look at a situation differently than most people.

As you keep finding ways to mitigate the risk, you’ll reach a point where what you’re contemplating doesn’t seem so risky. You realize you can’t fail. You’re ready for BIGG success!

If you’re contemplating a career change and still have questions, maybe we can help. Check out our coaching programs.

Image in this post from cobrasoft

Entrepreneurs are Like Magicians Only It is No Trick

magic trickEntrepreneurs take BIGG risks – overcoming all odds – to reach BIGG success.

WRONG!!!!!

Entrepreneurs are NOT risk lovers. It’s a myth perpetrated in our society. It makes for a great story.

BIGG success is life on your own terms. A lot of people never get out of the gate toward their dream life because of this myth about entrepreneuring. They’re afraid to take the risk.

Well, here’s the news flash – so are the entrepreneurs who reach BIGG success!

Entrepreneurs weigh the relationship between risk and reward. We’re taught that greater risks lead to greater rewards.

Entrepreneurs know this isn’t always the case. So they focus on the downside. If they can find a way to mitigate most or all of the risk on a given project, then and only then do they consider the returns.

Entrepreneurs are like magicians. They make risk disappear right before your eyes. Only it’s not a trick – the risk really does disappear.

They may shift it away or share it. They may have an insight which helps them realize the risk isn’t as large as most people perceive it to be.

If you’re thinking of starting a small business or launching a new project in your existing small business, focus on minimizing the risk. It leads to BIGG success.

If you get stuck, maybe we can help. Contact us to learn more about our coaching packages.

PHOTO Credit

http://www.sxc.hu/photo/1204250