Risk and failures are inherent in entrepreneurship. Among countless definitions of entrepreneurs that we come across, when it comes to discussing an entrepreneur’s behavior and personality traits he is expected to possess, initiative taking, fearlessness and risk tolerance top the list.
The following account is endeavored at helping individuals realize what distinguishes entrepreneurs from business owners and render them as deviant prodigies. In addition, the account exploits what makes risks and failures inevitable aspects of entrepreneurship that could not be escaped and outlines the proficient manner in which they should be dealt with.
Entrepreneurship can be thought of as a dynamic process aimed at creating incremental wealth. It is an effort of creating something new which is accomplished by aligning calculated risk-taking with an acceptable tolerance of failure.
While the idea of being one’s one boss and reaping high profits encourages scores of individuals to go down the road of entrepreneurship, when one comes face-to-face with all the risks and failure, only a few are able to survive the pressure. This is the reason that a considerably high number of startups fail in their initials years.
Entrepreneurs are individuals with a willingness to take risks as they firmly believe that learning to take risk is learning to succeed. We all face failure at some point in our lives but entrepreneurs are people who bounce back to action and brace themselves for the barrage of hardships that the corporate arena throws their way. They meet any risks halfway and refuse to succumb to the overwhelming effects of failure no matter how tough times get.
Success cannot be achieved overnight and when it comes to business failure, you are not alone. Smart individuals are those that view risks and failures as aesthetic elements of entrepreneurship. While others choose to do gown the safe path, these are the people who are at peace with the idea of taking chances and follow a path others are afraid to take.
While one may find it hard to believe, risk taking plays a vital role in innovation, which is a concept on which entrepreneurship thrives. When it comes to entrepreneurship, there is always a risk that the idea may not work, someone gets there before you do or that it will fail to appeal the target market but entrepreneurs are confident that against all odds, their efforts will pay off.
It is an entrepreneur’s unique ability of not seeking an escape from reality and viewing failure as a learning experience that differentiates the way things are perceived by an entrepreneur and a business owner.
Entrepreneurs have a mindset, which enables them to identify prospects of success where others see risk and failure. They focus on the opportunities rather than the threats an idea has and it is their fearlessness to go against the current that allows them to maneuver their way around hurdles and risks, eventually getting them to their ultimate destination of success.
Entrepreneurs are not different from common people but it is their attitude that gives that an edge over others. Recognizing opportunities and taking a measured and calculated approach to exploit them is the sole idea leading countless individuals to success. Entrepreneurs have their own strategies of evaluating risks and this is how they predict the outcome of an undertaking by taking into consideration alternate plans of action.
When failure is discussed in the context of entrepreneurship, it is imperative to understand that an entrepreneur should adopt a healthy attitude towards failure. In order to grow and put refined ideas to execution, failure should solely be viewed as an experience-gaining exercise because that is what failure helps you accomplish. Once you have failed, you are more likely to not commit the same mistakes and can put a more promising and well-crafted plan of action to execution.
Success in entrepreneurship does not come easy. With failure and the risk being the nucleus of entrepreneurship, creativity, dedication, determination, passion and self confidence are qualities an entrepreneur should possess to take an otherwise small business to the heights of success and prosperity.
Risks and failures in the context of entrepreneurship exist in different forms, psychological, social and financial. Only by taking calculated risks and positively perceiving failure will you be able to tread the unfavorable waters. The secret of successful entrepreneurs is that they do not let uncertainties and catastrophes keep them from overcoming their adversaries. Their unwavering desire to excel and succeed effectively brings about an entrepreneurial adventure of a lifetime for them. Bottom-line, know your capabilities and put them to the test and you will find that entrepreneurial success is just around the corner.