Originally published on entrepreneurdeux.com May 14, 2013.
Do you know how much RISK you are willing to take?
Is risk taking necessary to be successful in the entrepreneurial or business world? Risk and entrepreneurship / intrapreneurship are kissing cousins. The big question becomes what level of risk are you willing to take and what kind of risk is required for the business you want to create or change. If these two variables of risk match—you have the opportunity to launch something new at the lowest risk possible. If the two levels don't match then you may need to rethink what you really want to do.
Up until three years ago I would have considered myself very risk averse. I wanted to take risk but I was always afraid of the negative consequences. I was part of a family unit—a bird, a teenage stepson and a husband. When you have a family unit you play your cards a little more cautiously. If I decided to go into entrepreneurship three years ago I would have been taking away the bread winning income from the table and asking everyone in the family to change the lifestyle we had at the time.
Today I welcome risk with open arms. I can do that because I don't have the trifecta—no pets, babies or husband. This gives me the personal freedom to make decisions that affect only one person—me. This has been a critical piece of knowledge for me as it allowed me in my corporate role to make sound business decisions based on getting positive results rather than just following the tried and tested methods. As an entrepreneur, it is driving my passion to make an impact with people as I move forward in my journey. Within my personal life it has opened doors to meet some of the brightest individuals who are passionate about their ideas and are putting them into action. The higher the risk I have taken in both my career and personal life, the higher the reward has been.
As an entrepreneur you are taking a lot into consideration to start a company you plan to become successful. Many of the most successful entrepreneurs have taken substantial risk and a lot of time to build up their businesses successfully. If you want to do the same, you need to define your risk level, taking into consideration the following: your personality, your family unit support, the environment around you, the city you live in, your background, etc.
You also need to define the risk required in the business you want to start. Some business sectors require less risk than others. Once you match the two risk variables, it will give you a good idea if you can focus on launching your business at the risk acceptable to you.
What is your RISK profile and what do you want to do with it?
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