Technology: How to embrace risk as an entrepreneur - PressFrom - Canada
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TechnologyHow to embrace risk as an entrepreneur

18:40  23 april  2019
18:40  23 april  2019 Source:   inc.com

3 quick tips for achieving your goals

3 quick tips for achieving your goals To find success as an entrepreneur, it is very important to give yourself milestones to reach.

As an entrepreneur , risk is inevitable. If you’re too scared to handle that risk , your entrepreneurial goals will never come true. Embracing risk is easier said than done, but once you get started you’ll see how natural it can feel. Here are some of my best tips on how to start using risk to grow your business.

When you're a business of one it's hard to avoid that stomach churning anxiety compelling you to create a big-business persona to hide the mom-and-pop reality.

How to embrace risk as an entrepreneur © Getty Images There is no shortness of risk in an entrepreneur’s life. When you’re trying to get a brand-new company off the ground, you need to put yourself out there like you’ve never done before -- and it’s scary!

In my early days of starting my own business, I let the fear of those risks control my decisions. I was scared of failing, of making the wrong decisions and of losing everything I had worked so hard to create. However, I quickly learned that playing it safe meant I was suffocating my own business growth. I was making small gains, but they weren’t enough to bring my agency to the next level.

So, I made it my goal to stop running from risk and to embrace it instead. And it paid off.

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Related: 5 Risks Every Entrepreneur Will Need to Take. 3. Some of your risks won’t pay off. Instead of ignoring this fact to overcome your apprehension toward risk , embrace it. Hopefully, these facts have transformed your perceptions of “ risk ” as a general concept, even if only slightly.

Here are five entrepreneurs who are embracing and dominating risk today: Elon Musk is the co-founder of PayPal, which for many He recently shared in his Entrepreneur .com column, “Few first ventures work out. It is how a beginning entrepreneur deals with failure that sets that person apart.

As an entrepreneur, risk is inevitable. If you’re too scared to handle that risk, your entrepreneurial goals will never come true. Embracing risk is easier said than done, but once you get started you’ll see how natural it can feel. Here are some of my best tips on how to start using risk to grow your business.

1. Identify open opportunities

Being the first to identify an open opportunity can bring serious returns. Unfortunately, entering a new space also means you’re entering uncharted territory, which means you can’t be sure your efforts will be successful.

Even though entering a new area is a risky move, you shouldn’t wait for someone else to move in before you make your move. Instead, become a pioneer.

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Related: 7 Risks Every Entrepreneur Must Take. 1. Learning to accept and embrace the uncertainty. Research shows that, contrary to popular belief, entrepreneurs are not They don’t see risk as a problem but as an integral part of creating something of value. 2. Weighing the chances properly.

Do you evade or embrace risk as a part of your life? Well this article will take a look at 10 of the biggest risk takers in business. Growing as an entrepreneur , especially after you have been used to a steady pay, company-paid health insurance, and a retirement savings program can be a bit scary.

Keep your eyes open for areas your competitors may be leaving open. Explore the reasons behind why that space hasn’t been entered yet, and see if you can provide a solution that resolves those needs.

2. Understand you won’t always succeed

Although it’s important to embrace risk as an entrepreneur, those risk won’t always pay off -- and that’s OK. If you always accomplish your goals, you’re not reaching far enough.

The trick is to carefully calculate your risks before taking them. While you want to get outside of your comfort zone, you still want to make smart choices in the risks that you take.

Think through your decisions, knowing that you might fail. Have a backup plan in the event that things don’t work out the way you had hoped. Find a lesson in the experience, and use that information for your next move.

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More from Entrepreneur . Amina AlTai teaches entrepreneurs and intrapreneurs how to balance a thriving career, body and mind. Create your business plan in half the time with twice the impact using Entrepreneur 's BIZ PLANNING PLUS powered by LivePlan. Try risk free for 60 days.

Many people believe you need to work like a dog to make your business a success, but that is not always necessarily true. Entrepreneurs that work smartly can have a successful business, while also working less hours.

3. Stay nimble

When you’re trying to get your business off the ground, it’s natural to want to return to what has worked for you before. Although it’s easy to get comfortable with certain processes and systems that brought you success in the past, if you hold too closely to those ideas, it could hurt you.

Doing the same thing over and over can become outdated and diminish your returns. It’s important to remain nimble when growing your business. Don’t remain locked in your ideas and practices. Switch up what you’re doing, even if you’ve had success in the past. Trying something new and moving with the shifting trends can help you bring in even more results.

4. Find the right team

You can’t grow your business alone. A successful organization comes from having a strong group of individuals all supporting the same mission. However, hiring a new employee or connecting with a business partner involves some level of risk. If they’re not the right choice, it could hold you back from achieving your goals or even set you on the wrong path.

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But, if you don’t learn to embrace change and if you don’t move forward, you will be left behind. So, whether it’s changing the focus of your Here are four ways that you can learn to be comfortable with the discomfort of change and use change as a success tool. Related: Why 'Follow Your Passion' Is

In order to successfully embrace risk, find the right team members who want to succeed as much as you do. It can help you control risk more effectively, as well as assist you in picking the pieces back up if something goes wrong.

Conclusion

If you try to avoid risk as an entrepreneur, your success will plateau. While playing it safe can get your business to a certain level, making risky moves is necessary if you really want your growth to skyrocket.

However, the trick is finding the right risk. By choosing the right opportunities to go after -- even if they scare you -- you can make smart decisions that accelerate your business growth.

Solomon Thimothy is the founder of Clickx, a marketing intelligence platform that helps businesses and agencies with marketing attribution.

Related video: Why one entrepreneur says it's smart to focus on microinfluencers [Provided by Entrepreneur]

Are you a small business owner or an entrepreneur?.
The fact is, all business owners are entrepreneurs. The size and the nature of the business is irrelevant. We have enough division in this country right now. Why not strive for inclusion? The main goal of the article I linked to above was to highlight the differences between small business owners and entrepreneurs. For example, the author makes this distinction: Small business owners have a great idea -- Entrepreneurs have big ideas Those are both big, and somewhat elitist, generalizations.

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