Good morning,
If you were to ask someone to choose a phrase to describe entrepreneurs, you'd probably hear "risk taker." The common perception is that entrepreneurs are gamblers by nature, and are willing to take on a lot of risk to make their dreams come true.
But while entrepreneurs do tend to have a higher-than-average risk tolerance, most are not wild risk takers, writes Inc.com columnist Jim Schleckser. They’re risk managers. The difference, Schleckser writes, has to do with understanding the probability of success and minimizing the downsides. Risk takers put all their chips on a single number on the roulette table and hope for an outsized payout. Entrepreneurs, on the other hand, are more likely to be at the poker table, reading the players and the flow of chips to get extra information before they go all in. That’s risk management.
Read Schleckser’s column to learn how entrepreneurs manage their risks to improve their chances of success, and how you can do the same. |
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