Entrepreneurs – Risk-takers or risk averse

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If you are risk averse but want to be an entrepreneur you may think that this feature will make the task of being a successful entrepreneur more challenging. In fact, this is a feature that will help your chances of success if you do it correctly.

As risk averse person you may be more vulnerable to risk. This gives you the opportunity to analyze the risks and put procedures in place to mitigate them. If you are someone who is good at seeing what could go wrong you are well positioned to try to prevent things going wrong.

I would argue that the more successful entrepreneurs are those who are risk averse. They plan ahead, look at every possible eventuality (within reason) and reduce risk from increasing the chances of achieving the outcome they desire. Being a risk-taker means that you are ready to gamble more than you want or worse still more than you can afford. If this is the strategy that you can set yourself up for disappointment very quickly

Below I have listed some tips to help risk averse entrepreneur minimize risk and achieve its goal of what could be :.

1) Plan in advance. This would appear self explanatory. However, if you do not have a step by step plan and have not examined what areas idea could go wrong, if they do wrong, it will take you longer to resolve the issue (that is assuming that you can fix it at all). In addition to this is the target market; you’ve got a niche or a unique selling point (USP); how are you going to market you an idea; need investment from third parties; What is 12-month projection phone? These and other areas will need to allow you to succeed.

2) Research . When you have designed a plan to do some research. See if what you are proposing may actually achieved. Is your idea of ​​something people are interested in? Does it appeal to a niche market?

3) Be SMART. If you are familiar with the objective of you will probably be aware of this format. Your goals should be (s) pecific (m) easurable (a) chievable (R) ealistic and (t) IMED. By following this format you are much more likely to achieve your goals that will increase your level of motivation.

4) Use a SWOT analysis. This is a great way to appreciate the interior (s) trength and (W) eaknesses of the plan. While exploring possible (o) pportunities and (t) hreats. This will allow you to objectively make decisions and plans while minimizing risk.

This above list is a guide to support aspiring entrepreneurs minimize the risk, however, is not exhaustive.

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