When I was in college I thought I was sooooooo smart. I had a very little picture of a bottle Wisk detergent in my dorm room and I would tell who asked that, “every once in a while you have to take a little Wisk” and I would hand it to them. I know you are laughing on the inside.
In conducting my UNCC class on Entrepreneurship I introduced the idea of risk in starting a business. Now, keep in mind my students are some variety of computer sciences major, and my class (for the most part) is and has been the only “business type” class they have ever taken. Their views of entrepreneurship is the typical view that we are a bunch of “work hard – play hard – fly by the seat of your pants – 5 hour energy drinking – sport car driving – can’t get a word in edge wise” risk takers. I think we all know the stereotype, however, it cannot be future from the truth. When I told my class that information was met with a great amount of skepticism.
The idea that I introduced to my class was entrepreneurs are not risk takers. Well, good entrepreneurs are not risk takers. Taking risk is a skill, and like any skill can be matured, practiced and perfected. An example, and as I continue on my journey to close the gap between salespeople and entrepreneurs (to me they are the same) an entrepreneur that is focused on generating income for the company knows that it is less a focus on income and more a focus on activity that will bring in that income. Activity like making calls, meeting people, webinars, conferences, blogging, advertisement, articles, social media, website traffic… With higher levels of activity and the more consistent that activity is the less risky the plight of generating income.
I can’t tell you how many people don’t understand this and are subject to things like timing and the winds of change. Entrepreneurs that have a focus on mitigating risk by skill building are consistently labeled as lucky. Well, they are and I count myself as one of these because of what a mentor of mine told me about the topic of luck. He said luck is when opportunity meets preparedness. With a definition like that the more you prepare and the more you put yourself out there using activity the luckier you will be.
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About The Author:
Christopher Elmore has written 8 books, countless articles, lectures at UNC – Charlotte and travels around the country speaking on on the topics of startup success, sales, presentation skills, change, entrepreneurship, accounts payable and payment automation. Having deep startup and entrepreneurial experience, Christopher was one of the six people that startedAvidXchange in 2000 and continues to work in the business today. If you hire Christopher to speak or teach at your company or event… you won’t be sorry! Request a media kit or contact usfor more information.
3 Replies to “Where Does Risk Come Into #Entrepreneurship – #Success #Fintech”
I could not agree more that luck is when preparedness meets opportunity. Some people rely solely on luck and that is not what it is about. You have to have the right mindset and work hard. Entrepreneurs do have the stereotype of working hard and taking crazy risks. I would not call them risks rather which path do you want your business to go down. Our professor told us that their board had to split up because they all wanted to go down different paths. They are worth more money than I will ever make in my lifetime because a group decided to go down a different path than others. That my friend, is just knowing business.
I totally agree. When you take a risk, you are not in control of the outcome, you don’t know what is going to happen. The only thing that you can do is pray for the things to go the way you imagine in your head. Good entrepreneurs are not risks takers because they want to control what they are doing, and if things don’t go their way at least they know is because of something they did or didn’t do and they can learn from it.