Successful people take risks. Throughout history, risk-takers have been responsible for countless world-changing achievements. The hard work, courage, and passion of entrepreneurs enrich the lives of people everywhere.
Take Calculated Risks
General George Patton, the great World War II military man, knew a thing or two about taking risks. He once said, “Take calculated risks. That is quite different from being rash.” Nik Wallenda, the incredible high wire artist who walked across Niagara Falls, illustrates this perfectly. For almost every other person on the planet, it would be beyond rash to attempt to duplicate his accomplishments. Wallenda mastered his craft and did everything in his power to anticipate and conquer the risks.
One Dreamer’s Crazy Idea is Another Entrepreneur’s Extraordinary Plan
Probably no one ever accused Elon Musk of thinking small. The founder of PayPal has become one of the wealthiest people on the planet but continues to pursue new goals. For example, the mission for SpaceX is to establish a colony on Mars.
Is going to the Red Planet a crazy, rash idea or a risky, but viable plan? Step by step, he’s getting closer to his goal. There have been many attention-getting failures, but each failure taught valuable lessons.
Successful entrepreneurs pay attention to both the big and small pictures. A great idea is meaningless unless you’ve worked out the steps necessary to accomplish both short-term and long-term goals. Even if your financing is in place, think carefully and prepare a business plan that would be able to convince a skeptical investor.
Don’t Be Afraid to Fail
Being afraid to try guarantees failure. Experienced recruiters often look for people who’ve failed but persevered, demonstrating self-discipline and character. Michael Jordan once commented that everyone fails at something, but he can’t accept not trying, saying, “Fear is an illusion.”
Restaurants are very risky businesses – about 90% fail before their first anniversary. Founding any small business takes courage. Fortunately, entrepreneurs are willing to accept the risk and work their plan instead of taking the “safe” route.
By definition, entrepreneurs are willing to assume more financial risk than others. Some ideas are wildly successful. Who would ever have expected a group of nerdy kids to invent an operating system that would make home computers an everyday reality? A great idea doesn’t need to change the world, but if you accept the risk, have a plan, and are prepared to learn from failure, success will change your world.