6 Tactics to Avoid Risk as an Entrepreneur
One of the myths of entrepreneurship is that entrepreneurs are risk takers.
However, this is not true at all. Successful entrepreneurs actually avoid risk.
Successful entrepreneurs are focused on earning a profit from their activities and avoid risks that may cause them to lose money. If you want to have a successful start-up you must learn to avoid risk.
Successful entrepreneurs do everything possible to minimize the risks involved in earning that profit to the degree to which they create successful start-ups and succeed in their ventures. As an entrepreneur, profit seeking must be your central focus as well.
How to Avoid Risk in Your Business Venture
1) Decide. Decide you want to enjoy the rewards of entrepreneurial success and that you really want to start a successful start-up.
2) Explore every detail. Once you have decided that you want to enjoy the rewards of entrepreneurial success in particular, the next step is for you to explore every detail of the business that you are thinking of going into.
3) Investigate the business. You must investigate all aspects of the business before you invest.
4) Make sure that nothing is left to chance. You must accept nothing on trust and leave nothing to chance. To ensure your business success, rely on yourself. It is your money that you will be investing into turning nothing into a successful start-up.
5) Talk to people in your industry. You should talk to lots of people in business and get lots of input. Your aim is to minimize, reduce, and even eliminate risk wherever possible in the pursuit of profit.
6) Make sure that you can make a profit. Assure potential profits are real and potential losses are minimal or controllable.
Save Your Money, Don’t Lose Your Money
Whenever a person reaches the point where they say they can “afford to lose” a little bit of money, you can be sure of just one thing. They are going to lose their money and probably lose a lot. The very attitude of being willing to “lose money” seems to assure that the money will be lost in some way. Learning to avoid risks like losing money is the key to becoming a successful entrepreneur.
The only thing that is easy about money is losing it. Making money is hard, harder and harder still.
“Making money is like digging in the sand with a pin. Losing money is like pouring water on the sand.”
Successful Entreprenuers Educate Themselves First
In order to become a successful entrepreneur you must educate yourself first on the business you are going into. When you decide to start your own business, begin by reading several books on small business formation. Some of the best books ever written are on the bookstands today. Read about every single aspect of planning, market research, financing, delivery, and distribution systems, people, processes, promotion, advertising and especially sales.
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About Brian Tracy — Brian is recognized as the top sales training and personal success authority in the world today. He has authored more than 60 books and has produced more than 500 audio and video learning programs on sales, management, business success and personal development, including worldwide bestseller The Psychology of Achievement. Brian's goal is to help you achieve your personal and business goals faster and easier than you ever imagined. You can follow him on Google+, Twitter, Facebook, Pinterest, Linkedin and Youtube.