Friday, May 1, 2009

Can I handle the risk? (General)

I wonder sometimes if I am willing to risk it.  I see all of these ideas and think to myself, "Somebody will make a killing doing this."  But would I take out a loan for $200,000 to execute it?    Would I quit my job?  That's a different question.

I've had the privilege of working with several entrepreneurs with multi million dollar businesses.  Here's what I've noticed about entrepreneurs.  
  1. They only take one idea out of one hundred.
  2. They minimize the risk by bouncing the idea off of everyone they know before they jump in to the risk fully.
  3. Ultimately, they do take the risk.  They take the loan, and do whatever it takes.  They act
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2 comments:

  1. AnonymousMay 1, 2009 at 7:21 AM

    According to Hofstede's Cultural Dimensions, American's are pretty high up on the list of countries that aren't afraid of taking risks. It's his "Uncertainty Avoidance Index", and Americans don't really avoid uncertainty.

    I find that I, in fact, am not very American. I couldn't take the risk. Hearing about many entrepreneurs' sleepless nights, I just know that I couldn't be solely responsible for something that big and maintain any sort of sanity. I'm happy to support other people who can, but I'll never be the one to do it on my own.

    Kinda wish I could. I'm better suited for companies with little to know start up costs that will also never grow to millions in revenue. Like photography. All you need is a camera... and even then, I made one out of trash a few weeks ago!

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  2. Phil MondyMay 3, 2009 at 8:37 PM

    I thinks it is good to know where you are with it. It's no small amount of risk for sure. That is interesting about how American's are willing to take that risk in general though. I haven't seen that study. It's definitely a part of our society though, "The American Dream" sort of.

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