One of the traits that distinguish successful entrepreneurs from the rest is their ability to take risks. When you look at the most successful businesspeople, it’s like risk-taking is a default reflex. This skill, however, isn’t learned overnight.
The reason these entrepreneurs are taking huge leaps of uncertainty is that they found a way to be at ease in this reality. Here are some ways starting entrepreneurs can train themselves to be more comfortable taking business risks:
Accept That There’s Risk to Everything
Whether it’s in starting a business and giving up a steady paycheck or deciding to expand your apparel franchise into another branch, everything in the entrepreneurial journey has risks. It’s just a natural part of the business life.
Although it’s a nerve-wracking thought, it could also have a liberating effect. If everything is uncertain, then there’s no other way but to take risks. So, embrace this reality. The sooner you accept that not everything is in your control, the better.
Take Calculated Risks
While everything in business has its uncertainties, you can’t just take every risk you encounter. You have to be smart in filtering risks. And the best way to do that is to look at the returns of your investment.
So for instance, if you’re eyeing to get an apparel franchise, you have to know from the franchisor the performance of the business during the last 5–10 years or the market’s perception of the brand.
The more information you know about the risk you’re about to take, the better you can make a good, strategic decision.
Surround Yourself with Wise Risk-Takers
It’s one thing to know that you need to take risks; it’s another to see risk-taking in action. So, expand your network of contacts who will be transparent about their own entrepreneurial journey.
Those who go into franchise business have a far better advantage in this. They get to find a mentor in their franchisor and, at the same time, meet fellow franchisees who can share with them their wins and struggles in taking risks.
Successful entrepreneurs are risk-takers. Be comfortable with taking huge leaps into uncertainties as you start your business.