Forums: Discussions for entrepreneurs and small business.

There are two types of entrepreneurs: those who are willing to take risks and those who won`t succeed.  I`ve met a lot of brave entrepreneurs through the radio show, many of them in our very own community (hello elevator pitchers!) Accepting the fact that you will have to take risks is the first step in your business plan. Once you do this, taking your dream and transforming it into a successful venture is a piece of cake! 

I want to hear the risks you`ve taken - and if they`ve paid off.     

Alison

 

For me, one of the biggest business risks that I`ve taken was leaving the security of a desk job to embark on the venture of a new business. No more predictable income, no more company health benefits, stock options and the like. Having then to plan and budget more carefully than ever before with a new business.

I don`t think I need to drone on about all the risks of starting a new venture here of all places, but I will a bit. Taking chances, calculated or impulsive, is part of life, but the prospect of starting a new business has a unique risk set. While bungee jumping can be a risky venture, it is calculated and secure (for the vast majority of jumps) and more importantly - over quickly.

When starting a new business the risks are continual and change over the maturity of the business. From worrying about getting customer to pay to figuring out how to pay suppliers, (which is even worse for bootstrappers) to loosening the reins and hiring your first employees. There are always new and challenging risks ahead for the entrepreneur. While there will always be exceptional risks that we all take, for the most part they are short lived, few are as long lasting as the risk of a new business.

So far *this* risk is paying off and I`m looking forward to the challenging and unknown risks to come.


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Daniel the Denim Doctor

Well I am about to take the biggest risk I have ever taken. I will be giving my notice with no backup plan in sight.  I will start my own business and hope it all works out. I finally have my wife and most of my family behind me, so that to me was the biggest drag on the whole step.

Alison I am a huge conspiracy buff, you recommend any good books you have read about such topics?

The biggest risk I`ve ever taken was to commit my life to the saying, "Leap, and the net shall appear."

The most peculiar thing happened: I stayed in the air, but I can`t see the net! So the question became, what`s holding me up? :-) It`s a helluva scarey thing, and hopefully sometime (soon) I`ll figure it out!

I designed a home, bought land, and had it built.  That was a huge risk (perhaps some think it is a calculated risk, but still, it was huge).  I became a parent as a single, older person.  I am starting my own business -- opening in the next week or so . . .

jillybeans

First let me say great topic.

My biggest risk is after being laid off from my corporate job after the company ran out of money I decided to not chase another salary and started my own business. I have gone without a check now for 9 months. I have a big house wife and 3 young kids. I just returned from my first trade show where where the market acceptance for my new idea was 10 times past our expectations. So even though it has been a hard road I am starting to see the light at the end of the tunnel.

John


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