Reducing risk

Reducing risk is the key to business success.

The accepted understanding is that the entrepreneur has a greater tolerance and appetite for risk compared to others. We need to go back to the outset of these insights and the start of my book. The entrepreneur has given up his salary and his day job for the thrill and excitement to run their own business and develop their idea. They have taken a calculated risk.

Entrepreneurs do not like risks that cannot be controlled nor that they cannot manage appropriately. It could be said they are actually risk adverse.

If asked to choose between two situations;

• One which requires a high level of ability and uncertainty
• And the other which requires a low level of ability and uncertainty

The entrepreneur will choose the first because of their confidence in their own ability. This must not be confused with arrogance.

This is clearly evidencing self-belief, not risk, nor arrogance.

It is this confidence and self-belief which drives the entrepreneur and their ability to measure, manage and reduce any risk surrounding their venture, product and services.

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