Entrepreneurship

Risk In Entrepreneurship : What Risks Do An Entrepreneur Face?

risk in entrepreneurship

Risk in entrepreneurship is unavoidable and is actually an essential part of it. Every successful entrepreneur is a risk-taker and knows how to deal with risks at the right time. This makes entrepreneurs naturally risk-takers as they calculate the risks with the right vision for taking the business forward. However, at the personal level as well, entrepreneurs take the risk of leaving their jobs for business.

In this article, you will generally learn about what are the major types of risks that are present in entrepreneurship. However, apart from that, we will also share with you what risk means in the context of entrepreneurship and what its importance is to the entrepreneur. Hence, to learn more about risk in entrepreneurship read on through to the end of the article.

What Is A Risk In The Context Of Entrepreneurship?

What Is A Risk In The Context Of Entrepreneurship

An entrepreneur’s life is full of risk. Actually, it starts when the individual decides to build a business from the ground up. In the first instance, the word “risk” basically represents a situation of unpredictability and chaos. However, in the context of entrepreneurship, this word has a different meaning.

According to Hubspot.com,

Risk-taking in entrepreneurship is the process of identifying, evaluating, mitigating, and trying out potential opportunities and strategies that may help you build or grow your business but could also lead to personal or professional loss.

Risk in entrepreneurship is always calculated, and an entrepreneur needs to measure the risk with proper planning and assessment to keep the business on track.

When it comes to entrepreneurship, you will need to understand here that entrepreneurs do not have a guaranteed monthly income and no guarantee of success. Apart from that, they also risk their work-life balance as they do not have enough time to spend with their families and close ones. Hence, each day is a challenge for these entrepreneurs.

Read More: How To Become An Entrepreneur? – Steps To Follow

Importance Of Risk In Entrepreneurship

Importance Of Risk In Entrepreneurship

According to FirstRepublic.com,

Successful entrepreneurs tend to be willing to take chances, as pursuing a new business venture often involves taking calculated risks based on extensive research. Such research takes a great deal of time and energy but allows potential business owners to better understand several types of entrepreneurial risks.

Being an entrepreneur is in itself a risk. Despite having a dream of running a business, most people never become an entrepreneur just because they do not want to risk losing their job. In addition to that, 70% of startups fail within the first year itself, as they fail to take risks at the right time or are unable to deal with the risks in front of them.

Because of the significant risks involved, entrepreneurs can strategize as per the method of their work. This might be a method that no one took advantage of. If the entrepreneur is successful in this new method, then it will be a discovery of a new strategy. This is how the entrepreneur creates a niche for the business, and hence the business works without any competitors for some time.

The main thing about entrepreneurs is that they are not afraid of trying new things. However, they can do that since they look at problems differently, as they see them as opportunities to cash in on. They have a knack for exploring those unexplored avenues.

Risk In Entrepreneurship – Major Risks For Entrepreneurs

Risk In Entrepreneurship - Major Risks For Entrepreneurs

The following are the major types of risks in entrepreneurship:

1. Financial Risk

According to Investopedia,

Any new business should have a financial plan within the overall business plan showing income projections, how much cash will be required to break even, and the expected return for investors in the first five-year timeframe.”

Hence, the entrepreneur needs to put the finances properly into the business. For this to happen, proper planning and risk assessment is required. Failure to plan properly can lead to bankruptcy and losing all finances. Therefore, you must hire a lawyer in your company with complete knowledge of chapter 13 bankruptcy and other related fields.

2. Strategic Risk

If the business is planned properly, it will attract investors surely. However, a strategy might get outdated as the world is becoming more fast-paced and dynamic. With market changes and changing business environments, a strategy can be proved wrong pretty quickly. The company might thus fail to reach its targets.

3. Technological Risk

With the constant change of technological forces and with emerging new technologies, there are several risks for the entrepreneur on this front. Some of these technologies are called “paradigm shifts” or “disruptive” technologies. To stay relevant in business and to cater to changing demands, entrepreneurs need to invest heavily in new tech systems and processes.

4. Market Risk

The market is unpredictable and always poses a risk for the entrepreneur. A certain product that is popular now can get outdated after a few months. This becomes more once a competitor launches a similar item at a lower price. Hence, analyzing and researching the market is important for the entrepreneur.

5. Risk Of Competition

Talking about competition in the market, having full awareness of the strengths and weaknesses of the competitors is extremely important for the entrepreneur. Furthermore, if you have come up with a new idea or innovation, you must protect that with patents too.

6. Risks Of Reputation

To stay in the market for the long run, a business needs to protect its reputation at all costs. This is especially true for new businesses, where they need to fight judgments and preconceived notions in the market as well.

7. Economic, Political, And Environmental Risks

These are unavoidable problems, and hence entrepreneurs need to be fully prepared in this regard with the right insurance.

Read More: What Is Indemnity Insurance ? And Its Different Types – Let’s Discover

Way Forward

Any risk in entrepreneurship is important, and it is important for entrepreneurs to improve their risk-taking capability. If you want to become successful with your entrepreneurial venture, you will need to have a strong risk-assessment framework. This will allow you to identify your risks better and come up with the best mitigation methods of the same.

The best way to start is to take small risks and build a culture in the business where smart risk-taking is praised. Do you have any better recommendations on how to handle risk in entrepreneurship? Share your views with us in the comments section below.

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Soumava Goswami

Inspired by The Social Network, Soumava loves to find ways to make small businesses successful – he spends most of his time analyzing case studies of successful small businesses. With 5+ years of experience in flourishing with a small MarTech company, he knows countless tricks that work in favor of small businesses. His keen interest in finance is what fuels his passion for giving the best advice for small business operations. He loves to invest his time familiarizing himself with the latest business trends and brainstorming ways to apply them. From handling customer feedback to making the right business decisions, you’ll find all the answers with him!

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Jeff Bezos

Jeff Bezos Biography, Net Worth, Business, Age, & More

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He graduated summa cum laude from Princeton University in electrical engineering and started his career. 4. What Does Jeff Bezos Pay Himself? Bezos only pays $81,840 to himself. According to different reports, Bezos does not take any bonuses or any stocks. But there are other compensations from where he earns 1.6 million. Aside from that, he donates money to many charitable foundations. However, he donated $100 million to the charitable fund of Barack Obama. Final Words  The current wealth of Jeff Bezos is around $150 billion. He stands right behind Bernard Arnault, the CEO of LVMH. Bezos is currently the third richest person in the world, following Arnault and Musk. Bezos has left the position of CEO of Amazon, and he still ranks as one of the richest people in the world. I think this article was sufficient to answer your questions about Jeff Bezos and his wealth. If there is any further query, you can ask us in the comment. 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which of the following is not a creative thinking exercise entrepreneurs use to generate ideas

Which Of The Following Is Not A Creative Thinking Exercise Entrepreneurs Use To Generate Ideas?

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If we look at options A, C, and D, clearly all of those options easily come under practices followed for generating ideas. However, judging an idea's feasibility and seeing how realistic it is does not fall under developing ideas. Please take a closer look at these different alternatives below to find out the credibility of this answer. Challenge The Usual Entrepreneurs usually identify opportunities for improvising, innovating, and differentiating their businesses. They do it by challenging the usual and coming up with a different idea. This tendency to question the usual gives them the capacity to break the existing norm, routines, and assumptions and come up with a new direction. This process involves the entrepreneurs questioning the pre-existing practices and norms. They examine these practices critically and identify different areas where they can solve a complexity. They introduce new ideas around those areas, breaking the norms and practices in the process. 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How To Double Your Money

How To Double Your Money – A Simple And Easy Formula For The Entrepreneurs

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Rule Number 72     Rule number 72 is one of the crucial principles that one should know properly. It is one of the classic rules for investments that can help you gauze the definite time to double your money. In the tactics, you need to divide 72 by the annual growth rate of interest.  It will help you to achieve your goals effectively. Here, you need to plan things as per your budget, and it will help you get the right idea of how to double your money in a short time frame. Several parameters can help you to gain more in a short time.     2. Invest For A Longer period   You must try to make long-term investments. The money will add up significantly, and after the age of your retirement, you can get the lump sum amount of money in a short period. You can make your contribution for the 30years or more.    The long-term investment plan can help you to make your investment in the right direction. You may have more money left over for your business. The longer you can invest, the more you can get the returns from it. You need to make your plans appropriately. It will answer the question of how to double your money effectively.  3. Choose High Return Investment  Investments where you can make the higher returns you can get the higher risk. The investments where there is the lowest risk will provide you the lowest returns. Hence you need to plan well as per the situation’s needs to get the highest returns from your investments. The more accurate your plan is, the better returns you will get for your investments.     How to double your money will no longer be an issue if you effectively follow the above policies. Proper planning can help you to achieve your goals effectively. You must make informed choices for your investments.  4. Make Investments On Bonds     If you want to diversify the portfolio, then investments in stocks and bonds will effectively help you achieve your goals. Bonds do not generate higher returns annually. 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Serial Entrepreneur

Top 9 Successful Serial Entrepreneur Of All Time – 2022 Updates

Are you planning to venture into one new business after the other? If yes, you must seek the right knowledge from the best serial entrepreneur of all time. The best thing about serial entrepreneurship is they multiply their business every time. It will help you to achieve more profits in a small time frame.  The random development of the business will help you to earn more in a short time frame. There are many serial entrepreneurs of the world that you must have the right knowledge to develop your business in the right direction. There are many serial entrepreneurs examples present in this article.  In the Forbes report, many successful entrepreneurs of the world believe they have to think about their customers to deliver them their best services.     Who Is A Serial Entrepreneur? A serial entrepreneur is an entrepreneur who shifts from one business model to another randomly rather than sticking only to one business model. They are inconsistent in their selection and the choices of business and keep on changing one business niche to another. Some Of The Famous Serial Entrepreneur Of All Time Several entrepreneurs of the world have made significant contributions in their field. Therefore, let’s dig into some of the world’s best Serial entrepreneur's achievements to get more inspiration from them.      1. Niklas Zennstrom And Janus Friis Niklas & Fris are the Co-Founders of Skype, KaZaA, and Atomico Ventures. In the year 2020, Niklas has created peer to peer file-sharing app known as Kazaa. After three years, they have developed The skype, the most famous Voice Over protocol internet service provider. After that, they have sold Skype to the e-Commerce giant e-bay.      If you are searching for the names of the world’s most famous serial entrepreneurs of the world, Niklas and Friis’s words are the most dominant names you must consider from your end in the race for the most serial entrepreneur.     If you can go through their journey once, you will understand how you can quickly establish your business empire in a short time frame with a high success rate. You must develop your learning process from the inspiring life story of this entrepreneur to become successful in your life. He is one of the best serial entrepreneur examples that you can bank upon.        What Is The USP Of Skype? The USP of Skype is it allows the entire world to chat, share, and talk with peers for free. What Is The Net Worth Of Neklas Zennstrom And Janus Firis? The networth of Neklas Zennstrom is $1.3 billion. On the other hand, the net worth of Janus Firis is $2.6billion. A bit more than Zennstrom. 2. Jack Ma Jack Ma is one of the legendary serial entrepreneur of the world whose life story is as exciting as a thriller movie. Every time he failed in his life, with a new resolution, he had bounced back he had proven himself the best in his terms. He was the founder of the second-largest online business trading platform of the world known as Alibaba. You must follow his life story to understand how to handle pressure in life and overcome it.  He is a Chinese Entrepreneur. In the initial days of his life, Jack Ma struggled a lot to get the first job of his life. He never lacked the determination and firm determination to learn English at an early age in his life.      Ma has Set up the tobacco marketplace or the Alipay with the help of a huger multinational conglomerate.        What Is The USP Of Alibaba? It is the world's largest retailer. Jack Ma is the only Chinese E-commerce site that narrates its products and services in English. One of the largest retailers of the internet and AI organization that have helped millions of customers in China and in the world to have their household items.  What Is The Net worth Of Jack Ma? The net worth of Jack Ma is $696billion in 2022 which is quite astonishing in all aspects. 3. Oprah Winfrey Oprah Winfrey is one of the most powerful women in the entertainment industry and the Oscar nominee. You need to understand that you must follow the world’s greatest entrepreneurs’ path to develop your business. She is known for her TV talk show host, but in reality, she is one of the best woman entrepreneurs in the world that many of us do not have a clear idea about.  Her business ventures include television and film production companies. Magazine publishing, cable stations, and many famous online outlets for media houses are great works. At the age of 19, she became the first African American she became the first news Anchor WTVF-TV.  Twelve years later, she had hosted the 25 seasons of the highest-rated talk show in TV history.    What Is The USP Of Oprah Winfrey? Her voice is the main USP in the Entertainment industry. It is the main USP of Oprah Winfrey.  What Is The Networth Of Oprah Winfrey? The net worth of Oprah Winfrey is $2.6billion. She is one of the most astonishing entrepreneurs who could produce maximum turnover within a short time frame. 4. Sir Richard Branson Sir Richard Branson is one of the most famous entrepreneurs of the world who have created the virgin group and is the current owner of the 60 virgin groups of companies. At the age of 16, he dropped out the school due to his learning disorder. At the current age of 52, he is now one of the most famous and successful entrepreneurs of the world that you can remember from your end. There are many serial entrepreneur examples present in this blog. The types of marketing technique Sir Richard Branson have applied are quite innovative in nature. You must develop your business acumen from the inspiring story of Sir Richard Branson. He is one of the fastest-growing serial entrepreneur of the world that you must know from your end. He has become the only person to build eight billion-dollar companies in eight different sectors. What Is The USP Of Virgin Group? The USP of the Virgin Group is that it offers affordable flights with luxury outfits within the aircraft. It is one of the most effective flights one could ever have in their lifetime. What Is The Networth of Sir Richard Branson? The net worth of Sir Richard Branson is $6 billion which is quite high compared to other entrepreneurs of the world. 5. Wayne Huizenga Wayne Huizenga has three multi-billion companies in three different industries. His story is also very inspiring that you can bank upon your time and energy; he has incorporated 100 other waste collection businesses into his company.   In 1987 he had repeated his success stories several times. He is also one of the legendary business tycoons whose achievements you can make the mantra of your life to become successful in the pathways of your life. You must develop your business pattern in the right manner to deliver your best services in the best possible ways. He had created Automation, the best Automotive dealership and one of the largest ones in the US. His significant works in several fields made him the champion of his industry.    What Is The USP of  Wayne's Venture? The USP of Wayne's venture is that they offer the best waste management technique to reduce the chances of waste accumulation in the city. What Is The Networth Of Wayne Huizenga? The net worth of Wayne Huizenga is $2.8billion in 2022. You must know this fact before you make your choices. 6. Falguni Nayar Falguni Nayar is one of the eminent female business entrepreneurs who have created history in the recent past. Some of the core achievements of  Falguni Nayar have made her a successful entrepreneur. The winning marketing formula Nykaa has made her a market leader today in the beauty segment. The current net worth of Falguni Nayar is $7billion. What Is The USP Of Nykaa The best thing about the USP of Nykaa is it owns the BPC segment and it ensures the authenticity, efficient distribution, and availability of the products in the world market. The innovative distribution network of Nykaa has made it a market leader. What Is The Current Net Worth Of Falguni Nayar? The current net worth of Falguni Nayar is $ 7billion. It is now touching the sky within a period of 2 to 3 months. 7. Nick Molnar Nick Molnar is the owner of the Canva Pro and the Co-founder of After pay who will be remembered for his buy now after pay technique. He is also the owner of After pay holding limited. It is one of the fastest-growing Fintech companies to look forward to in 2021. The customer base of After pay has reached 11 million people globally. An Australian start-up that has made millions. He is one of the leading retail payment innovators in the world right now. What Is The USP Of After Pay? The flexibility over the Purchase choices is the USP of After Pay. What Is The Current Networth Of Nick Molnar?   The current net worth of Nick Molnar is $1.86 billion in 2021. It is expected to rise further in the upcoming years. 8. Patrick Finnegan Patrick Finnegan is the Co-founder of Intuition capital and TGZ capital. He has started his journey as a venture capitalist and has started the Prepprep Showcase in the world state that has started to be the stepping stone for becoming the gen Z venture capitalist in 2022. He is one of the most successful serial entrepreneur to look for in 2022. Patrick has the inspirational journey from an 11-year-old political fundraiser to a successful entrepreneur is quite inspiring. What Is The USP Of TGZ Capital Or Intuition Capital? Making the accurate prediction of the early stage of the consumer venture capital is the USP of this company. What Is The Net worth Of Pattrick Finnan? The net worth of the Pattrick Finnab is $18million. He is one of the largest venture capitalists in the world right now. 9. Nithin Kamath Zerodha's co-founder Nitin Kamath is one of the youngest entrepreneurs of this decade to look for. He is also one of the successful serial entrepreneur of the world right now which the entire human civilization is witnessing. You must seek the ideas from the best serial entrepreneur of this decade to build your business. What Is The USP Of Zerodha? The USP of Zerodha is its pricing model and availability of high-end technology solutions. What Is The Networth Of Nitin Kamath? The net worth of Nitin Kamath is $1.5billion in 2021. In the upcoming days, it is expected to rise more. Why Must You Know About The Serial Entrepreneur? All these great serial entrepreneurs are a great source of inspiration to the world’s youth who have the vision to become the next generation of entrepreneurs of all time. You must think proactively to achieve success in life. If you want to develop your business, then their foresightedness and way of thinking can prove to be a great source of inspiration to many of us. Today, eco-entrepreneurs are also rising in their field, as per Economic Times Report. Final Take Away  Hence, if you want to develop your business in the right direction, then applying their knowledge can be of great help for you. You must build your experience in entrepreneurship that can help your business grow in the best possible manner. You must explore the best ways to help you achieve your business objectives in the best possible manner. For that, the biographies and the struggles of these great entrepreneurs can be of great help to you. You can quickly develop your brand image if you can follow their techniques and the work process in the best possible manner. You must not ignore the life stories of these great entrepreneurs if you want to become successful.    Frequently Asked Questions (FAQs) [su_accordion class=""] [su_spoiler title="1. Who Is The World Famous Serial Entrepreneur?" open="yes" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]Warren Buffet is one of the most successful serial entrepreneur of all time. It was his creative diligence and out-of-the-box thinking ability that has made him the most successful entrepreneur of all time.[/su_spoiler] [su_spoiler title="2. What Are The Names Of  5 Successful Serial Entrepreneur?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""] The five most successful entrepreneurs of all time are as follows:- Socorro Ramos Rod Drury Sir Richard Branson Omar Hamoui Josh Kopelman [/su_spoiler] [su_spoiler title="3. Who Is The Most Successful Entrepreneur Ever? " open="No" style="default" icon="plus" anchor="" anchor_in_url="no" class=""] Some of the most successful entrepreneurs of all time are as follows:- Andrew Carnegie. Oprah Winfrey. Henry Ford. Larry Page. Bill Gates. [/su_spoiler] [su_spoiler title="4. Are Serial Entrepreneur More Successful?" open="no" style="default" icon="plus" anchor="" anchor_in_url="no" class=""]Serial entrepreneur know multiple forms of business models. They can help you to develop your business to the next level and within a short time span. You cannot negate this fact while you want to improve your business and want to get a better response from the market.[/su_spoiler] [/su_accordion] Read Also: Why  Create A Powerful Business Continuity Plan? How To Start A Business In 2021 – Best Business Strategies Is Nykaa Going To Dominate The Market With Their Recent Launch?