It is a common myth that entrepreneurs are big risk takers. They like to drive fast, jump out of airplanes, and gamble. Although I do have a lead foot and I have jumped out of an airplane before, I can’t stand to gamble as I might as well be flushing my money down the toilet. It just isn’t entertaining to me. I would not say I was a big risk taker, although I do have a high tolerance for risk. I am not afraid to fail (and it happens all the time!), but I do take calculated risks. I believe this is more common among successful entrepreneurs than all-out wagering and a critical element for success in business.

When you take a calculated risk, you research alternatives and potential consequences and decide that the possible payoff is worth the down-side. From your perspective either a positive outcome is highly probably or, more likely, merits the price.

Asking people for help is one of those areas many feel is too risky to attempt. This is foolish. The only thing at risk when reaching out to others is that they will say ‘no.’ The down-side to that is merely ego – it might hurt your feelings or you might feel rejected or as if it is personal. My advice: get over it. If you don’t go for what you want or the help you need, the chances are slim that you will get it. People often ask me how I got so-and-so to help me with a task or project and my answer is always: “I just asked.” I don’t often publicize the other people that I asked who said no or didn’t respond. I lost nothing in attempt but gained the help I needed through persistence.

This idea of taking calculated risk taking was confirmed when I interviewed other entrepreneurs for my book. Mary Cantando took a risk when she cut off 70% of her revenues to target a niche market, but only after thorough research into that market. Paul Silber took a risk when he left a big company to start his own while his wife stayed home with their young children, but only after he confirmed that the need he was filling was real and that customers would pay to have the need met.

What risks have you taken to get your business off the ground? Who have you asked for help lately? Take the chance and don’t be afraid to fail because after all…if you’re not failing you’re not really reaching your full potential.

This entry was posted on Thursday, April 5th, 2007 at 6:42 am and is filed under Business Growth, Entrepreneurship, business success secrets. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.