Business Activity || Starting up a business and how entrepreneurs deal with risk

Are you dreaming of starting a business? If you have a business attitude, you probably have some great ideas for how you want your business to run, and where you see yourself in five or ten years. Having big dreams and ambitions is the key to success in business; while there is a balance between being realistic and following big goals, most entrepreneurs will tell you that you have to be willing to dream big and take great risks to see your business start. This means that sometimes you will fail, but as an entrepreneur, failure is part of the agreement.

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There are many well-known examples of entrepreneurs who take great risks when starting a business. While not everyone can turn their business dreams into something as big as Facebook, learning from these popular examples will help everyone understand how dangerous things are in launching any type of business in any industry, let's begin with the first person who is:

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Richard Branson put himself at great risk with the Sex Pistols in the 70's, taking attempts to market them excessively by trampling on the Queen of England's silver jubilee song with a controversial song about royalty. This highlight went down in the history of music, and helped Branson build his own record label to accommodate other great artists such as The Rolling Stones, Tina Turner, and Mariah Carey. If he had not been willing to take a big risk, and face the fact that it could fail and get him in big trouble, Branson would not be where he is today. He continues to take risks with investments, appearances, exhibitions, etc., proving that his trading spirit is still alive and well.

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Mark Zuckerberg put himself at great risk of creating Facebook, which included dropping out of school, moving his business to a busy and prosperous Silicon Valley, refusing to offer purchases, and running the business the best way he could in his 20s. Mark Zuckerberg still takes technical and marketing risks to further his business ideas, and sometimes they fail. In 2014, Zuckerberg invested heavily in a virtual reality platform called Oculus. While the forum was still in existence, it did not generate a buzz by Facebook users who needed it to generate revenue. While some call this Zuckerberg's mistake, the fact is that these great risks are essential to the future of the company and to the entrepreneurial spirit needed to succeed in business.

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The big difference between just taking the risk, and taking the risk calculated is the consideration that goes into it. Risks do not think about how to escape, the factors that make it dangerous, and what the situation will be if they fail. Entrepreneurs take the risks listed; they are willing to “go big or go home” but they understand the consequences if they fail and consider the chances of success.

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There are five types of risks that entrepreneurs take when they start their businesses. Those risks are: developer risk, product risk, market risk, competition risk, and market risk.

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The developer risk determines who the company's founders are, if they get along, and how they will work for the company.
Product risk looks at engineers who are developing a new business product and how they will recruit other product engineers.
Market risk looks at the problem you are solving with your product and how consumers will react.
Competitive risk looks at how it differs from other similar organizations and companies.
Sales risk helps you figure out how to sell your product to consumers by offering them a solution to their problem.

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All of these risks are important factors in preparing to start your business. Being an entrepreneur means being willing to look at these risks, and then deciding whether these calculated risks look like a good idea for your organization.

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In addition to the willingness to take risks, the personalities of entrepreneurs and risk takers are crucial to the risk-taking effect. New research shows that optimism or positive feelings about luck and ability help those at risk to succeed. If the risk taker believes he or she is lucky, or if he or she has high hopes and confidence in his or her skills and abilities, there is a good chance he or she will overcome the challenges associated with the risk he or she is taking.

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In addition to the risks involved, entrepreneurs can greatly benefit from business education. Learning about finance, marketing, and accounting can help budding entrepreneurs gain the necessary knowledge to understand how things work in the business world. Bachelor's degree in business can be a good place to start learning about all aspects of business. After graduating with a bachelor's degree in business, a master's degree or an MBA can be a good option for furthering that business education. Entrepreneurs can benefit greatly by learning as much as possible from a university like WGU, and combining their education with the ability to take on the risks listed can be a recipe for success.

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Owner's Name	Icon Monday
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Thanks for reading and see you in my another blog

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