Entrepreneurial a calculated risk takers
Avoid situations of low risk because there is no challenge and avoid high risk situations, because they want to succeed
Liking a challenge that can be achieved
v Most people are afraid to take risks because they want to be safe and deflect failure.
v If you are not willing to take risks, you will never be able to realize your talents.
Risky situation occurs if asked to make a choice between two or more alternatives that will result is unknown and must be judged objectively.
The situation contains the potential for failure and potential success
The greater the likelihood of loss, the greater the risk
Most entrepreneurial traits are interrelated, It is all the more force on risk-taking behavior, some links include:
Ø Taking risks associated with creativity and innovation as well as an important part in turning ideas into reality
Ø Taking risks associated with self-confidence.
Developing Creative Ideas
v To reduce the risk of rejection of an idea:
1. Express ideas to the nearest
2. Choose a time and place to express your ideas to others
3. Put forward your ideas little by little.
v Never force your ideas on someone.
v People need time before they can accept something new
v The idea of involving the future of the organization to risk
v Every person there is a risk usually somewhat hesitant
v To succeed in business, entrepreneurs must take risks in realizing their ideas into reality
v As an entrepreneur you must be a planner in the sense that you can imagine how creative ideas you can use. But you also must have the ability to be able to carry out retrieval risk ideas and implement them to succeed
Delegating Authority and Responsibilities:
v Taking risks is especially important in delegating authority and responsibility to your staff.
v Allowing others to participate in your authority is a hallmark of advanced entrepreneurial talent, the more you can delegate authority to succeed, the more time you to handle activities that most influence over the future success of your organization.
v Innovation in businesses that produce goods and services of higher quality is the result of the actions of entrepreneurs, who are willing to accept greater challenges and take a calculated risk.
EVALUATING RISK
v Quantitative data will help you evaluate each risk and set your goals and also allows you to outline the progress systematically.
v Through quantitative data, will be able to measure the results achieved in connection with original ideas.
v Evaluate your own needs before deciding to take risks.
v A few questions for you before making a decision that has risks as follows:
- Is the risk worth it?
- How can the risk be reduced?
- What information is needed before the risk taken?
- The people and resources which can help reduce risks and achieve goals
- Why is this important risk?
- Are you willing to bend over backwards to achieve that goal?
- What will you accomplish by taking the risk?
- Preparations whether you should make before taking the risk?
- Is the biggest obstacles in achieving that goal
