It’s generally believed for entrepreneurship to be a risky endeavor. After all, 9 out of 10 startups fail and are never heard from again.
I’d like to suggest the opposite.
Startups are risky, but successful entrepreneurs are not risk-tolerant, they’re risk-adverse. Startups have way too many moving parts and challenges for someone to simply take a risk and hope they get lucky. If you simply take risks, you’re bound to fail.
Successful entrepreneurs take the time to think about all the different moving parts, and know how to mitigate the risks.
The naive entrepreneur simply builds a product and launches it hoping that people will come to them and begin using their product. The successful entrepreneur, more often than not, already has done market research and knows exactly how many people will use his product before even launching it.
And when it comes to dealing with the unknown, they have an ability to calculate exactly what the risk is, and understand all the implications of the risks. Successful entrepreneurs might launch things as a test, but often already have plans for what to do in the likely case that their experiment fails.
It’s easy to think of successful entrepreneurs as people who just got lucky and made it, but it’s rarely the case that one swing knocks the ball out of the park.
If being an entrepreneur isn’t about taking risks, it leads to the conclusion that entrepreneurship can be learned and systematically achieved.
It boils down to an understanding of your product and of the market that you are in. If you truly love your product and have taken the time to get to know your customer and the space you are in, you’ll be able to quickly pinpoint your customer’s dreams, hopes, and aspirations.
So don’t just take a huge risk. Think it through, test it, but be unapologetically brave and don’t second guess yourself.