Entrepreneurs take three kinds of risk

There are three kinds of risk, in order from least to most importance: Financial The risk of losing money is a biggie. It’s a serious motivator. Especially when you have a family.Taking financial risk separates the entrepreneurs from the “business owners.”The good news is that, in spite of the unpleasantness of losing money, you can…

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Entrepreneurs take out insurance

You have to take risks, there is no other way to get ahead… the trick is to take calculated risks.Always have a plan B.Think like a paranoid optimist.Expect the best, plan for the worst.Don’t begrudge the insurance company its premium, pay up.If you can’t get insurance then be sure to put aside money for a rainy day (or…

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Entrepreneurs feel uncomfortable all the time

When you have your own business its difficult to feel at ease.You know everything about the company, so you also know how many things can go wrong.It creates a low-grade stress that persists every day… Do I have enough cash for salaries? Is my most important customer happy? Are my staff working hard enough? Is…

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Entrepreneurs do not take wild uncalculated risks

Some people will tell you to quit your job and follow your dreams.“Jump off the cliff and build wings on the way down.”These people have either never actually started a business, or they are unconscious of the luck they had when they started their first business.I fell in the latter category.My first business shot the…

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The 3 kinds of risk

There are three kinds of risk, in order from least to most importance:1. FinancialThe risk of losing money is a biggie. It’s a serious motivator. Especially when you have a family. Taking financial risk separates the entrepreneurs from the “business owners.” But, in spite of the unpleasantness of losing money, you can make it back…

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