Tips on Entrepreneurship Success
What is the common myth about entrepreneurs?
Suzette's husband told her, "I admire your boldness, but I'm not sure that you should open that business. I've heard that entrepreneurs are ______________." Suzette replied, "That's a common myth. In fact, entrepreneurs take very careful, calculated risks and are not afraid to act on those decisions."
Answer:
Gamblers
Explanation:
Risk management can be defined as the process of identifying, evaluating, analyzing and controlling potential threats or risks present in a business as an obstacle to its capital, revenues and profits. This ultimately implies that risk management involves prioritizing course of action or potential threats in order to mitigate the risks that are likely to arise from such business decisions.
Entrepreneurship is the intellectual capacity required to drive a business and the skills to develop an idea into a money-making venture. Many people think that entrepreneurs are like gamblers, taking reckless risks with their business ventures. However, the reality is quite different.
Successful entrepreneurs actually take very calculated risks. They assess the potential outcomes of their decisions, weigh the pros and cons, and make informed choices based on data and analysis. This approach is known as risk management, where entrepreneurs mitigate risks by taking strategic actions to minimize potential negative impacts on their businesses.
Therefore, it is important to debunk the myth that entrepreneurs are gamblers. In truth, entrepreneurs are strategic thinkers who carefully consider the risks and rewards of their actions, setting themselves up for success in the ever-changing world of business.