5 Risks Every Entrepreneur Must take in a Small Business

entrepreneur risk

No pain. No gain.

Same goes for businesses. Or life for that matter! And if becoming an entrepreneur is your life then be ready to step on  a rollercoaster ride. Every other move is going to land you in a new curve in your journey. And that curve sometimes may turn upside down. But like a rollercoaster ride, it will last only a moment before it is the right way up again!

Choices are always there. And neither might be wrong. But every decision you take, takes you to a different position in life. Playing it safe is never wrong. But the one risk that you have been avoiding may take you to never seen before heights.

As an entrepreneur, be mentally prepared to come across such situations in life.

  1. Quitting your job

Losing your steady job is one of the biggest risks that you might have to take. Moreover if you are the sole breadwinner of your family, then the decision might be a little hard on the family in the beginning. Adjusting to the change is not easy. Once you start your own business, you have to devote time to it and give up your mainstream job that fetched you the regular paychecks. But at the same time you also get to live your passion 24×7 instead of slogging day in and day out in that boring nine to five job in an office you absolutely despised. That is what keeps you going through the initial turbulent phase of the loss. Also it is not necessary to quit the job right away. Start working side by side and when you feel confident enough about your business then you can easily let go the job!

  1. Taking a loan

Every new venture does need some capital for its initiation. For that you might have to take a loan from banks, ask credit from friends and relatives and/or put in your personal savings. As it is you were losing your monthly paychecks, now added to that is your savings. Everything would seem at stake but it would be worth the risk of your idea is ingenious and is executed well.

  1. Trust factor

Dreams are elements of fiction but the truth lies in the reality. In dreams, one might single handedly build an empire but they come crashing down at the crack of dawn. You need a partner and a whole team sharing the same passion and dedicated to work towards the goal. And all of it is based on your judgement. You have to trust your team so as to receive their trust back. Trust is build over time though. But since initially you can’t afford that kind of leisure as time, you have to trust your team and go with your judgement. This may prove to be a risk at a later stage but one which you have to take.

  1. Giving your all for that one idea

Now you are all the way here, reading this article because you have an idea in mind, but aren’t sure enough about it. Is it worth it? Is it worth losing the job? Is it worth your time? Is it worth the wait? These questions might be doing the rounds in your head. But if that idea had the potential to stick around for such a long time then it only goes on to show that it has potential. Take your time. Complete your research. But if you have already crossed that stage then this is the one risk you have to take. And what it all takes is just a little bit of courage!

Anum

Anum Yoon is the founder and editor of Current on Currency. She loves all things personal finance, which is why you'll find her work all over the PF blogosphere.

Leave a Reply

Your email address will not be published. Required fields are marked *