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Entrepreneurs say they:
Often started with a big company, then quit
Are lone rangers, independent
Are persist, persevering, disciplined
Are confident, self-reliant
Have a broad education, are generalists
Have basic business skills
Are good listeners
Engage in calculated risk-taking
Entrepreneurs say they:
Know how to assess opportunities
Have, or quickly learned, team-building skills
Have strong technical skills
Are able to manage growth
Understand the importance of social
interaction and common sense
Play “not to lose”
Are frequently serial entrepreneurs
Risk – Decision Making
Only risk-takers are truly free. All decisions of consequence involve risk.
There is no such thing as permanent security.
You are supposed to be afraid when you risk.
Risking normally involves a degree of separation anxiety, the anxiety you
feel when you are removed from something that makes you feel secure.
Tackling risk in decision-making
Decide whether the risk is necessary or desirable.
Risk for the right reasons and when you are calm and thoughtful. Don’t take
a risk when you are emotional.
Have a goal. Have clear purposes in mind.
Determine the possible loss as well as the gain – know exactly what the
consequences of failure will be.
Make an accurate estimate about the probability of each case.
• When possible, take one risk at a time.
WISER DECISION MAKING
Here are eleven (11) basic steps to make wiser decisions.
Define, as specifically as you can, the decision that needs to be
Write down as many alternatives as you can think of. Let your
imagination run free.
See where more information about possible alternatives can be
Check out your alternatives. Find out more about the
specifics of each option.
Sort through all the alternatives. Evaluate them to see which one/s
work best for you.
Visualize the outcome of each alternative.
Do a reality check. Cross out those that are least likely to work.
Which alternative “fits” best? Review the remaining ones and decide
which of them are most comfortable.
Get started! Get moving once you have made your decision.
Be sure to review your decision at specified points along the road.
Remember that you can always change your mind.