By Sara Beam
Smooth seas never made a skillful sailor, these words could not be more true in the lives of entrepreneurs everywhere.
This picture brings me to the thought of with Risk comes Reward, but how do you define each?
is defined by Webster’s dictionary as a possibility of lose or injury
is defined by Webster’s dictionary as something that is given in return for good or evil done or received or that is offered or given for some service or attainment
So now that we know what each means, how can you tell if a risk is worth a reward?
These are a few questions you can ask yourself, that I have come up with, to evaluate the risk vs reward for an entrepreneur:
-If you took action, what would you be giving up to do so?
-Would you be willing to give that up for the end reward?
-Is the action/risk in line with your business plan? mission statement? ethical?
-Is it in line with your dream? your passions?
-How long will this risk effect you and your business?
-Will you be able to recover your assets quickly? do you have a plan to recover?
Ask yourself these questions before you jump right into a decision and really evaluate your answers.
Often times entrepreneurs are blinded by the reward of doing something and they do not think about the risks involved, it is very important that you always analyze a situation from all aspects before jumping into a decision.
However don’t let this scare you, in this blog post about risk vs reward for entrepreneurs, you will see that taking risk is a good thing as long as you do your research. The blog post talks about more often than not, if you do your research you will benefit from taking a risk, you just have to have the guts to do it!
Tell me your thoughts and opinions,
Do you think the risk is worth it?
Also, since we are sticking to a sailing theme today, I thought this Mark Twain quote was appropriate to leave you with:
“Twenty years from now you will be more disappointed by the things that you didn’t do than by the ones you did do. So throw off the bowlines. Sail away from the safe harbor. Catch the trade winds in your sails. Explore. Dream. Discover.” – Mark Twain