What’s the biggest business risk you’ve taken?
October 30, 2013
Small business owners share their biggest business risks.
Committing to starting a business is a risk within itself. According to statistics, 50% of small business owners will experience business failure. But just because failure is a possibility, that doesn’t mean you should shy away from taking risks within your business. Entrepreneurs often see opportunity in risk taking. Ultimate entrepreneur, Richard Branson, often highlights the benefits of taking business risks. He points out that business owners should step out of their comfort zones in order to avoid becoming stuck.
When deciding what business risks you’ll take, ensure you’re making calculated risks. Entrepreneur Jim Riley says calculated business risks are all about ensuring you have as much control as possible over the outcome. Is there an opportunity you can exploit that will lead to a positive outcome? If so, taking that risk is your best bet. We spoke to small business owners and entrepreneurs at the annual San Diego Entrepreneur Day about the biggest risks they've taken in business. See the video below for their insight. What’s the biggest business risk you've taken? Share with us in the comments section.