There was a time when entrepreneurship had negative implications. Most people thought business owners were crazy because the risk was too great. After all, what normal person would invest everything they had to start a business that may not make it?
With so many people entering the entrepreneurship arena, popular thoughts about the risk and rewards have changed. We now have multitudes of books, podcasts, blogs, articles, and websites that extol the virtues of entrepreneurship. Not only that, these resources identify whether you have the stomach for business ownership and teach you how to succeed.
However, too many of the new breed of entrepreneur want to play it safe. They start a side hustle while maintaining a full-time job. They put a little bit of money into a business and then back out when things get tough. That’s not a surprise, because in business, you can count on things getting difficult. They always do.
Despite the difficulties, if you are willing to put skin into the game and persevere, guess what, you are a risk taker. You stepped up and took a risk in starting your business. But is your cautious nature holding you back from assuming more risk, and therefore, holding back more rewards?
If you have started your journey of entrepreneurship, I want to encourage you. I want to let you know that there are some things you can do to control your risk and still reap good returns.
1. Invest in a Mentor
Smart entrepreneurs know that going it alone is not wise. I’ve founded, owned and operated eight businesses in six different industries. Even with that experience, I benefitted from having a mentor.
2. Invest in a System
I can make a better hamburger than McDonalds. However, I can’t make a million of them to sell, because I don’t own the system. This is why I created the “Build Your Company 180 System” for startups and businesses with less than $2M in revenue.
3. Invest in Marketing
Peter Drucker says, “The aim of marketing is to know and understand your customer so well, your product or service fits them and sells itself.” Marketing is a key to growing your business and not becoming a commodity to your customers.
If you are not taking risk and making the investments I listed, the odds are against you reaping significant returns. Take some time to evaluate the risk you think you are taking. However, please understand that if you do not take a chance, improved profit and cash flow will continue to elude you.
Achievers are naturally decisive and quick to take action. If you’re ready to invest in your business and invest in yourself, contact me at 817.599.4410.
To get more information and receive other no-cost special audio downloads, reports, articles, blog posts, and more, visit Ron Hequet where I cover valuable topics that every person wanting to grow their business or career needs to know. And, if you’re ready to take your business to the next level, get a free assessment from me personally at Free Business Assessment or for those wanting to build your career go to Complimentary Coaching Assessment.