Risky Business: Why an Aptitude for Risk is Necessary to Be an Entrepreneur

Merriam Webster defines risk as the possibility of a loss or injury, and while we are taught to steer clear of risky situations, we all experience moments where taking risks are necessary. In the life of an entrepreneur risks not only become more prevalent, but are what your life consists of. How those risks are handled will determine your success. Below we’ll discuss what these risks can look like, and how to handle those risky situations when they arise.

Risks You’re Sure to See

Instability of Income

While many begin their entrepreneurial journey testing the waters by burning the midnight oil in their free time, others literally take the plunge, quitting their jobs to put their all into their idea and ventures. There isn’t a set formula for success regarding either, but if you’re ready for the plunge, be aware that doing so could result in a tighter budget and a reoccurrence of that old college ramen and pasta diet.

Going All in With Personal Savings

Many prefer and must continue working, not because they aren’t ready for the risk of taking the plunge, but because their job is their means of funding their venture. If you’re willing to take a leave of absence, and you haven’t quite found your angel, literally, your means of financing could fall on whatever cash you have saved.

“Sorry, I Can’t Tonight”

Cash isn’t all that can be sacrificed being an entrepreneur. Our personal relationships can be risked also. To be dedicated to your idea and its success results in many hours spent working (sometimes outside of a standard job), and time and events missed with family and friends. I personally have had to take a step back from family and friends to accomplish what’s necessary for courses, but try to make it a priority to spend time with those I care for periodically.

For more on the risk you’ll see as an entrepreneur, be sure to check out Jasyon DeMers’ article for Entrepreneur

Handling Risks

Embracing the Uncertainty

Risk taking is synonymous with entrepreneurship so it’s key as an entrepreneur to accept the uncertainty this lifestyle can bring. Understanding that there will be ups and downs in your journey is necessary for being open to the risks and reducing fears towards risk.

Weighing the Odds

Embracing risk does not mean that we shouldn’t minimize risk as much as possible. A study by Halle Institute for Economic Research, found that despite popular belief entrepreneurs are not more inclined to risk than others. That said, successful entrepreneurs stick to the basic principles of risk management according to Joel Trammell in his article for Entrepreneur, looking for opportunities where loss is minimized to a certain value, but if a win is present its maximized efficiently.

Takings risks can be scary and difficult to prescribe to. We each have different levels of tolerance for risk. Despite the difficulty risks bring, they are synonymous in an entrepreneur’s life, and are necessary for finding success. As state before, embracing risk doesn’t mean we shouldn’t minimize out risk as much as possible, but that we understand it’s place in our entrepreneurial journey.

Wardrobe Essentials for Men

Lately I’ve gotten a lot of questions from my guy friends regarding what to wear, and the items they should have in their closets. Some are in that transition phase from college student to working young professional, and are looking for clothing that is both age appropriate and functional. Others just simply want to dress better.

Although we can (and will) go in depth on each of these topics, I think we should first address the basics necessary to build your ideal wardrobe. The items that will never let you down. The essentials.

4928 Extended Pitch

This activity required developing and presenting an “extended pitch” for your new venture (product/service) supported by visuals. Included is a sample marketing piece for the brand “calling all creatives”.

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4928 Publicity Kit

The motive of this activity was to develop the skills necessary to create a publicity kit. Acting as PR Consultants we were asked to create a deliverable as well as the dissemination strategy brand, product, or service.

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Interview – Ana Maria Muñoz (Port of Raleigh)

 

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Recently had the privilege and opportunity to sit down and chat with Ana Maria Muñoz, owner and creator of Port of Raleigh, a modern home & lifestyle store located in downtown Raleigh. In this interview Ana speaks of the journey that led to Port of Raleigh, the struggle of juggling your personal life and work life, and why she believes it’s ok to explore all those interests you have.

Be sure to visit her if you’re in the area as well online at https://portofraleigh.co/ 

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4928 Direct Response Tools

This activity entailed developing an effective direct response tool with strong copy writing and a persuasive headline.

Step 1 was the “attention grabber”. This is used to draw your audience in, and once earning their attention inviting them to continue on to what you really want them to see or do.

Direct Response Tool Step 1

Step 2 is the content you wish to share after earning your audience’s attention, and is typically useful information or tips that you giveaway to your audience in hopes they will be back and begin to form a relationship with you. My content would be in the form of an informative blog post with this being the image.

Direct Response Tool Step 2