The Entrepreneurial R!sk
If you have a startup idea and you think it can bring a revolution then you are wrong. Wrong, at least for the time until you really execute it and it turns out to be great. Jeff Bezos might not have thought that his website will bring a revolution in how we shop until it did. Nor the founders of Tesla would have thought that they will produce one of the fastest car powered by electricity until they did.
Most of the great ideas come up only when one has felt the need personally. Everybody out in this world must have come across some or the other business idea, but they never intent to execute it. One of the main reasons being the unconfident of its success. Most of the people don’t want to take the risk and then, just give up on their ideas. All it takes is just one try and it may change their life.
I had always been a dreamer and had been thinking of zillion business ideas since my childhood. Some of them being totally weird but had seen them becoming reality.
Most of the people who make their ideas reality face some of the common problems, the biggest problem among all is deficiency of Plan B. Most of the people are not prepared, in case something goes wrong. They are not prepared for the upcoming hurdles. There are so many risks such as financial risk, Career risk, Famliy and Social Risk, Psychic Risk.
Financial Risk
This is the most common or we can call it complementary risk associated with any venture. Most of the people put their own money, as in thier savings, borrowings, etc. in the new business which creates a serious financial risk. The business might not go as per planned or expectation, it may fail. Their are very high chances of money beign lost due to any of the unforeseen circumstances. He / she may even have to give up their personal property to setoff the debt and if those asssets are not enough pay those debts then the entrepreneur might go bankrupt. He then might not be able to take loan again from any financial Institution.
Career Risk
Leaving your high paying job and starting an entrepreneurial journey needs a lot of courage and determibnation. But the thought of failing in the venture and moving back to 9–5 job always haunts an entrepreneur. There is always a concern whether they would be able to find a job or go back to their old job on not, if things don’t work out well. This risk is even higher when the job is very high paying with good benefit package.
Opportunity Risk
This might not be sound logical but this do exist. People generally don’t think of the opportunities that they might miss. This risk of givingup more money, not taking up a better venture, not becoming successful. There is always tons of other opportunities. We should evaluate all the opportunities and then take a wise decision.
Family and Social Risk
A entrepreneur need has to be very passionate and dedicate about what he is doing. He might have to give up his family time and invest in makin the venture a success. He/She might have to miss those social gathering, wedding, functions and even stay away from family for months. This can in turn create a family and social risk. His/her commitments may suffer. People who are married , especially those with children, have high chnaces of exposing thier family to the risk of an incomplete family experience and the possibilty of permanent emotional scars.
Psychic Risk
This may be considered the most damderous of all. Money can be replaced, a new house can be built; spouses, children, and friends, and family usually may adapt. But some entrepreneurs who have suffered financial catastrophes have been unable to bounce back, at least not immediately. The psychological impact has been proven to be too severe. The mioght not be confident ever again and just give up all the hope.
There will alwasys be risk associated but we should have the true spirit and passion to follow and make dream come true.
