Who would not want to start their own business from scratch and even become a unicorn? In recent years, the word entrepreneurship has become more impregnated in the business world, since, thanks to globalization, new technologies and the circumstances that every day thank society, new opportunities arise that allow companies People develop a vision or business proposal to meet certain objectives and profit from it.
However, as exciting as an incredible idea that has the potential to be a success may be conceived, it is to bear in mind that undertaking goes beyond visualizing the proposal and wanting to develop it; It also implies being aware of all the factors and mainly the risks involved in developing a business from scratch.
In this sense, it is common for entrepreneurs to start a project with many difficulties, either due to lack of sufficient capital, personnel or other essential resources depending on the activity.
Therefore, it is essential to have good planning, but also – on a more personal level, prepare yourself psychologically and emotionally – that is, know how to deal with emotions, stress, time management, among others, in order to react to the inconveniences that may arise during the process and even failure.
Risks of undertaking:
Thus, we present some of the risks that you should take if you decide to undertake:
Lose the fear of risk:
Risk is an intrinsic factor of entrepreneurship, it is normal to fear the unpredictable or unknown, especially the idea of failure. However, it is necessary to assume it and work with it to overcome it without letting it affect the spirit of the entrepreneur and his project.
The world is constantly changing. What works today may be obsolete tomorrow or may have to change according to circumstances. This also applies to the business world and therefore, whoever decides to undertake must be able to adapt to and overcome changes.
Maintain physical and emotional health:
As mentioned previously, this is vital, and it will depend on how you face the obstacles and emotions that will arise in the process.
Not receiving a fixed salary:
Those who decide to undertake and dedicate themselves fully to their project, leaving aside their work as an employee, faces the risk of not receiving a monthly salary, which can give the feeling of economic instability.
One of the main risks and fears of entrepreneurs is making a bad investment or losing money due to external factors that affect the business. For this reason, planning and determining economic objectives is important.
Know the business or market:
Before making the decision to undertake, it is important to assess and know the market where you want to work. For example, it is vital to know what the potential competition of your business is, the needs of customers in the respective sector, the accessibility to that market, etc. since, if not, this can have negative consequences such as, for example, lack of demand, market saturation due to competition, among others.
Why risks when undertaking?
Now, you may wonder why it is necessary to face these risks and if they are worth it.
Currently, if we analyze those whom we consider to be great leaders, we will surely find that at least once in their life they have taken a risk that, for better or for worse, has helped them position themselves where they are today. The best stories of successful entrepreneurs usually come with risk.
While success is not guaranteed, risky decisions are necessary to grow our business. Of course, these decisions should not be taken lightly and without prior analysis, but neither should they be discarded for fear of failure.
In this way, let us bear in mind that not all people – no matter how many potential ideas they have, are capable of leaving the stability and security they enjoy to undertake a new adventure and take the risks that this entails. Therefore, those who are willing to take risks tend to stand out among others and even stand out among their competitors and show themselves as leaders.
In addition, once the risks have been assumed – successfully or not, it will always be a good opportunity to learn both from mistakes and from the actions that have made it possible to achieve the objectives, which will translate into experience for future opportunities.
While there are innumerable risks that can arise, it will depend on determination, discipline and effort to start a new path as an entrepreneur. So, are you willing to undertake?