This week’s top stories include small business advice covering the following four topics:
- Why Successful Entrepreneurs Need To Be Calculated Risk Takers
- 6 Signs Your Fear of Failure Is Holding You Back (Without You Even Knowing It)
- Exploring the Major Ramifications of the Sudden Shift to Remote Work
- Don’t Become an Entrepreneur If You Want Passive Income
Each week we scour all the top business-related magazines and newspapers for articles with the best advice for the small business owner, so you do not have to.
Why Successful Entrepreneurs Need To Be Calculated Risk Takers
By: Chris Carosa
Professor Marshall Ketchum eyed the young graduate student. His colleague, Professor Marschak, former director of the Cowles Commission for Research in Economics, had directed the student to get a reading list from the learned academic. That student would go on to win the Nobel Prize. And it was all because of one of the books on that list, a book written by John Burr Williams.
When you talk to people about what it takes to be an “entrepreneur,” most people will say you need to be a risk taker.
When you talk to people about what it means to be a “risk taker,” most people will begin describing daredevils and gamblers.
In both cases, these answers are at best incomplete if not totally incorrect.
Risk taking is fundamental to sound investing. Without risk, there could be no return. It’s actually as simple as the law of supply and demand.
Here’s an example: Would you run across a busy 7-lane interstate for a dollar? Probably not. Would you take that chance if the payoff was a million dollars? Many would.
Related Post: How to Determine Your Business Risk
6 Signs Your Fear of Failure Is Holding You Back (Without You Even Knowing It)
By: Kim Perrell
What’s holding you back from starting a business?
Wait… don’t tell me. I already know.
If you’re anything like most would-be entrepreneurs I’ve talked to, you’re afraid.
Yes, you, with the big dreams, the killer ideas, and the jaw-droppingly impressive skill set.
You’re a scaredy-cat.
Hey, that’s nothing to be ashamed of. Most of the time, I’m totally scared, too. Fear of failure is extremely common, especially among us entrepreneurs.
And with everything going on right now, there’s more fear swirling around than ever. With businesses closing, layoffs, and furloughs, your fear of the uncertainty that lies ahead is totally justifiable.
Related Post: How to Overcome Your Fears
Exploring the Major Ramifications of the Sudden Shift to Remote Work
By: Larry Alton
Millions of people have been working from home for the past decade. But in the wake of the Covid-19 shutdowns, these numbers are expected to jump exponentially. And the ramifications will be felt in some significant ways.
Related Post: How to Effectively Deal with a Remote Workforce
Don’t Become an Entrepreneur If You Want Passive Income
By: Raj Jana
Entrepreneurship isn’t passive. It is very active.
Since becoming an entrepreneur, I have met a handful of hopefuls looking to do the same. When I ask “why?”, they often respond with some indication that they want to generate a means for passive income and recurring revenue.
The reality is, there is no guarantee that becoming an entrepreneur will grant you this financial security and endless stream of incoming revenue each month. But, it does gives you something else.
If you’re considering joining the entrepreneurial world, make sure you want it.
I have found the lifestyle of an entrepreneur brings three unique gifts, ones that are far more valuable than income.
Related Post: 4 Super Valuable Business ROI Lessons From Publishing
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