Are your notions of entrepreneurial risk outdated?
The whole concept of business is inverted today compared to 20 years ago. You may have old notions that entrepreneurship is inaccessible or extremely risky.
However, that is old and outdated information. The reality is that entrepreneurship is much lower risk than many other business pursuits. It’s easy to set up and start a business. In fact, millions of people have figured this out and have gotten paid for their ideas.
The hard part is that when you start a business you are competing against the world. The marketplace is extremely crowded. You may not have the risk of overhead, infrastructure and advertising. Technology has taken care of this.
The hard part is getting attention and standing out in a sea of options. There are endless products and services that have emerged and the real challenge is finding those niches where you make money based on what people want.
Unlike stocks, bonds or real estate where you may be hoping for a 10% return, you can build a business that pays a 10,000% return. Noone is going to give it to you, however. And you have to work hard at cracking the code of being valuable, connecting with people that want what you have and working relentlessly on the parts of your venture that make money – service, sales, quality, production, etc.
You may be taking inventory of where you are at in your life or want to find new ways of making money. Consider starting a new business or another business. You would be investing in yourself, your ideas and a continuous payoff.
The world is waiting for you to bring value. People are consuming continuously. If you can take a little risk, far less than holding a job for example, then you can put yourself into an opportunity to build something that cash flows continuously. You can participate in the new economy where ideas, speed and access are relevant.
What’s holding you back?
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