Most people see entrepreneurship as all about the risk. By going out on your own, they assume you are risking your assets, your worklife, even your reputation for a slim chance of wild success. In fact, successful entrepreneurs are all about managing the risk…and doing whatever it takes to cut that risk down to the bone.

Entrepreneurs do not require a sky-high risk tolerance. They DO need the drive to learn all they can about the potential pitfalls and the creativity to find multiple ways to get around those obstacles. They need to put in the time and energy to learn their own business inside and out – where every dollar goes and how every dollar comes in, who the customers are and what makes them tick, who else is pursuing the same consumer dollars and how to stay a step ahead of them.

Risk-tolerance is an excellent trait for extreme sports, gambling, playing the stocks and other activities that are truly hazardous. Entrepreneurship does not require a tolerance to risk. In fact, it is an intolerance for risk that sets the winners apart from the losers in the world of business ownership.

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