The Importance of Risk for Entrepreneurs

City skyline at sunset, image used for Edward Eddie Dovner blog post about the importance of risk for entrepreneurs

People always mention entrepreneurs and taking risks in the same sentence and it’s a given that entrepreneurs are some of the biggest risk-takers when it comes to trying to grow their businesses. To some, taking a huge risk, especially with something as important as a business, is an intimidating prospect. There’s the chance of failure with any risk, which could mean losing your business and financial stability. However, risk could also lead to huge successes; this chance is what makes it a favorite of entrepreneurs. If you’re still skeptical about the importance of risk when it comes to entrepreneurship, read on.

Innovation starts with risk

The reasons risk is so important to entrepreneurs is that true innovation was never accomplished without risk. If you want to achieve true success with your business and smash your goals, you’re going to have to take risks. Some businesses may skate by on doing something they’ve always done or sticking to a stereotypical way of running things, but for many industries, this mindset will not work. Do you just want to have a mediocre business or do you want to be an influencer in your industry, who invents new products and ways of accomplishing tasks?

Your business could have the potential to be a huge success, but you’ll never know until you take the risk. If you currently run your own business, but are afraid to take risks, remember that starting your business in the first place was a risk. Starting any business is a risk, because there’s no guarantee it will succeed.

True entrepreneurs take risks

Like I mentioned, just being an entrepreneur involves taking risks when you start your own business. In addition, it sets the true entrepreneurs apart from those who aren’t sincere about the entrepreneurial journey. If you really want to be an entrepreneur, you’ll need to embrace risk and let it become part of your business strategy. Risk-taking identifies you as a leader and shows other people you’re ready to take charge and make decisions. Someone who’s a follower is willing to let others take the big risks.

Keep your risks calculated

Before you begin taking any kind of risk that comes your way, keep in mind that there’s such a thing as a calculated risk. As an entrepreneur, you need to be smart in your risk-taking. Don’t take a risk that seems completely unlikely to succeed or would tank your business and personal finances if it didn’t go perfectly. The secret to being a great entrepreneur is taking regular calculated risks that move your business along and being able to identify a big risk that’s worth it.

Even if you fail, you learn something

Finally, keep in mind that even if you fail, you can still learn something valuable. It’s important to know how to learn from your mistakes so you can grow as an entrepreneur and as a person. If you take a risk and it fails, acknowledge what went wrong so you don’t make the same mistake again. Instead of pouting over mistakes, learn from them.

3 Things Entrepreneurs With Full-Time Jobs Should Do

Salaryman_asleep_on_the_Tokyo_SubwayDespite everything you’ve read, there are no clear-cut paths that will point you clearly toward your career as an entrepreneur. There’s no instruction manual or guideline that will totally offer you the framework you’ll need to launch and carry your business, that’s particularly true for those who create businesses while holding full-time jobs. With that said, there are thoughtful suggestions, there’s real and comprehensive advice shared by experienced professionals who want nothing more than to see others create boldly and efficiently.

1. Find a Coven of Entrepreneurs

Find a group of peers dedicated to their own ideas and dreams, and develop a symbiotic relationship where you nurture and foster one another’s success. Together, you should support one another, share advice and brainstorm, which will carry you all closer to where you need to be. If you’re having trouble finding a coven and question coworkers and friends about their dreams for personal success, and convert them to hopeful entrepreneurs.

2. Learn Relentlessly

An important part of being a business leader is knowing a great deal about the business industry that you’ll be a part of. That means that you always educating yourself and using the internet and any other means as a resource. Visit the local library, listen to podcasts or audiobooks, read books, find a mentor and hire a coach. Do anything you can to learn everything you can. Do whatever it takes to stay motivated and confident.

3. Respect Your Day Job

No, your day job isn’t your dream job, but that doesn’t mean that it doesn’t deserve your respect or your interest. When you’re at work, show that you appreciate it by doing the best that you can. Even if your job is difficult or stressful, it’s likely that you can find comfort in your friendly co-workers, your comfortable work chair, or the work.

Whatever it may be, focus on that positive, and use that positive to help keep you eye on the prize, Don’t let negative thoughts or negative aspects of the job drag you down. Instead, try to turn the discomfort on its head. Think, In what ways is this company poorly run and how would I correct it if I was in charge? or In what ways can I make sure my employees are comfortable? You should view each negative moment as an opportunity for constructive thinking.


Eddie Dovner is an entrepreneur, inventor, and CEO who is based in West Palm Beach, Florida. Learn more about Eddie Dovner by visiting his pages on LinkedIn, Twitter, and SlideShare. Also, please learn more by visiting EdwardDovner.org and EddieDovner.com.

5 Inexpensive Ways to Market Your Business, Service or Product

marketing strategy, Eddie Dovner“It takes money to make money.” That’s an inarguable fact about life as a business leader or an entrepreneur. Money isn’t merely needed when building a business, it’s needed for growing, sustaining and promoting a business. However, there are countless marketing tactics for business owners with limited budgets. Whether utilizing social media sites such as LinkedIn or online contests, there are multiple ways to promote a business.

Create Instruction Videos

Creating videos that capitalize on personal expertise can be a useful and low-cost way to draw attention toward your business and your brand. Also, the creation of professional YouTube videos can be done without breaking the bank.

 Publish Great Content

Developing insightful content that’s powerful and informative can be a great way to showcase incredible information and develop an audience. Creating top 10 lists, “best practices for your industry,” and other useful tools can be one of the best ways to beckon a following.

Get Savvy with Social Media

Take to Twitter, Facebook, Google+, About.me and Pinterest to engage with industry professionals and businesses. While social media may seem like it’s a place mainly used by the young and self-serving, it’s actually a great place to network, thrive, learn and participate. LinkedIn is a great professional network, which is frequently under-utilized.

Cultivate a Customer Referral Program

Compensate your existing customers or followers with a free product or service, and offer an additional gift for referring new customers. Word-of-mouth is a powerful, valuable and inexpensive tool, which can be used to attract innumerable individuals.

Partnerships

Collaborate with industry leaders to develop special events, projects, webinars, or promotional giveaways. These sort of partnerships stand as a great way to access new audiences. It’s mutually beneficial!

These are just a few examples of the many ways you can successfully market a business idea, product or service.


Eddie Dovner is an entrepreneur, inventor, and CEO who is based in West Palm Beach, Florida. Learn more about Eddie Dovner by visiting his pages on LinkedIn, Twitter, and SlideShare. Also, please learn more by visiting EdwardDovner.org and EddieDovner.com.

The Ten Best Apps for Startups

Startup companies are entrepreneurial ventures that come in all sizes and forms; and they’ve been on the rise, particularly as technological advancements have helped to nurture the growth, innovation and ambition of a newly developed company.

Every day, new ideas and applications are conceived to help facilitate the development of these innovative businesses, via apps that provide optimal organization and productivity. Slack, Pushover, Rescue Time and Evernote  have been deemed essential for budding businesses, here are the names of some other tools and apps recently developed that’s helped to make startups and their founders a force to be reckoned with.

Meet, an app released by Sunrise, allows users the quickest way possible to schedule a one-on-one meeting. The time selected by the invitee is automatically added to the calendars of anyone involved in the scheduling.  The sleek app has been deemed “a better way to RSVP.”

Wonder is a research tool, connecting users with researchers who search the web to answer questions that may seem unanswerable. After the researcher is sure that the answer is relevant and accurate, they then forward the response directly to the inbox of a client. This helps startups by removing the need to conduct timely research, and they’ll be provided with coverage that assess every angle of the topic.

Better Error Pages enable the creation of free 404, 500-level, and maintenance pages in as little as a minute. These error pages can be beautiful, and can include support information or a link to the company’s URL. Better Error Pages provides user-friendly templates, and they quickly email all relevant information to the user.

Makerbook is a directory of free resources for creatives. Launched in May 2015, the tool includes a hand-picked list of free resources, helping to connect creative businesses with the services and applications that they truly need.

Design Pitfalls is a free course shared with users via email, educating users on how to skirt usual beginner mistakes when designing a website. David Kadavy authored the free course, which teaches design fundamentals with hackers in mind.

Breather is an app that connects users with a space to make a call, have meetings or unwind at an hourly rate. The posh, private spaces are a delightful alternative to holding a meeting in a loud park or coffee shop.

Trello is an elevated whiteboard app, which is great for managing teams of freelancers, composing a screenplay, or staying organized and transparent when dealing with a team. The app eases communication and facilitates collaboration.

Mailchimp is an email marketing tool, allowing companies an opportunity to create newsletters and manage mailing lists. The customized email templates and the other services make it easier for companies to connect with their chosen audience. Also, it’s free to send up to 12,000 emails monthly to up to 2,000 subscribers.

Dropbox is a popular platform for easy, reliable storage. Not only does Dropbox offer free trials, but the service works across all operating systems and devices.

KanbanFlow, a web-based app, simplifies office communication. With the app, managers can connect with their team, create schedules and upload documents, and the premium version offers a cumulative flow diagram and revision history.