Entrepreneurial Risk-Taking Qualities


Added on  2019-09-19

2 Pages366 Words188 Views
The entrepreneurs must be enriched with various qualities like willingness to face risks, inborn qualities of adventurism, innovative urge for creativity etc. In order to make dynamic changes to the production process and to make use of the raw materials effectively, the entrepreneurs must be ready to face risks and challenges. This enables the entrepreneurs to raise capital, develop vision and ideas, finding right employees, overcoming competition, keeping up with the new trends etc. The risks taken by the entrepreneurs allows the people to distinguish themselves from their competitors and gain a competitive edge in the marketplace (Macko, A. and Tyszka, T., 2009). The entrepreneurs who are highly well-informed and have a risk-taking spirit are able to see opportunities which other seen to ignore. The level of risks are higher when the entrepreneurs aretaking a step towards innovating and to figure out the best option that can help them move forward. Once the entrepreneurs are accustomed to taking risks, they can learn various important skills on calculation of the various contingencies along with strategic thinking as well as planning (Allah, M.A. and Nakhaie, H., 2011). This can be explained by using the example of Henry Ford, who took various risks and slashed the prices in a steep manner and risked taking the losses. For satisfying the needs of the consumers, he took all the risks and even cut down the working hours and increased the minimum wages for all his employees to enable them to work for longer hours before quitting. The risk move was one of the strongest reasons that helped Henry Ford to achieve heights in the automobile world.
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