This question has been asked several times by several people and there hasn't been any definitive answer. I even asked this very question in the literature review section of the final long essay i wrote when i was in college. I think the real question we must ask ourselves is 'Can you teach an individual to take risk? My answer to this question is a big YES, no matter how risk averse an individual is, that person can be taught to take minimal amounts of risk till he/she is confident to take on the big ones. Entrepreneurship like any job, activity or pursuit is not limited to a single group of people with a defined genetic makeup. But the sad truth (may be not so sad) is that some naturally shine or are more successful than others because you don't expect everybody in the world to have the same levels of risk tolerance. This reminds me very much of when i was a university student. Professors usually divided the class into teams and gave us assignments. In groups that i was part off, i could see varying behaviours and characteristics that members in my team possessed. There is the group member who always wants to be a leader. This individual always assumes or nominates himself as the leader of the team and works very hard for the team to achieve it goals and i have also came into contact with team leaders who were just interested in the 'leadership' position and did not contribute much to the task at hand. I also came into contact with team members who're very hardworking and contribute greatly to the task at hand, tirelessly working for the team to make an 'A' in that project but shuns the limelight. Such team members even refuse for their names to be mentioned as standout contributors during team presentation to the faculty. Then finally is the last bunch of team members, those who do not really care about the project or task at hand. they contribute the barest minimum in the hopes that we all get a good grade, probably a 'pass' after which we all go our separate ways. Traits and characteristics differ from person to person therefore just like in numerous professional fields some people will be more successful as entrepreneurs than others. From personal experience traits that i've figured makes very good entrepreneurs and startup founders are the abilities to see opportunities and exploit them, a true desire to change peoples lives with your product or service, the ability/tolerance for hard work and when i say hard work i mean work that is physically, emotionally and financially draining and finally an ability to take criticism whether constructive or otherwise.
I have always stated on this blog and i re-iterate here for emphasis that, we often start a business because we deeply feel like we can make a difference with our product otherwise why would anyone have bothered. I once heard a motivational speaker say "There is nothing like a new or novel idea" The idea and principles an entrepreneur has built his business on have been thought about by a million and one more people, but none of the people who thought of the idea sprang into action but the entrepreneur. I sat there thinking 'So how many people thought off facebook, instagram, twitter and all the successful social media networks that we see today. Every great product or service you notice around you was first an idea, apple products were an idea, your favourite supermarket was an idea, even your favourite brand of milk. The number of people who are thinking of writing about this same topic/idea as a blog post runs into the thousands. Therefore i strongly feel the successful entrepreneurs are the ones who are ready to take action and with action comes the risk. Henceforth i pray the the conversation moves from being born or made an entrepreneur to being able to take action. But there is no way we can talk about taking action without talking about risk which is the basis of this mind-boggling question. No matter how risk averse you are as an individual you can still be an entrepreneur and here's how.
I have already stated that the great products we see around us first of all began as ideas before anything else. If you have great idea but scared of taking action you can
I have already stated that the great products we see around us first of all began as ideas before anything else. If you have great idea but scared of taking action you can
- Collaborate; The continual opening of the human mind mind and civilization has currently brought us to a time where humans have come to the realise that risk is not too devastating when shared. The popularity of buzzwords like crowdfunding and sharing economy goes to buttress this point. Therefore if you have been thinking of an idea which will be great for business but afraid to take the risk, try and collaborate with other people who share in your vision.
- Sell; You can always patent/copyright/protect or do anything that will very much secure your idea or invention and sell it to an already established organisation who are in that line of business and therefore could use your idea.
- Donate: If your idea is so helpful for the social good you feel guilty making money of it you give it out for free. Remember Dr Jonas Salk didn't patent the polio vaccine.
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