Entrepreneurials

Hi John,

That's an interesting perspective - becoming an entrepreneur because there's less risk...

I think it's certainly true for some people - that entrepreneurship actually decreases their risk. And perhaps it's more and more true as the years go by....

Once upon a time a corporate job was one you had for life. Well, until you hit retirement age and got your retirement gift watch for all those decades you put in. (I was just listening to the Bob Newhart sketch about this from the 1960s - it's hilarious.) :)

However, those times seem to be long gone. Now, you can be out of a job any time one of those "higher up" deems it necessary to do some cost-cutting.

In such an environment, perhaps it is safer to take your own future into your own hands, rather than trust the whim of any new manager that might come in.

One thing I've also noticed about many successful serial entrepreneurs (those who have successfully started multiple businesses) is that they take active steps to reduce their risk of a venture.

Many people go into a business opportunity thinking only of the upside - perhaps this is our human tendency towards optimism. Many successful serial entrepreneurs also look at the downside - how much could they lose if the business venture flops? And - how can they reduce the risk of that happening?

In his recent post, Boyd mentioned the movie "Heist" - and how Gene Hackman had a Plan A, a Plan B, if that didn't work there was a Plan C, and if that didn't work even a Plan D. Eventually, it was Plan D that worked! I haven't seen the Heist, but that's entrepreneurial thinking (though from the title of the movie it sounds like he's not applying it to entrepreneurship!).

I think you ALWAYS need a Plan B... and a Plan C and D are even better!

I agree that with this kind of thinking, your risks are reduced!

- Dien Rice


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