You have probably once asked yourself the question of: Is entrepreneurship worth the risk? A lot of people seem to associate entrepreneurship with risk. You will hear friends and family mention the turnover ratio in business, or perhaps share stories of people they know who lost all their money in a failed startup. There are certainly many people who opt to not create a small business or build off their idea because they’re afraid of failure. Managing director and startup guru Matthew Goodchild discusses his thoughts and what he thinks is the right answer to that very question.
“Be brave, take risks and allow the unexpected into your life. There is no rewards or gains in life without a little risk” advises Matthew. The risk involved with creating a startup and small business is the first worry for many. But, if there is so much risk involved, why do entrepreneurs try anyway? Chicago vision believe because it’s better to try and fail, than fail to try at all. When observing the success or unsuccessfulness of a start up, the cause is usually in the planning, goals, execution and business ethic. Successful or not, startups tend to set out and begin with a lot in common: a clear goal and knowledge of the business and competitors, the difference is whether they consistently keep abreast and work towards these guidelines. In both of the scenarios, there is unavoidable risk involved.
However, there is a large difference between the two businesses. The failed business took a larger risk by beginning without implementing a foolproof strategy. The successful start up still had to take risks, but the entrepreneur behind the business took calculated risks, making intelligent decisions, and thinking smart. It’s important to understand calculated risk
When you begin to build your startup business, you will hear how businesses can easily fail, especially when first starting out. This is undeniably true, however you can definitely put your business in prime position to succeed just by minimizing the bigger risks and focusing solely on the intelligent, calculated risks.
Startup expert Matthew Goodchild of Chicago Vision has spent his entire career taking smart risks to obtain maximum success. Matthew understands very well that where there is little risk there is only little reward, and he continues to make smart business risks in the interest of his startup. He compares calculated risk to baseball, “Each player can get up to bat and go for the home run. While this works for some, it won’t work for all so instead, A* players will look for individual hits that will eventually lead to strong scoring plays. The risk they take by going only for smaller plays will result in smaller chance of them failing to score at all” he explains.