Entrepreneurship is a huge risk in and of itself. It’s impossible to earn a substantial reward in business without taking an equally substantial risk. In order to become a successful entrepreneur, you’ll have to commit to it, and that means taking a series of huge leaps of faith that almost every entrepreneur before has taken before you.
The first and most obvious risk is giving up your steady day job. Most people bank on a steady job for almost their entire lives, but entrepreneurs have to give up this security to dedicate time to their dream. You won’t have to quit right away, but eventually you’ll have to step away from the safety of steady employment. That means you’ll be relying entirely on yourself and your profitability. This usually leads directly into the next big risk: tying your personal finances up in your business. You might find financing or a line of credit from a bank first, but eventually your own savings will get tied up. This is a scary risk, but if you execute your business plan with aplomb it will all be worth it. Of course, that means you must have a great idea and a solid plan to begin with. This is perhaps the biggest risk you’ll take as an entrepreneur: choosing your great idea and committing to it wholeheartedly.
Read the full article here: 5 Risks Every Entrepreneur Will Need to Take