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Do you want to be the first millionaire in your family? Then risks are the things you should have to face. Risks are not strange things, they are common to all animals, including humans. Undoubtedly, we face many risks in our daily life. But when it comes to the entrepreneur mindset, there are different kinds of risks to become successful. Also, you know that the world’s billionaires and other successful people faced many risks in their successful journey if you have read their life stories because they know that the greater the risk, the greater the consequences.

But why we should take risks?

Risk is a challenge that you do not know what the outcome will be. It can be a huge achievement that will turn your life upside down. Also, it could be the biggest defeat in life that fall your life to zero. But for those who want to succeed, risks are essential because no one was successful without struggle. However, the great thing is risks will reduce your fear of failure. But bear in mind, failure is the best lesson in life to level up and grow again.

If you are risk nothing, then you risk everything.

Geena Davis

In simple form, you can’t gain anything without giving anything.

There are so many reasons that entrepreneurs or anyone should want to take risks, such as;

risk are essential to entrepreneurs for their success life

Ordinary people are reluctant to take risks, and people who take risks are not ordinary ones. So let’s see what risks entrepreneurs should take for their success.

1. Leave the Comfort zone

A comfort zone defines as a psychological state that feels free and familiar with things. There are no risks and no stress. 90% of people are in this comfort zone even they know that it is not the place for success. A person in a comfort zone can’t make his own new decision because he is always in his limited environment. So we can describe the comfort zone as a cemetery where new ideas are buried. Below you can see how the comfort zone is and where you are.

what is comfort zone and why leaving it risky

However, someone in the comfort zone feels safe and knows the consequences of decisions, but when he comes out of his comfort zone, he should take risks in all his decisions as he has never done before. Those decisions are powerful enough to cause his life to fall to zero or to rise unexpectedly. That’s why most people don’t like to go out of their comfort zones. They are afraid that they will fail. But the truth is you can’t succeed in your comfort zone. 

2. Risk of failure

Failure is not the opposite of success; it is part of success. But most people accept it as if everything has failed. There is no one become a success without fail. It is not the habit of an entrepreneur to regret and give up in the event of a defeat. Many suffer from failure because they haven’t any idea about the next step. If you are afraid of failure, it means you are running away from success. 

Increasing the number of failures will speed up your success because failure is a great teacher. It’s the only way to learn so you have to fail. Micheal Jordan, the greatest basketball player in the world, once said;

I have missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game-winning shot and missed. I’ve failed over and over and over again in my life. And that’s why I succeed.Click here to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.

Mickeal Jordan

Michael Jordan has said everything you need to know so fail and fail again; success will come to you.

3. Risk of abandoning ineffective relationships

We all have relationships in our life but have you ever thought all those are effective? Somebody can feel sad when asks like this. But relationships are essential for life because we are all connected to the world process. There are two kinds of relationships as effective ones and ineffective ones. 

Ineffective relationships give you negative thoughts and ideas; it will kill your success in just a few minutes. For example, Mike Tyson, one of the greatest American boxers, lost $400million by spending on materials and having fun with his toxic friends.

So you have to get rid of inefficient relationships even if you don’t want to. This is called risk because you may have to deal with people with whom you have a close relationship. But if you need to embrace success as an entrepreneur, you should avoid negative relationships.

4. Starting over again

When you fail a mission in a video game, they will restart the game and give you a chance to win. So life is like a video game; it gives you a second chance for every failure. But life is the reality so, it’s hard to start over again than a video game. Many people give up when they fail but, entrepreneurs will never give up till they succeed.

Facebook wasn’t the first thing I built. I also built chat systems and games and study tools and music players, and I’m not alone.

Mark Zuckerberg

Starting over again is not easy, but if you once fail, you know what caused you to do it in the past, so you can fix them and restart the life game again. One who really wants to be successful must know how to correct mistakes and try again. Risks are common to all successful people but quitting is doesn’t make you succeed; that’s why you should take the risk of starting over again.

For a better example, according to a United Nations report, covid-19 could end up costing the global economy more than $4 trillion. So it affects all the businesses and jobs too. And you may have seen some people leave their jobs during the pandemic due to low salaries. But in such an economic collapse, it is something that should never be done. So the only thing that can be done to rebuild the economy is to restart.

5. Friends misunderstand you

The next risk you need to take to be successful is to face the low opinions of friends. You may have to be criticized by others when you come out from your comfort zone because other people are still in their comfort zones. They will tell you like “you are crazy, it’s too risky, can’t do it” when trying to do something new. But entrepreneurs don’t care what others say because they know others are in their comfort zones with poor mindsets.

However, unfortunately, it takes a lot of dedication to succeed. Not only your effort, time and money, but even it might also be your favourites. The only thing you need to do to reduce the risk is to avoid arguing with those who criticize you.

6. Financial uncertainty

Many people prefer to do a job after school or graduate. It’s not a bad thing but, you may know an entrepreneur means not a person who does 8 to 5 jobs. But the reason why many people choose jobs over business is they think they will be financially stable with their salary yet they don’t afraid to take financial risks. Unfortunately, the truth is that salary destroys your dreams.

take risks for start a business instead of job. Job can't make you wealthy

Taking a financial risk is essential when starting your own company or business to make your asset. You may know the difference between business and job and how it affects your success. So entrepreneurs will always backup some wealth to use in difficult situations. They know how to manage their finance at risk.

A person who works for a salary can not build his wealth successfully because the salary has a constant income without ascent. But the only benefit remaining on salary is there is no risk because they are a part of a huge business, so the business owner has the major risk to the entire business, including the employees.

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7. Unexpected success

The final risk that you should take for your success is an unexpected success. Unexpected success means success without a process. We can take an example, someone who wins a million-dollar prize or lottery without knowing any financial matters. If the guy does not know how to invest it or how to spend it, he will face a greater risk than he has ever faced before. That is why financial education is so powerful; you can reduce some of the risks with your knowledge.

He will spend it on more things like buying a house, cars, and more unnecessary stuff. That is the main reason for the poor still being poor without getting rich. They don’t know how to manage their money, and they are afraid of money. So the lack of knowledge and experience is the main reason to occur this risk; otherwise, this is an opportunity for someone who knows about financial rules and how to manage money appropriately.

Final Verdict

All the risks here are essential to know before you get started the journey. So make sure not to be afraid and try again and again until success. All the successful people have their tons of unsuccessful years, but others will see only the result. That’s why everyone says that goals are personal.

However, studying more about finance helps you to succeed in future, and there are so many sources and even blogs like this to get financial education. Most people are afraid of financial risks because they have no trust in themselves. So trust your self and the future will dawn before your eyes.

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