2. THE 6TH PROJECT MEETING IN POLAND
2016 - Second Year - First Semester:
Promoting Creativity and Entrepreneurship
3. RISK – TAKING IN ENTREPRENEURSHIP
• Plan:
• What is the definition of “RISK” for an
entrepreneur?
• Seven risks that every entrepreneur must take, from
the start (the idea) to ongoing development
• What is the importance of taking risks on path to
success?
• The stories of people who have succeeded by risk
taking in their professional life.
4. DEFINITION OF RISK - TAKING
• An individual or business that tends to behave in a
way that can potentially cause physical harm or
financial loss, but might also present an
opportunity for a rewarding outcome.
5. RISK-TAKING IS ALMOST SYNONYMOUS
WITH ENTREPRENEURSHIP.
• Entrepreneur - the owner or manager of a business
enterprise who, by risk and initiative, attempts to
make profits
• So, it’s almost impossible to earn a reward in the
business world without an equal risk taken
6. FOR MOST, THE PROSPECT OF MAKING YOUR OWN
DECISIONS AND BEING IN CHARGE OF YOUR OWN
DESTINY IS WORTH IT.
• Some risks are optional - not all businesses are the
same
• Still, there are a handful of risks that every
entrepreneur has to take at one point or another.
7. THE FOLLOWING ARE SEVEN RISKS THAT EVERY
ENTREPRENEUR MUST TAKE, FROM THE START (THE
IDEA) TO ONGOING DEVELOPMENT:
• Losing the steady day job.
• Sacrificing personal capital.
• Predicting behaviors and outcomes.
• Betting on a central idea
• Trusting your partners and teammates.
• Betting on a crucial deadline
• Donating personal time (and health).
8. LOSING THE STEADY DAY JOB.
• Entrepreneurs have to leave the mainstream job to dedicate
enough time to their ideas and personal goals.
• Thus,you’ll sacrifice a steady paycheck - you’ll be relying on
the profit and performance of your company to pay your
salary, and during the first few years, you might not have
anything to show for it.
9. SACRIFICING PERSONAL CAPITAL
• All businesses need some kind of capital in order to get things
moving.
• You might be able to acquire funding, get donations from
friends and family members, and even establish a line of
credit in a bank ...
• ... but you’ll usually end up putting your own money into the
business as well.
10. RELYING ON CASH FLOW.
PREDICTING BEHAVIORS AND OUTCOMES
Most of the departments within your business will live
or die by the correctness of their predictions:
they must predict: cash flow, buying habits of key
customers and so on.
11. .
BETTING ON A CENTRAL IDEA
• To be an entrepreneur, you have to invest everything
into your idea. In the phase of planning your
business, everything seems perfect.
• But you’re going to face the real-world: people are
somewhat unpredictable
• No matter how good your idea looks on paper, there
is always the possibility that it won’t be the hit you
think it will be.
12. TRUSTING YOUR PARTNERS AND TEAMMATES
Nobody builds a business in a vacuum.
• You’ll rely on your investors for funding and support.
• You’ll rely on your partners and vendors
• You’ll rely on your employees to carry out your vision.
• Any gap in this network could mean a critical failure within
your company, so, you’re putting your business in your
partners’ hands.
13. BETTING ON A CRUCIAL DEADLINE
DONATING PERSONAL TIME (AND HEALTH).
• Startups are, by nature, forced into strict timelines. Their
finances are fragile, and their investors are eager to start seeing
the wheels turning. As a result, most entrepreneurs are forced
to make multiple goals and depend on a handful of
deadlines.
14. • You’ll spend hours doing work to make
your company successful…
• … and your remaining hours worrying about what
you have or have not done thus far.
• The rewards of entrepreneurship often outweigh these
personal risks, but you have to be prepared to live this
type of lifestyle.
15. IF YOU’RE TRULY DEDICATED TO BEING AN
ENTREPRENEUR, TAKE THESE RISKS, HEAD-ON AND
DON’T LOOK BACK.
16.
17. • Mark Zuckerberg once told a group of young
entrepreneurs at Y Combinator’s Startup School in
Palo Alto that it’s risky not to take chances.
“In a world that’s changing really quickly, the only
strategy that is guaranteed to fail is not taking risks,” he
said
18. CREATED BY:
• Elina Dedele
• Viktorija Matule
• Marianna Pankevicha
• Māris Locs
• Tatjana Revina
