[Fiware-general-help] The importance of risk taking

[EDD]

in a high but still controlled range!

In our series "21 Founder traits that helps succeed", this time it's all about RISK PROPENSITY. According to the definition of entrepreneurship, entrepreneurs are perceived as more risk prone than other people. Would you agree? Read here today about the importance of risk taking in a high but still controlled range.

I wish you new insights and stay curious.

Thomas Stranig

CEO

TRAIT 2.02

ENERGY LEVEL & ENDURANCE

Risk propensity

describes the willingness to make decisions even under uncertainty
and to accept possible failure in the process.

People with a high risk propensity are willing to accept failure in the sense of financial as well as personal loss if they rate the chance of success higher than the probability of failure.

The first formal definition of „entrepreneurship“ by Richard Cantillon in 1755 already includes the subject of risk propensity as a distinguishing feature from other „businessmen“: Cantillon describes the entrepreneur as an„adventurer“ with the characteristic ability to recognize fruitful business opportunities and to take advantage of them by taking a risk.

Radical innovation involves far more risk than moderate growth with continuous small innovation steps. In this respect, the willingness to take high risks is a fundamental prerequisite for tackling such an undertaking at all. However, in order to lead them to success and not to rush headlong into the adventure and go down with waving flags, the risk propensity should be in a high but still controlled range.

Dive deeper and discover the other TRAITS that are important for your business success!
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