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Written for EO by David Disiere.
Fear of failure can have significant sway over entrepreneurs wanting to launch their own startups. But imagine what would be possible if failure were completely and utterly avoidable. Further, imagine what would be possible if failure did not hold anyone back.
I spent decades as a sort of an insurance vagabond, drifting from role to role. This path certainly gave me a much broader view of the industry, and the experience was invaluable for my development as a leader. But it was not easy. To this day, I come into the office ready to listen, observe, and learn because of the time I spent navigating the uncertainties and mistakes of those early days.
Accepting risk as part of entrepreneurship took time. Even now, it can be difficult to deal with ambiguity. But accepting risk as an inevitable part of starting a business is key to your success as an entrepreneur. It’s all in how you frame the challenges and learn to maximize your chances of success.
Here are the three steps to moving forward while factoring in that element of risk:
1. Know that uncertainty is different from risk.
People often mistake uncertainty for risk. While both terms relate to the “unknown,” there is at least one characteristic that makes risk much different: It can be quantified.
You do not build a business knowing you have a 90 percent chance of success; rather, you go into the venture knowing there will be some uncertainty involved. As economist Frank Knight puts it, uncertainty cannot be quantified and is not susceptible to measurement.
Because entrepreneurs often thrive in uncertain conditions in which the chance for success might not be clear but is not impossible, uncertainty can be a driver, not an obstacle.
2. Prepare thoroughly.
Even though 50 percent of small businesses fail within five years, entrepreneurs have the ability to prepare for the risks that might come their way.
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