Question

How does risk play a factor in entrepreneurial decision making?

2. Describe a risk that you have taken regarding your education or career?

3. How can you incorporate entrepreneurial thinking into your everyday decision making process?

Answer 1

Q. 1)

Business innovation by way of taking huge amount of uncertainties and risks is entrepreneurship. Therefore, risk is a phenomenal part here. Since there is innovation in doing business, there is no clear picture from the past which can be followed. The business becomes new of its own. The decision of an entrepreneur highly depends on how much risk could be taken – suppose a new food item may be taken which has a unique taste; the entrepreneur can’t say in surety that customers will also like it; therefore, starting with a small scale is recommended.

Q. 2)

Career: It was in the year 2005 when I completed my college degree and was searching a suitable job. I got a job in my state but was not so good. Therefore, I took a risk by leaving that job and searching a better one by staying in other state. It was a huge risk, since I didn’t have any job in hand and at the same time spending for food and shelter was increasing. It took almost 2 months to get a suitable job and the decision of taking such risk gave result ultimately.

Q. 3)

This could be done by increasing ideas, thoughts, and thinking ability. A person must have an innovative frame of mind – this is the way of doing something creative. In above example I visualized the fact that I could do better than what I was doing. This is the reason why I left the job and drive in full swing to get better.