5. Risk Tolerance
As an entrepreneur who has decided to build a business, you must be fairly comfortable with the idea of risk.
But this is always a balancing act between risk and recklessness.
Going into something without any knowledge of it or without doing research is reckless and shows a cavalier attitude.
Mitigating the risk of your business endeavor is essential if you are going to make it work.
This means learning about the industry you are going into from top to bottom and who are the big players why they are successful.
You experience risk daily and make decisions to mitigate it, and the business world is no different.
Any part of your business can go wrong at any time.
A successful entrepreneur needs to be mindful of this and build systems to manage failures.
Also, remember, the concept of risk is a very subjective thing.
A small risk to you could be big to someone else.
Always analyze your company and its risk and see if you can improve it.