In our latest vlog in the Successful Entrepreneur Series by Rose Burnett, discover why Successful Entrepreneurs are Bold Risk Takers? Click to play video now >>
VIDEO: SUCCESSFUL ENTREPRENEURS ARE BOLD RISK TAKERS | WATCH TIME – 11:26 Mins
Getting Out of Your Comfort Zone
Whether you have a new product idea or want to monetize a hobby you are passionate about, there is always going to be a certain level of fear and self-doubt about whether your ideas are going to work.
To be a bold risk taker, you have to push past the fear barrier and go for it!
Successful Entrepreneurs have learned to experiment with new ways of doing things and they foster trust and belief in their ideas. They push through the fear barrier, whereas this may constantly hold other people back.
You need to overcome the mental barriers in your mindset. The more you take risks and get out of your comfort zone, the more comfortable you will feel in that space.
It can make people around you react and feel uncomfortable because they don’t like taking risks or getting out of their own comfort zone.
Taking Calculated Risks
Being a bold risk taker doesn’t mean taking stupid risks.
Avoid investing a lot of money in a product or service idea, if you haven’t done your research around your customer base and whether there is demand for your product or idea.
A lot of Entrepreneurs fail with a passion project which they love doing because there is no demand for the product or service they have created.
You may love the process of creating it, but not many people may see the value in it.
Make sure you have a product people want to buy?
Research markets and trends before you jump in.
Avoid throwing away a job that pays your bills to chase a passion. You still have to be financially responsible and support yourself. Getting a part-time job or moonlighting to work on your passion project after hours, are all sound ways of getting started.
Work on growing your customer base and audience first, so that when you are ready to launch your product or idea you have a loyal fan base to promote to.
Creating a Scalable Business Model
When you are ready to launch, you need to figure out how to create a scalable business model around your product or service idea.
Think in two mindsets. In the first scenario, you may love doing something that fills you with absolute joy and want to do it all on your own. You are going to be limited by the number of hours you can work in a day.
You will be working to an hourly rate and will hit a plateau where you cannot take on any more work. You will discover this is as much as you can earn from that product or service.
You may start of this way and then build a team to increase your capacity and earning potential.
The other alternative is to create multiple streams of income around your product or service idea. Automating as much as possible, or outsource parts of it, so you are not physically working in the business all the time.
Successful Entrepreneurs Work Harder
Generally Entrepreneurs work much harder and longer than people working in a 9 – 5 job. They put in a lot of hard work in the first 1 – 3 years before seeing a lot of results.
Don’t get sucked into Quick Rich Schemes that making money is easy and quick online. Being an Entrepreneur and a successful one, means putting the hours in.
If you are creating something from an idea, you need to ask yourself:
- Do I have a passion for it?
- Will it light me up with joy when I’ve got to put in more hours than anyone else to make it work?
As an Entrepreneur you need to keep all these things in mind, yet still move forward.
There is No Safety Net
When you want to run with your ideas, remember there is no safety net. No one is going to catch you! You have to learn to support yourself.
You have to keep taking that next step, and the one after that, making progress. Focus on having achievable goals and creating a scalable, profitable business model.
Dealing with Naysayers
There will always be Naysayers, those people who don’t understand what you are doing, particularly if you are a visionary.
Other people don’t need to understand, if you’re are passionate Entrepreneur that takes bold risks, only you and your team need to understand the Vision in the initial phases.
Share a time in the Comments below…when you took a bold risk and got out of your comfort zone, and the results surprised you?
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