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You need a business idea if you want to start a business. However, just by having a good business idea won’t necessarily guarantee instant business success. Here’re some misconceptions that people have about business ideas:
Taking risks is common behavior. Indeed, taking risks is for many of us a means to an end. In fact, without taking risks, neither your business nor you will ever know your true potential, says John Benjamin in the Tribune. But why is taking a risk so easy for some and, on the other hand, so difficult for other? It has a lot to do about who we are, and the environment we are operating in.
What does taking risks mean?
According to the Collins Dictionary, risk-taking means taking actions which might have unpleasant or undesirable results. So it is something you do as a result of a decision you’ve made. And most of the time something or someone has triggered you to make a decision 1.
Even with Big Data, Artificial Intelligence and Decision Support Systems, humans mostly need to make the final decisions regarding which business strategies they will pursue. As result of this, we can’t escape the humanity of decision-making in business environments.
Now that you’ve made the decision to start your own business, the next step is to answer questions about your business. However, before starting, you must get your mind in order. Here are some questions that, if you answer them honestly, will help you to make the right decision.
It seems that start-up businesses fail more easily than established businesses. Many good business ideas have been vacated by entrepreneurs because of the fear of failure. Furthermore are venture capitalist and banks hesitant to fund start-up businesses because of their perceived high failure rate. But what are the reasons that start-up businesses fail?