I heard this quote recently at the 15th Anniversary Celebration of the Women’s Business Enterprise National Council (WBENC), a premiere gathering of women entrepreneurs from across the country who have come together to share ideas and collaborate on business strategies. A common theme woven throughout the conference was the importance of risk taking – namely, that every woman entrepreneur must be willing to step into an area outside of her comfort zone.
As I’ve often said, great success rarely happens without taking some risk. Here are a few quick tips to navigating risk successfully. All of these factors are key ingredients to attracting the investors and financiers that will help build your business into the next great new company.
1) The level of risk can be mitigated when you look at business models and ideas that already work.
2) You must be fearless.
3) Once you’ve developed an idea and run it by your trusted confidants, stand confident in the knowledge that it is a good one. Never waver.
4) Develop a business plan and be willing to modify it when you see a change in the market – make sure that your plan is a road map and not just something kept in a shelf.
All of these factors are key ingredients to help her attract investors and financiers for a business.