Defining an Entrepreneur-No Guts No Glory

According to Google, an “entrepreneur” is “a person who organizes and operates a business or businesses, taking on greater than normal financial risks in order to do so”. This is true of any type of company, including IT consulting. In order to be successful, you have to be willing to step outside of your comfort zone and explore unchartered territory. An accomplished entrepreneur has to take risks in several forms, as we explain here.

Financial Risk

You have to spend money to make money. An entrepreneur needs to be able to take financial risks in order to turn a profit. Quite often they will contribute their own capital to get a project going, in addition to others investors involved. If they fail, it could cost them their savings and livelihood as well as that of the other financial contributors. If the project succeeds, they could make back their money exponentially, which is why the risk can be worth taking. It is important that an entrepreneur do their homework to offer to reduce this risk.

IT Risks

In today’s world, the choices you make in technology for your business can make or break you. Entrepreneurs need to know what networks and equipment are appropriate for their goals. Unless you have a strong IT background, this can be extremely overwhelming. Choosing the wrong systems can leave you behind the competition and looking unprofessional. If you can’t fix problems when they arise, it can set you back days and thousands of dollars. Many successful entrepreneurs have learned the value of IT consulting because you will then have a technology partner who will absorb the risk for you. A qualified IT managed service provider knows how to assess your business and set you up with what is appropriate for your needs, while monitoring your systems 24/7.

Social Risks

For those who truly think outside the box, there can be a great deal of risk when presenting a product or service that is not the conventional norm. Successful entrepreneurs have to truly believe in themselves and what they have to offer. Thick skin is a must as you are challenged by those who find you to be different and have trouble accepting your innovations.

Personal Risks

Creating a successful business takes a great deal of time. Long hours go into planning, creating, networking, travel and more. All this time can take a toll on family and personal life. Loved ones may feel ignored or neglected. A successful entrepreneur can have trouble balancing work and life, so they must decide if they are ready for a family or committed relationship, until their company is well off the ground, otherwise they risk losing people that are close to them. Involving family in the business is one way to stay close, but that is another risk because it can cause rifts when problems arise.

 

At Troinet, we take pride in investing in you. We want to see your dreams come to life with the use of technology. Whether you are a seasoned or budding entrepreneur, we are your technology partner and can help take on the risks of running your company so you can regain focus, gain a competitive edge, and reduce your technology costs.