Women own more than 10 million small businesses in the United States, and that number is expected to soar over the next few years. However, there are unique challenges that face women who own small businesses as opposed to men. One such challenge is a difference in attitudes, and specifically, risk-taking behavior, as women are less likely to take risks than men. In the business world, risk-taking is required, and that certainly applies to women business owners.
No Risk, No Reward
It’s cliche, but it’s true: No risk, no reward. This applies to small businesses as well. For example, considering taking out a larger loan to create a marketing budget. Expanding your marketing reach will, if done smart, result in more customers and a lifetime of revenue. This is a risk, but it’s also an investment. It’s one which businesses must make in order to expand.
Your Risk Doesn’t Have to Be Risky
Just because you are taking a risk doesn’t mean that you are risking everything or being reckless. You can still take a chance but be smart with your risks. Let’s use the example above: You take out a larger loan for marketing purposes. That’s not to say you’re just going to set fire to the money. You target your marketing efforts based on the best data available, and you make sure that you have alternative plans in case the marketing campaign doesn’t work out. You can even protect your income in the event something goes really wrong by always making sure you have backup plans and money squirreled away in case your business runs into a real problem.
Success Has Never Come Without Risk
It doesn’t matter if you’re talking about relationships, businesses, politics or sports, the simple truth is that risk-taking is a requirement for success in any field. One of the things that small business owners immediately discover is that risk-taking is terrifying, but it is also a required element of success. Women who own small businesses shouldn’t be afraid of taking calculated risks in their businesses.
Risk-taking isn’t something that should be avoided. While risks should be smart, calculated gambles, all business owners must be prepared to make them, and that certainly includes women. To that end, women who own businesses shouldn’t be afraid of taking risks; indeed, they should embrace the chance to make their business better and more successful.
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