This opens up another topic that is equally interesting, which is the relationship between entrepreneurs and risk management.
My observation is that entrepreneurs are NOT risk takers. They are very much risk-averse. This is a strange comment but as an entrepreneur, I differentiate between taking risk and mitigating ambiguity.
I don't gamble and I don't play the lottery. I think doing so would be taking undue risk because I have absolutely no control of the outcome.
On the other hand, doing startup is not risk to me because I believe I can control the outcome. It is just that the outcome is somewhat ambiguous which I know how to mitigate.
I suppose if I take a step back, this is not unlike the difference between an amateur gambler and a professional gambler. If I know how to count cards, I won't think that I am taking risk neither.
My observation is that entrepreneurs are NOT risk takers. They are very much risk-averse. This is a strange comment but as an entrepreneur, I differentiate between taking risk and mitigating ambiguity.
I don't gamble and I don't play the lottery. I think doing so would be taking undue risk because I have absolutely no control of the outcome.
On the other hand, doing startup is not risk to me because I believe I can control the outcome. It is just that the outcome is somewhat ambiguous which I know how to mitigate.
I suppose if I take a step back, this is not unlike the difference between an amateur gambler and a professional gambler. If I know how to count cards, I won't think that I am taking risk neither.
--Denny--