Interview with Gamelit Author Dames Handsome, on Entrepreneurship
We understand that your son and wife had a big role in developing the stories in the Fairy Knights series as well, can you elaborate on that?
“Absolutely. I never planned on becoming a children’s author despite my constant work with them in education. The very beginning of my whole series was simply a night around the table with my family. I had made an rpg game for them and they had decided to join in and play. It was fun right from the get-go, with my son making this wild character called Ching Goo (friend in Korean) who was him as a fairy, a wise-cracking, funny, and quite spontaneous boy who went to Sheepee Elementary School and who didn’t always think things through so well. His mom made a character named Oma Bell (Mother Princess) and she was the one who tempered his wild plans and doings, bending his spontaneous and creative ideas into useful action and accomplishing the work of heroes.”
It’s a well-known statistic that over 30% of entrepreneurs fail within the first two years. This isn’t designed to frighten you away from establishing your own book or small business; rather, it’s intended to demonstrate the realities of entrepreneurship. Taking risks is an important part of becoming a successful business owner.
Countless company owners have taken risks to get to where they are today. Taking risks, on the other hand, does not imply entering a company blindly and expecting big returns. Instead, handling risks effectively requires meticulous preparation and a solid strategy.
Why do business owners take risks?
Every entrepreneur and small business owner has their own motivation for starting their own company. That implies you and every other entrepreneur are selecting to take unique risks based on your business model. However, the five factors listed below might be used to narrow down why entrepreneurs choose to take risks.
- If you don’t try, you’ll never know.
Nobody can really know whether or not a risk will pay off, no matter how calculated it is. This should not, however, deter you from taking chances. Risks are important if you want your company to prosper. “Progress always includes dangers,” according to Frederick Wilcox. It’s impossible to steal second base while keeping your foot on first.”
You have no idea how the future will turn out or if your company will succeed. You may, however, prepare ahead to help lessen the risk of failure. Developing a company plan, examining financial possibilities, and evaluating early performance are just a few of the tools available to assist you navigate the unknown. You’ll never know until you try, but you may at least prepare yourself for several scenarios.
- Taking chances teaches you something.
Some chances may not pay off, but a risk-taker who is optimistic will always see failure as an opportunity to learn. The desire to try new ideas, according to Michael Stelzner, owner of Social Media Examiner, is critical to company success. “Nothing risked, nothing gained,” he says.
Failure will teach you how to think carefully and prepare ahead. Remember that not all risks are beneficial, and that if you fail, you should learn from your mistakes and adapt your plan. In fact, this method of thinking should become ingrained in your company practices. It’s critical to have a system in place that allows you to examine your performance, whether you succeed, fail, or fall somewhere in the center.
- Risk is linked to innovation and opportunity.
Changing the way people do things is what innovation entails. When you add in the reality that clients’ needs are continuously changing, you’ve got a steady stream of new business prospects. It’s all about sharing and teaching what we know, as well as putting fresh ideas into practice on a continuous basis.
Risk is accepted by business executives as a cost of opportunity and innovation. They know it won’t happen if you refuse to embrace the possibility that your project may fail. However, if you do all available calculations and examine which choices are preferable before moving on to the next phase, the amount of risk may be reduced. Even though it’s dangerous, the more clearly you can prove your concept or a certain approach, the more likely you are to succeed.
- Those who are willing to take chances have a competitive edge.
Because most individuals prefer to avoid taking risks, those that are willing to do so already have a competitive edge. When most people avoid danger, there is less competition for risk-takers, similar to the idea of a first-mover advantage. This implies that if you’ve discovered a valuable opportunity and no one else has taken advantage of it, you’ll be the only company receiving the advantages and engaging with consumers.
So, if you’re thinking of taking a chance, keep your competition in mind. They may choose to take the risk instead if you do not. However, as long as you understand the prospective return, you’ll be able to determine whether or not it’s a risk worth taking.
- Risk-takers may be happier and more pleased in their life.
The majority of individuals are unwilling to take chances, however a research on risk-taking found a correlation between risk-taking and personal pleasure. You won’t reflect on what may have been or the terror you felt when confronted with uncertainty. Instead, you know what happened if that “what-if” scenario came true, and you can be proud of the fact that you were ready to take risks in order to build your company.
Again, this does not imply that you take chances at every opportunity, but rather that you take reasonable risks after careful consideration. It’s just as enjoyable to avoid unneeded risks and say no to new ones based on previous experiences. Finding the appropriate balance and taking chances when it makes sense, even if there is a danger of failure, is a certain approach to achieve success and happiness.