Risk aversion can be both a blessing and a curse. Entrepreneurship is a job charged with new risks around every corner, and it’s important to take enough calculated risks to realize your goals. Here’s how this risk-averse entrepreneur is crushing it in the fashion scene, getting her start by selling via popup shops and social media before she even had a website.
“I knew that I need to make a good product and if you make a good product and you do not compromise with your basic principles and what is holding you together, then I think eventually slowly things do turn out in your favor.” – Shilpi Yadav of Kharakapas
There’s a new lifeline in town for businesses in Baltimore and Los Angeles. PLUM, or the Partnership for Lending in Underserved Markets is an initiative to test ways to bring access to capital to black-owned businesses. As one local Baltimore small business owner put it, although initiatives similar to this have been started in the past, local businesses have yet to see the rewards of such a program. The PLUM initiative is looking to solve this problem and build a program that endures.
Who is your target audience, and do they need what you are providing? Author Mike Marani lays out what you need to ask yourself while you travel the road of starting an internet business, tools you’ll need to use to get to where you want to be, and the hard truth about growing a business. Not starting an internet business? Mariani explores principles that can be applied to starting other types of businesses and is worth a read.
A difficult sale comes with an added cost in terms of both time and money. But there’s an inherent risk in sticking with easy sales in a B2B business—if you’re selling to businesses that have a critical defining characteristic, you could potentially lose all your business at once.
Immigrants play a key role in the entrepreneurship economy, and their impact continues to grow. Recent database analysis conducted by Harvard Business Review reveals just about 15% of the general U.S. workforce, but around 25% of U.S. entrepreneurs. Immigrants are, in general, launching smaller firms that close at a faster rate but grow at a faster rate in terms of employment, payroll, and establishments.
This article was originally written on October 7, 2016 and updated on January 3, 2019.