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life in rural nebraska

Risk

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We’ve spent a great deal of time lately talking about entrepreneurship and the growth of an entrepreneurial culture in Valley County, much of it to do with our growth in new businesses over the past nine years.

One element of entrepreneurship that needs further attention is the importance risk plays in the entire effort.  If you attended our prior year’s annual banquet, Tom Chapman, our keynote speaker, spoke at length about risk and developing a culture of failure.  Specifically, on the importance of developing a culture that understands risk is essential in both success and failure.  We all seek success, but many of us, especially in Nebraska, are wary about accepting failure as critical component in entrepreneurship.  Yet we learn time and again, risk and failure are integral to entrepreneurial success.  To quote Edison, “I have not failed. I’ve just found 10,000 ways that won’t work.”  While we don’t have Thomas Edison to negotiate risk for us, we do have folks in Omaha to help us out.  Silicon Prairie News elaborates on this subject nicely:

We spend a LOT of time talking about “how to build a culture of risk taking.” In fact, if we look all the way back to things that Sarah Lacy said well over a year ago, it’s a critical component.

This visible display of support for such a “risky” thing is EXACTLY what builds strong entrepreneurial ecosystems.

Risk, uncertainty and failure are all part of business.  Successful plans to manage risk are essential for business viability.  Recall our post yesterday – the major number is 5 years.  Manage risk and failure to the 5 year mark and the likelihood that your business fails decreases dramatically.

Here’s your Friday question of the day:  how do you manage risk?

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Written by Caleb

November 13, 2009 at 6:25 pm

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