ENTREPRENEURSHIP

Detailed explanation-1: -The second myth about entrepreneurs is that they are gamblers and take big risks. The truth is, entrepreneurs are usually moderate risk-takers, as are most people. The idea that entrepreneurs are gamblers originates from two sources.

Detailed explanation-2: -Risk-taking is an important part of entrepreneurship and business. Risk-taking is defined as trying out something new when the results are largely unknown. A risk-taker is someone who will risk everything in the hope of achieving their goals.

Detailed explanation-3: -Entrepreneurs are not extreme risk takers: Entrepreneurs with gambling tendencies are usually not successful because they are leaving too much to chance. Most entrepreneurs are calculated and gauge what they are willing to lose with each step taken.

Detailed explanation-4: -Both are investors in different ways. A gambler’s investment is usually in the form of bets or wagers and can start with very small sums of money. An entrepreneur is also an investor with more commitments; he needs money to start and run their business but a quite bigger amount of money base.

Detailed explanation-5: -They are risk takers. To be more specific, good entrepreneurs are calculated risk takers. They see an opportunity and like gamblers, they place a bet. They bet their capital, their time, and other resources that they will be able to exploit the identified opportunity and create a successful business based on it.