RISK CONTRIBUTION TO ENTREPRENEURIAL SUCCESS

Abstract

The success of an entrepreneur depends largely on the level of risk he can take and how he has been able to use different strategies to minimize its negative consequence. Risk is inevitable in business. Risk is considered to be the uncertainty that is associated with business. Hence, to succeed in business, an entrepreneur must be ready to make sacrifices that are associated with risk-taking. For an entrepreneur to have a chance of success, he/she must have to take significant risk. This paper examines the contribution of risk to entrepreneurial success. It examines the factors that are attributed to the success or otherwise of an entrepreneur which include ability to take risk. Risk, therefore, cannot be neglected in business irrespective of the size or financial status. The paper concludes that, for an entrepreneur to succeed his/her stated objective, various types of risk that are associated with business must be examined by experts if the entrepreneur lacks adequate knowledge and competency, with the hope of yielding fruitful results.