The word entrepreneur literally means “bearer of risk”.
But what is risk?
Risk is taking action that has two possible outcomes:
- Good – Some probability of benefiting your life.
- Bad – Some probability of adversely affecting your life.
When you take risk, you are exposing yourself to either a good or bad outcome.
Most avoid risk because they focus only on the possibility of a bad outcome.
Fear grabs them with both arms and prevents them from taking any action at all.
Self-made millionaires, however, are able to overcome that fear.
They are like Harry Houdini, able to break free from the grip of fear and take action on their dreams and goals.
Are self-made millionaires simply more courageous than most people?
They have certain Fearless Habits that enable them to overcome the fear of taking risk:
- They Prepare Before They Leap – Self-made millionaires study and practice relentlessly and become experts before they take a leap. When they do take risk, it is typically an educated risk – a risk they studied and prepared themselves for over many years. Educated risk means you understand what can go wrong. There is no uncertainty about all possible outcomes.
- They Expect Failure – Fear loses its grip when you pursue anything expecting mistakes and failure. Because they expect failure, they prepare for the worst. If the worst does happen, they are able to navigate around it because they prepared for it. They have a plan for the worst case scenario.
- They Know How to Pivot – Self-made millionaires are constantly seeking feedback. Feedback gives you the information you need to allow you to pivot and adjust. Pivoting means you are not locked into a specific way of doing things.
- They Focus on Their Vision – They have a clear picture of the outcome they desire. This means they are not easily distracted when something goes wrong. Their vision allows them to stay focused and persist.
- They Surround Themselves With Experts – In any project, initiative or pursuit, things will go wrong. Self-made millionaires anticipate that things will go wrong so they surround themselves with individuals who have done what they are trying to do; who are experts at what they are trying to do. When something does go wrong, they lean on their experts to help them navigate the pitfalls.