There is no doubt that risk taking is essential to take a final decision to invest in a project, but without 'calculation' that risk turns into a dangerous adventure in no man's land which may abort a potential success story.
Entrepreneurs should be business oriented in the sense that they 'see'opportunities and develop an ability to 'grab' these opportunities fast before they are lost. Here lies the real challenge of entrepreneurship: the paradox of being fast enough to grab an opportunity while doing a calculated risk analysis? I personally think that tuition or gut feeling play a part here. Entrepreneurs do have that sense of potential success that sometimes gives them direction and an advance alert to which way they should go.
Because of the fierce competition entrepreneurs are always going to get in the market, I believe they have to develop their own 'competitive advantage' not only in filling a market demand in a non-traditional way, but in becoming too much 'customer driven', a business competitive edge that would single them out from competition and bigger business entities in the market.In the 21st century, only customer driven organizations will stay afloat and win the 'who get the customer first'race.
Flexibility is another critical competence that entrepreneurs should develop in order for them to be able to cope with the constant change in their markets' dynamics, customers' tastes and demands, competition practices, and strategic alliances' approaches. Their business plans should be built around flexibility and fast response to environmental changes.
Finally, entrepreneurs need to develop an 'acquired taste' for success. This would help them distaste failure and crave for sustainable success that is built around their customers loyalty.
Entrepreneurial Thinking - To learn more about this author, visit Dr. Fathi El-Nadi's Website.
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Dr. Fathi El-Nadi
(Visit Dr. Fathi's Website)
Certified Crosby College TQM Instructor;
Management & HR Development Senior
Consultant to a number of Egyptian & Arab
enterprises across the Middle East. -
Rated by The Society for Human Resources
Management (SHRM) as Senior HR
Professional due to his significant
contributions to prominent Multinationals
in the US, The Gulf, and Egypt. - Had held
senior Management, HR, and Training
positions in SOM, Johnson Wax, General
Motors, and Bristol Myers Squibb. -
Currently teaching Management, HR,
Strategic Management, and OB at a member
of prominent private universities in
Egypt. - Management & HR Development
consultant to USAID, CIDA, DANIDA & IFC on
development projects in Egypt. -
Professor, Strategic Management & HR
Development (The Arab Academy for Science
& Technology / AUC) - Consultant & Member,
The National Committee for Faculty &
Leadership Development Project (FLDP), a 7
year World Bank Funded project to enhance
the quality of Higher Education in Egypt.
- Consultant to a number of Egyptian State
universities on Strategic Planning &
Quality Improvement projects.
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“The idea of an entrepreneur is really thinking out of the box and taking risks and stepping up to major challenges,” says Case. “You can be entrepreneurial even if you don't want to be in business.”
