The greatest risk one can take is not to take risks. This can be seen as a direct result of the need to innovate for entrepreneurs. To innovate, one needs to take certain risks. If one chooses not to do so, that’s probably the easiest way to make the enterprise obsolete, which, in fast times like these, is the road to certain death for the startup.
Simply put, it’s necessary to take chances from time to time, to look away from the actions which result in the obvious, and dare to discover the unexplored. At worst, one can fail. And who says that’s bad.
To hear from the horse’s mouth, just tune in to Steve Jobs’ Stanford commencement, if you haven’t already. Steve Jobs has made some great mistakes, no doubt. But he learnt from them, and subsequently (and perhaps consequently) rose from them. The important thing here is not to repeat the mistakes over and over again.
This is especially true for start-ups, to take risks earlier, so as to exhaust the mistakes. You would rather make your mistakes when small, than big.
And then, there was this very interesting round of questions from the audience....(contd.../)