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Complete 6 pages APA formatted article: Entrepreneurial Risk Traits and the Ability to Manage Uncertainties.
Complete 6 pages APA formatted article: Entrepreneurial Risk Traits and the Ability to Manage Uncertainties. As the owner of the business, an entrepreneur is also perceived as a risk taker. This is because all the decisions pertaining to the success or failure of the business lies with him. Despite this revelation, the Global Entrepreneurship Monitor in 2006 reported that many people in the UK are risk averse, with more than two-thirds of respondents revealing so. As many of businesses fail, such fears are well placed. Many businesses fail due to a number of reasons among them being lack of finance, poor infrastructure, shortage of skills and complexity of regulations or the red tape among others (Storey 1994, p.5-9). Nevertheless, the ability to evaluate the uncertainties and risks that are integral part of all businesses decisions is a vital element of successful entrepreneurship. For this to be accomplished, entrepreneurs must do their research properly to ensure that all reasonable steps are taken to mitigate any potential failure. This is because, the outcome of a successful risk taking result into a profitable venture (Timmons 1999, p.15-22). The objective of this paper is to explore how the entrepreneurial trait of risk taking and the ability to cope with uncertainty may impact the operating environment of a small business.
