Entrepreneurs are those people who are eager to take risks to start a new business. My first take on Tom’s advice on how to become a successful entrepreneur is “taking risks and making profits within the dynamic business environment” (Lennon, 2022). For entrepreneurs, the risk is the possibility of losing money and effort on a business venture they believe will fail.
A business venture’s profit potential rises in direct proportion to the degree of risk it involves. The second insight is that one must be ready to experience different kinds of setbacks. It is possible that most entrepreneurs do not have a fear of failing, but that does not imply they like it when setbacks occur. Once they have felt the pain of losing something, they go to great lengths to remedy the problem and return to work. Finally, I learned not to ask for permission to do something for instant venturing into this entrepreneurial field but to go and do it as permission is not coming.
If I was to start my own business, I would venture into the transport industry that will be offering general local transport services, export, and importation services to those individuals who are unable to export or import various goods. This is because several people, including other entrepreneurs, tend to have difficulties when importing or exporting goods for their businesses or customers who are not within the same country. This will make it easier for both the customer and the entrepreneur to access the services easily.
In conclusion, some of the risks I may face include rising customs duty rates, transporting vessels collapse, delaying delivery, and damage to fragile goods while transporting them, which may ruin customer relations. The unavailability of raw materials would not be a major obstacle to my business as I do not entirely depend on any to offer transport services.
Lennon, T. (2022). UB11E_Ch01_Tom_Lennon_Final_GK_v1. Viddler.com. Web.