A successful entrepreneur is the person who knows how to reduce & manage the risks he’s facing to produce the best decisions that will lead to the best results for themselves & their business. Here are some ideas that you can apply to reduce risks & improves your chance of success.

1. Strategy For Success

2. Among many characteristics that successful
entrepreneurs possess, risk-taking is possibly
one of the most important

3. However, one can’t succeed if he is just
purely a risk-taker

4. Successful entrepreneurs are
those who know how to reduce
& manage their risks to
produce the best decisions that
will lead to the best results for
themselves & their business

5. Tips To
Reduce Risks
& Improve
Chance of
Success
1. Murphy’s Law
2. It Will Take Longer To Reach
Break-Even
3. The Fudge Factor + Crisis
Anticipation
4. Be (Fiercely) Realistic
5. Conquer Your Fear

6. Murphy’s Law

7. Murphy’s Law
“Whatever can go wrong will go wrong”

8. Take a closer look at the things you’ve
done to identify whether there is a high
chance of risks that can be avoided

9. It Will Take Longer To Reach Break-Even

10. On average, it will take about 3 times
longer than initial calculation for
businesses to reach break-even point
& start making money

11. Remember to always
triple your break-even
point timing estimation
to get a more correct &
realistic number

12. The Fudge Factor + Crisis Anticipation

13. Remember to always add a
“fudge factor” to account
for errors or unanticipated
circumstances

14. Try to identify & make a list
of all the worst possible
things that could potentially
go wrong with your venture

15. Based on that list to come up with
prepared solutions that you could use to
counterbalance the negative factors

16. Be (Fiercely) Realistic

17. Successful
people are
often found
to be
extreme
realists

18. Don’t put your trust in luck but rather
carefully calculate every possible risk &
have solutions already prepared in case
something unfortunate happens

19. Conquer Your Fear

20. In order to become a successful entrepreneur,
you must know how to conquer your fears, or
better, the fear of taking risks

21. Overcoming fear is not something you can
do at once, so just gently take one step at a
time by practicing goal setting & reviewing

23. Questions, Comments or Clarification?
Contact: Maverick Mentoring For Business
Email: peter@maverickmentoringforbusiness.com.au
Phone: 61 3 9005 8275