Entrepreneurial Risk and Return
Whether you are pursuing a new business venture, or developing a new product, division, or service within an existing organization, the entrepreneurial process is both a risky and potentially profitable endeavor. Because businesses must operate in an ethical manner to ensure long-term sustainability, the process of identifying feasible new entries and exploiting lead time on the one hand is balanced by the need to assess risks and conditions of uncertainty on the other.
With these thoughts in mind, and based on your reading for this week:
How do you identify entrepreneurial risks, and how might you mitigate them during the entrepreneurial process?
Conversely, how do you recognize entrepreneurial opportunities, and how would you go about capitalizing on them? What role do effectuation and cognitive adaptability play in the process?