Entrepreneur Interview

Becoming a Leader and Managing Risk

This week I finished reading Launching Leaders. It is such a valuable resource as I plan my future. I have really appreciated the attention to finding a calling that aligns with God's will rather than just trying to figure out how to make money. I feel more at peace when I ask for God's help and guidance.

This week I also delved deeper into my fears. Earlier this semester I read a statement about how risk isn't always a bad thing and it changed my way of looking at risks and fears. I realized I could calculate my risks by evaluating worst-case scenarios. This week I had the chance to write about those worst-case scenarios, while planning for mitigation and resolution. This really helps me realize I can take calculated risks, which is exciting! These questions were posed to me as I evaluated risk:

1.  If you pursue your calling with discipline, intentionality, and the help of fellow travelers, what are the chances that your worst case scenario will really happen?

Disciple can help lessen the chances of my worst-case scenario because quite often the answer if simply being prepared. For example, if I buy a rental property and do not have a tenant right away, this would be a worst-case scenario only if I am not prepared. If I prepare by saving for this possibility, then I won't worry about finances while the property sits empty. I can wait and analyze the situation as time goes on. I can lower the cost of rent or make updates to make the home more desirable. Eventually I could sell the property if necessary. 

Working with others, my fellow travelers, can also help ease this worst-case scenario. I have friends who own real estate for rental purposes. They often get phone calls from someone looking for a rental home, but they don't always have available property. We can agree to send one another contacts in these situations, which help both of us avoid vacant properties.

2.  As you look at your list of fears, what themes emerge? What is at the core of what you really fear? Financial ruin? The judgment or disapproval of others? Physical harm? Endangering the ones you love? Embarrassment?

I typically fear financial ruin. I have realized that while this fear might be understandable, it isn't necessary if I focus on preparing well. Yes, there is always risk, but there is also the potential to build a successful business that can bless my family and give us the opportunity to help others along the way. In the end, if this business venture doesn't work out, I can always get a job and earn more money.

3.  What is the risk of taking no action – not following your calling? How do you plan to deal with fear when it pops up on your entrepreneurial journey?

The risk of taking no action is missing out on an opportunity to have a business that could give my husband and I the lifestyle we have dreamed of. We both would be happy owning and managing homes in our current town. It would allow us to work from home, which gives us the family life we want. When my fears come, and I'm sure they will, I will follow the exercise I did today by listing the fear, then writing out what I can do to mitigate against the worst-case scenario, and what I could ultimately do to overcome the fall-out of the scenario if it actually happens.