So it's exciting, but it's also risky.
So let's talk about the cycle of entrepreneurship because
it's important to think about that.
So in some ways, a great deal of entrepreneurship is about risk management.
And the first thing you wanna do is sort of to assess,
to figure out where the opportunities are, where the markets are.
Where are the places where you can jump into new markets?
And the next thing you wanna do is evaluate.
Is that really worth the risk for the opportunity?
What's the possible payoffs?
And then you wanna manage your risk, you wanna be careful.
What is the right amount of risk, or the right possible amount of reward?
Then you're gonna watch and you're gonna do some things and
you're gonna make efforts there.
And then you're gonna measure the outcomes.
Are you getting the kind of return that you were hoping for?
This is one of the reasons why many people who have jumped in to making games
on platforms like Google Play, or iOS, or the Amazon App Store.
They're starting to assess whether or
not they're getting the payoff that they want from that.
Managing risk is one of the key components of entrepreneurship.
You're trying to balance opportunity and cost.
It's important to think about that there's actually a lot of common traits in
entrepreneurs.
Now, sometimes it comes off as arrogance.
But this really rock solid belief in themselves and their idea.
And so hopefully, that comes from a position of competence,
knowing what they know.