SFS Minute 1006: Risk

This week, we are going to talk about how people get rich in America. I've already pointed out that millionaires are mostly first-generation entrepreneurs and business owners. So, the question is, what is entrepreneurship? I've already pointed out that it is not necessarily about creativity. You can be creative, but most entrepreneurs are not. I'll bust another myth about entrepreneurship right after this. Another myth is that entrepreneurs love risk. The exact opposite is true. Entrepreneurs do everything they can to reduce risk in all parts of their lives. They test ideas before they invest, they talk to customers before building products, and they start small and learn quickly. In fact, most entrepreneurs are more cautious than people realize. Successful entrepreneurs look for ways to learn cheaply before committing expensive resources.