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FROM THE SPONSOR: Risk vs. Reward

2 min read

A venture is “an undertaking involving chance, risk or danger,” according to Merriam-Webster Dictionary.

The element of risk in business ownership can be exciting as well as scary.

Entrepreneurs decide stepping into the unknown is worth the risk for many reasons. Over my 33 years at the Arkansas Small Business and Technology Development Center (ASBTDC), these five are among the most common given by our clients:

• Pursue a passion — As the saying goes, “Do what you love and you’ll never work a day in your life.”

• Create something new — Fill gaps in the market or offer unique products or services not currently available.

• Be your own boss — Have control, flexibility and creative freedom.

• Make a difference — Focus on solving a problem or bettering the community.

• Generate wealth — Ensure your and your family’s long-term financial future.

You bring a unique background, skill set and personality to your venture. Keeping your “why” at the forefront will help you build everything from processes to products in a way that supports your vision.

There’s no sure thing in business. Not all new businesses develop into profitable and successful ones that endure and thrive. What does it take to nurture a business and keep it going?

Don’t leave to chance what you can control. Have a solid business plan, identify your target market, build a product or service that meets customers’ needs, secure funding, manage cash flow. And be ready for the unexpected – prepared to face numerous setbacks, agile enough to adjust business strategy as needed and determined to overcome the inevitable obstacles that arise.

You don’t have to do any of this alone. ASBTDC has served as trusted advisors to new and established businesses for more than four decades. We are here to help, now and in the future.

Both for you and for Arkansas, entrepreneurship’s upside is real. Building something from scratch and seeing it grow and succeed can be very rewarding, both personally and professionally. Your venture can also have a big impact on the local community and state, creating jobs and contributing to the local economy.

Laura Fine
State Director
Arkansas Small Business and Technology Development Center

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