A lot of entrepreneurs refrain from taking risks in business. There’s a lot of second-guessing and gut-wrenching fear about what if things don’t work out the way they imagined. Well, countless small-business owners are now global entrepreneurs with a lot of success and money because they took risks initially. Imagine the state of our technology, economy and society without these risk-takers! Let’s take a look at why risk-taking is essential for entrepreneurs: 1) Higher the Risk, Greater the Potential Reward It does not mean taking risks blindly without any research and technical know-how. Taking risks involves diligent market research and scoping out various possibilities and outcomes before embarking on such a journey. The risk-return tradeoff applies for investors as well as entrepreneurs using that investment. Calculating future scenarios and business capabilities beforehand is essential. Factors such as overall risk tolerance and the ability to replace lost funds is a must. 2)…