Most new commercial ventures fail within their first five years, and entrepreneurs in Minnesota and around the country are frequently warned that taking action without meticulous planning beforehand could be a recipe for disaster. However, some of the most successful business owners in America built their fortunes by ignoring words of caution and taking bold action whenever opportunities presented themselves.
Contradictory advice is not uncommon in the business world, and successful entrepreneurs are able to sift through the noise and focus instead on what could actually be of use. Technology has brought opportunities that would have been unimaginable just a few short years ago well within reach, and some business experts are encouraging entrepreneurs to adopt the strategies of casino gamblers in order to take advantage of this new paradigm.
These experts point out that gambling teaches people to view regular losses as an expected and unavoidable part of the process. Veteran bettors also understand that just one major win can make up for a protracted losing streak. Entrepreneurs may apply these lessons by focusing on high-risk opportunities that offer significant rewards but call for little investment of time or money. Experts say that adopting such a strategy could help to make business owners less averse to risk and better prepared emotionally to deal with setbacks.
Fear of failure or trepidation at the prospect of the unknown prevent many Americans from pursuing their entrepreneurial dreams. Experienced business law attorneys may assist those thinking of going into business for themselves by explaining the importance of the decisions made during the business formation and planning stage. One such decision is selecting the appropriate legal entity to adopt, and attorneys could make this choice more straightforward by detailing the advantages and disadvantages of corporations and limited liability companies.
This information is general in nature and should not be construed as tax or legal advice.