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How to Think Like a Successful Entrepreneur

Entrepreneurship is about treading new ground. It is about taking a step no one has taken before, at least not in that same way or in the same place. So it should not be surprising that much of the scholarly literature on entrepreneurship, since Richard Cantillon in the early 1700s, has focused on entrepreneurship as uncertainty-bearing.

Although “bearing uncertainty” might be what entrepreneurs do in the economy from a theorist’s point of view, it is not — and should not be — the rationale for starting a business. After all, uncertainty means the outcome is unknown, which, in turn, means it could end up ugly. In other words, uncertainty is a cost — it is a burden on the entrepreneur’s shoulders. Entrepreneurs are right to attempt to avoid the uncertainty.

The fact is that theorists have it both right and wrong. Yes, entrepreneurs bear uncertainty because they are the ones getting the reward as profit and also the ones suffering the loss if things do not work out. But that uncertainty-bearing characterizes entrepreneurship does not make it the point of being an entrepreneur. Rather, it is a “necessary evil.”

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