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Shouming Chen, Xuemei Su, and Siben Wu did a study on entrepreneurs and risk-taking testing two hypotheses. The results of this study showed that entrepreneurs with a high need for achievement and who received higher education were more willing to take risks than entrepreneurs with a low need for achievement and lower education. This study found that the high achievers or the people who wanted to succeed were more willing to take risks than others. This example correlates success to risk-taking and shows that it is an important factor in finding success. This doesn't mean that just because you are a high achiever you will succeed because you take more risks but if you are mindful in taking these risks and have a plan your business will skyrocket over others who are too scared to take the first steps. The following slideshow will show you The different types of risks that will occur when starting a business and how to overcome them.
Overcoming risks does not mean avoiding them, although there are some that need to be avoided it is important to take risks so that you can reap the benefits. A important risk to avoid from The Cowboy Suit Tragedy where seven year old tommy McCormack tragically died from a cowboy suit which contained fuzzy fabric that easily lit on fire. This risk could have been avoided if the cowboy suits were made from a fabric that didn't engulf into flames as easily as it did and is a scary reminder that these malfunctions can happen with products, making it important to go through multiple possibilities that could occur.