Monday, December 6, 2010

Living With doubt (Seth Godin Extended)

Seth Godin wrote "Entrepreneurship is largely about living with doubt, as is creating just about any sort of art."
I am extending his thought about living with doubt and entrepreneurship. Entrepreneurs need to take risks and that is why only risk takers give up a comfortable life to start out on their own.
If you take a risk, you are essentially unsure of the outcome (but you try your best to get maximum returns).
Small businesses grow faster than larger ones not because of their size but because they are essentially run by risk takers (i.e. their founders). People join large companies to avoid risk. All they want is a comfortable life and a good pay package. They don't take risks. On the contrary, such organizations grow because there are people who are willing to take risks to reach that CEO position. Its quite natural for them to be pseudo entrepreneurs in their organization. It does not matter whether it is your own venture or someone else's, its the ability to take risks that helps you grow. And this risk taking ability only comes when 'living with doubt' becomes a habit.
Learning to live with doubt automatically reduces competition and thus the chances for success increase dramatically. People pay to get out of doubt and get into the zone of certainty. This means the number of competitors reduce and therefore the probability of success increases. The same pie would be shared by few whereas those in the zone of certainty would have to fight it out since there are more people to share the pie.
Guess that makes living with doubt desirable and profitable. Its quite a paradox, but it is true.