Phillip Kahn, founder of Borland International, one of the first successful personal computer software companies, described how in 1983, after Borland had developed its first software product, there were no funds available for advertising. He arranged prior to the advertising salesperson's arrival for two extra temporary staff to be hired and for his friends to ring the office constantly during the meeting. He also had on his desk a media plan for all the computer magazines, with Byte crossed out. He was told the media plan was done and that Byte was not the right audience. After a few moments persuasion Kahn reluctantly agreed to place a one-page advertisement on deferred payment terms.
Entrepreneurs are famous for their risk-taking ability.
However, it is my experience that successful entrepreneurs are not risk-takers when compared with gamblers or speculators. Entrepreneurs usually operate on stretched resources, yet carry out a realistic evaluation of the risks. They try to establish a position where the risk is limited and the reward is substantial. The four qualities of commercial focus, creativity, calculated risk-taking and energy are necessary ingredients in the personality of an entrepreneur. You can establish whether you have sufficient amounts of these qualities by taking on positions where they are required.