Ancient Hawaiian voyagers were the ultimate risk-takers. But unlike today's business risk-takers, their very lives were at stake, with the consequences of a negative outcome being a lot worse than bankruptcy . . . Entrepreneurship entails a certain amount of risk-taking.
Risk means there is a degree of probable loss, or danger of loss.
You as the entrepreneur will be responsible for the decision you make. A distinction must be made between a gambler and an entrepreneur. Though both make decisions under odds, the gambler operates under chance and therefore has no control over outcome. On the other hand, the entrepreneur uses skill in making business decisions so that he can influence the result. The entrepreneur neither works on traditional fields of endeavor or those requiring special knowledge like science where skills or knowledge are already laid out, nor is he involved in situations where the outcome depends on factors completely outside himself as in the case of gambling.