Uncertainty and Risk

Entrepreneurship refers to the act of taking initiative in an environment of uncertainty and risk. Doug Hubbard, in How to Measure Anything (New York: John Wiley & Sons, 2007) as quoted by Wikipedia, defines "unertainty" as "The lack of certainty, a state of having limited knowledge, where it is impossible to describe exactly an existing state, a future outcome, or evaluate more than one possible outcome." [syntax and punctuation corrected]." He defines "Risk" as state of uncertainty where some possible outcomes have an undesired effect or significant loss."

Learning to deal with uncertainty and feeling comfortable with risk are two skill sets that entrepreneurs must learn if they are to do their work. Read the whole Wikipedia article and follow the links if you're interested. And if you have something to say, post a comment to this blog.

All my activities are entrepreneurial. For real estate 2.0, go to www.yourstopforrealestate.com. For writing 2.0 go to www.kearneymusicschoolmurders.blogspot.com.