[analog31]

4. Happy to take risks

I always wonder what people mean by "risk" in this context. If risk is a probability of failure, then if someone has minimized that probability through other means (seeing an opportunity where others haven't, working real hard, etc.) then it isn't risk. If others aren't trying to do the same thing and failing at it, then it might not be risky.

The "risk" thing may just be part of the badass image, but I've read in other places that entrepreneurs actually tend to be risk averse. Rather than simply taking risks, what they (we?) do is to use their skills and knowledge to arrange matters so that their own risk is reduced, even if the same activity might be more risky for someone else who doesn't have the same insight.

[optimiz3]

It means willing to incur the significant opportunity costs (income and benefits) of not working for an established company.

EDIT: Also the risk to reputation and social stigma that goes along with being poor...and enduring this for years...until you're not :).

[analog31]

That's valid, though even those risks can be mitigated to some extent by having wealth or a side income. It's still risk in terms of dollars times probability, but not in terms of the risk of getting thrown out on the street.

And in other cases, the risk could be real after all. For instance the high probability of failure for start-ups is a pretty straightforward measure of risk, and the people who start start-ups are probably incurring that risk on average.

[ryancarson]

I like that definition :)

[Varcht]

I think the risk in this context is to make a guess and go all in on it. It's the opposite of taking the time to reach a high level of certainty before starting.