June 04, 2013 Articles

Why Working with Entrepreneurs Is Different New

By Richard Sudek

Working with entrepreneurs may be very different from working with corporate executives. Entrepreneurs take a different approach to risk, decision making, failure, and ambiguity. This difference can be confusing or challenging for attorneys and may create difficulties in effective communication.

The Entrepreneurial Mindset One myth about entrepreneurs is that they are big risk takers. In fact, they are not; they are calculated risk takers. The media tends to focus on the big risk takers like Richard Branson, founder and chairman of Virgin Group, because he makes for a much more interesting story than the entrepreneur who has toiled quietly for 20 years building a successful company. Often, entrepreneurs are willing to take a risk if they understand the likelihood of the corresponding rewards; they will, however, want as much data as possible to understand the reward-to-risk ratio before taking the risk.

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