How to become a risk taking boss

Few things can rattle your world more than the loss of a job. But faced with the resultant soul-searching, some recent pink-slip recipients are refusing to be casualties of the latest recession. Instead of quietly joining the ranks of the unemployed, they're resolving to seize control over their career and become their own boss. They're pursuing an entrepreneurial dream.

Is launching a business today a high-stakes risk? Of course. But it's never been easy to build a successful business, in any era or in any economy.

The right business idea at the right time can overcome all manner of obstacles. An ordinary person today still has the potential to catapult a startup company into an industry leader. But reaching that goal requires tireless commitment and sound business strategies.

Here are 10 broad strategies that were used to build multimillion-dollar (in some cases, multibillion-dollar) businesses, taken from the entrepreneurs profiled in my book "The Risk Takers: 16 Women and Men Share Their Entrepreneurial Strategies for Success."

1. Go on a treasure hunt and find an underserved niche

Identify and then cater to the particular needs of a market niche that competitors have neglected or ignored. Develop a specialty in which your business clearly excels. Remember, even a huge multibillion-dollar corporation can't offer everything to everyone. Many niches are too small for them to consider.

2. Spot a new trend and pounce

Look for emerging consumer needs and desires arising from a shift in cultural, economic or technological trends that signal new market opportunities. Act quickly. Don't be tentative.

3. Just start!

Stop the excuses. The "perfect" time for a business launch will never present itself. Don't give would-be competitors the opportunity to beat you to the punch. Get moving. Set short-term goals and deadlines that bring you closer to opening for business.

more information :-http://edition.cnn.com/2010/LIVING/worklife/05/31/cb.have.takes.start.biz/?hpt=Sbin