I file this in the "titillating headline to grab your attention" category (like my post "innovation is overrated"). Taking risks is absolutely critical in start-up entrepreneurship, and the biggest risk one can take is deciding to give up a stable income base for the reckless and fast paced world of entrepreneurship.
My partner Dave and I were talking about how risk-taking, though, is vastly over glamorized in the start up world. People think they need to take risks left and right or bet the farm on things all the time…since isn’t that what start-up entrepreneurship is all about? No. Much of operating in a bootstrapped environment is mitigating risk, weighing costs and benefits, and acting judiciously (but quickly). Sure, there are times when taking a big risk is necessary, and there are many examples of people who look back with regret at not taking the big bet that panned out beautifully. These examples are in the minority.
Taking risks should take the backseat to a whole host of other values in a start-up…like passion, resolve, resourcefulness, etc.