Entrepreneurship will always involve risk so how do you learn to control it instead of fear it? Dr. Lois Shelton, Professor of Management at the Nazarian College of Business and Economics at California State University Northridge, joins host Andrea Marquez to break down why the most successful founders aren’t thrill-seekers. They’re calculated decision-makers who know how to test ideas, filter feedback and adapt without letting fear or overconfidence take control.

You’ll learn practical risk management strategies for making smarter moves — like lean startup experiments and the “affordable loss” approach — plus how to know when to trust your gut and when to listen to your customers.

If you’ve ever talked yourself out of an idea because you didn’t feel ready, this conversation will change how you see risk and give you enough information to start or grow your business with confidence.

Got a bold leap of your own? Share it with us in an Apple Podcasts review, Spotify comment, or email us at thisissmallbusiness@amazon.com – you might hear it in a future episode.

In this episode, you’ll hear:

(01:54) What makes a “rebel with a cause” in business? Professor Lois explains how purpose-driven entrepreneurs think differently and turn ideas into action.

(04:06) Do successful entrepreneurs really love risk? Learn why they prefer calculated, manageable risks over extreme leaps.

(07:26) How can you test your idea without spending a fortune? Here’s two frameworks that help you reduce risk and gather feedback early.

(9:21) How do you know which feedback to listen to? Lois breaks down how to spot patterns in customer responses and block out advice that will send you off track.

(13:39) What are the biggest mistakes founders make with risk? From skipping market research to ignoring warning signs, here’s what to avoid early on.

(15:50) How can reframing failure boost your chances of success? Professor Lois shares why seeing every setback as a learning opportunity can actually make you more credible to investors and customers.

(19:32) What’s the first step you could take if you’re frozen by uncertainty? Discover how to use mentors, free resources, and small actions to move forward even when you don’t feel ready.

The Secret to Managing Risk Like a Successful Entrepreneur

This Is Small Business