“Uncertainty is a quality to be cherished, therefore – if not for it, who would dare to undertake anything? Villiers de L’Isle-Adam”
Entrepreneurs are often faced with a lot of risks and uncertainties. Richard Cantillon was one of the earliest in the history of Economics who not only identified the role of an entrepreneur in the economy, but also understood the uncertainty they are forced to cope with. In fact he stated in 1755 that entrepreneurs work on uncertain wages, whether they establish their businesses with or without capital.
So how can entrepreneurs cope with uncertainty?