As many of us know, entrepreneurship can have many challenges. It requires you to step outside of your comfort zone many times over and take gigantic leaps of faith, even when it feels like the odds are completely stacked up against you. However, there is a big difference between taking foolhardy risks and taking calculated risks. How does one navigate the challenging business of being an entrepreneur without burning out? Here are some tips.

For many entrepreneurs, their biggest safety net was the steady income that came from a regular paycheck before they became business owners. And without a doubt, this safety net can be one of the hardest things to let go of. But the risk can be minimized by doing some groundwork beforehand.

Do not jump headfirst into starting a business without having tested the waters. It’s a good idea to initially set up your business as a side income so you can gauge whether your entrepreneurial concept has potential to generate profit.

Some entrepreneurs wait until their business starts generating more income than their monthly paycheck before leaping into it full time. It is also a good idea to have sufficient funds on the back burner to cover contingencies as well as operating expenses for up to 6 months to a year when you launch full time. Lack of cash flow is traditionally one of the biggest reasons why a lot of businesses tank soon after starting.

Another key to successfully navigating entrepreneurship is being open to learning new skills. In the beginning, you may have to wear many different hats and take on many different roles to ensure that your business survives.

If you run an online business, for example, you might set up your own website, do your own writing and marketing, and manage your own accounting. There can be quite a lot to take in when you’re just starting out. But there are no rewards for staying in your comfort zone. It can be overwhelming in the beginning, but if you persist, things will start to get easier and you will eventually learn how to manage your business like a pro.

It is interesting that for some entrepreneurs one of the hardest risks to take is to delegate. But this is one area where you can gain the most benefits, not only for personal development but also for business growth.

Delegation is inevitable if you want your business to expand. If this isn’t your area of comfort, start by delegating simple tasks with low risk. Resist the urge to micromanage. Learn to identify and hire good people and then trust them to do their best.

Your role should eventually evolve to the point where you can spend less time and personal resources on your business, but at the same time have it running successfully. Successful entrepreneurs are good people managers.

Entrepreneurship is challenging business that isn’t for everyone. But calculated risk-taking can minimize your risks so that you have a smoother journey to success.

Working with a coach can help you to identify and manage the risks in your business.