Self-financing, or bootstrapping, is the route that most emerging growth Moguls must take in order to launch their businesses.

Emerging Growth Moguls use retirement plans (I used my 401K), homes, bonds, and stocks (I did that too) for the seed money to launch their ideas.

And the glitz and glamour of the entrepreneur's lifestyle lures in thousands of naive busines adventurers each year, enticed by the sweet callings of the Siren's Song of the Business Mogul.

During my time in "the game", I've heard all sorts of terms to describe or justify the supposed risk that entrepreneur's "must take to be successful".

These include:

"It's a high-risk game baby"

"No risk ... no reward"

"You've got to be willing to risk it all"

"Big risk equals big returns"

Risk ... RisK ... RiSK ... RISK!!

Beware The Siren's Song

In the tale of Ulysses, the sirens song enticed many ships to veer off course and crash into jagged rocks, ripping holes in their sides, causing them to plunge to the bottom of the cold, dark sea.

Even Ulysses nearly went insane listening to it!

A big problem is that, way too often, entrepreneurship is promoted as an intoxicating form of .... GAMBLING!

So, as you pursue your status as an Emerging Growth Mogul, here are some questions for you to ponder carefully:

1) How much is too much to give up in pursuit of your venture?

2) Will your venture be a pot-of-gold ... or will it be a siren's song that leads to jagged rocks?

For example, take a couple that was featured on the TV show Extreme Makeover in 2005.

The show was responsible for building these people a home at a reported cost of $450,000.

The couple allegedly, in launching a business venture, offered the home as collateral for a loan.

The venture became their siren's song, as it sunk and took their home with it ... crashing into the jagged rocks of business catastrophe.

Investing ... Not Gambling!

You should think of entrepreneurship in terms of investing, not gambling.

So, in evaluating a venture, you should ask:

• How much do I need to invest?

• How much can I reasonably expect to make?

• What kind of return can I reasonably expect?

• Would my money and energy be better utilized in another investment?

Of course, this more logical approach doesn't account for the unbridled enthusiasm that builds up inside and nearly completely overtakes your senses!

I'm not saying don't take a risk.

That's totally unavoidable.

All I'm saying is this,

Keep the enthisiasm, but think about your venture as an investment, because that's exactly what it is.

And that's how your investors will think of it too.

With any investment you must understand the risk and the potential rewards before jumping in.

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And we know one golden mantra of a great investor:

Don't Put All Of Your Eggs Into One Basket!

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Listen To My Interviews With Emerging Growth Tech Tycoons Seeking Their Pot-O-Gold In The Great Land Of Business!

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Blake Glenn is the Chief Looney Officer of The Looney Executive brand. He's also the producer and host of The Looney Executive podcast series.

With the mantra that "Business ... It's Just Not That Damned Serious!",

The Looney Executive provides programming that makes you Smile ... Laugh ... Cringe ... Think ... and Learn!