Taking Risks for Your Business
So tell me, are you a risk taker when it comes to how you run your life or your business? Do you ever have moments when you take a deep breath and say to yourself, “Go for it?”
Or are you more cautious? Do you prefer to weigh all pros and cons before taking a leap of faith? And if the con list is longer, do you not leap at all?
Whatever your answer, I can guarantee that it directly relates to the success of your business.
There’s a great song that those of us “of a certain age” have most likely heard that tells the story of a gambler and the rules of taking risks when sitting at the poker table. His advice is that you have to “know when to hold ‘em, know when to fold ‘em, know when to walk away, and know when to run.” And he’s absolutely right!
It’s not just great lyrics from a great song, it’s actually a really good assessment of what being an entrepreneur is really about. The spirit of being an entrepreneur is already one of risk taking. Think about it: You could easily go out and get a comfortable job in an established company and not have to worry about your successes and failures and how they will affect the whole establishment.
Being an entrepreneur is a risk in itself. According to the Bureau of Labor Statistics (BLS), 20% of all new small businesses will fail during their first two years. I don’t mention that to scare you but to show you how deciding to build something that is all your own proves you’re a risk-taker at heart.
So are you ready to start taking the risks you need to not be a statistic?
Before you take that leap, though, know that taking risks is good, but taking risks carelessly is just going to burn you in the end. Maybe that pro/con list isn’t such a bad idea, after all, to help you lay out the facts before you take the leap. In truth, taking risks should be part of your overall business strategy and not just something you do blindly.
A true risk-taker isn’t reckless. Instead, they look at the right metrics and the big picture of their company. They weigh what could happen with what they want to happen. They understand that being an entrepreneur means a certain level of risk-taking, but they also know how to safeguard themselves from total disaster.
Before you make decisions that might affect how you’re publicly known or you take out a loan to support your business, ask yourself this question: Is my vision more powerful than the risk itself?
If you’re thinking about your business and whether or not you should be bold or play it safe for a bit, listen to the new episode of my podcast Next Level Leap. I share everything I have ever learned about when to hold ‘em, when to fold ‘em and when to walk away.
That means you’ll get my best insights into high percentage shots, when you should adjust your strategy and how to handle all the to-leap-or-not-leap decisions in our current uncertain economic climate.
In the end, Kenny Rogers was absolutely right: If you want to play the game, you gotta learn to play it right.
Not sure if you are playing it right? I can help! Over my 20 years of experience, I have scaled multiple companies to six and seven futures. I’ve seen up economies and down economies, political turns, and just about any kind of business-affecting factor you can think of. Jump over to my website and see how I can help you learn the tricks of the trade, so you’re always playing right.
