As a business owner and investor, you risk something every day. Every dollar you spend on advertising, every investment in coaching, every new idea you turn into reality. There’s always a chance things don’t work out.
To many entrepreneurs, risk is scary. They run from it like a field mouse from a combine. With good reason: Too much of the wrong risk kills businesses. On the other hand, even the world’s most successful ideas were risky when they were first conceived.
So you need to take some risks if you want to innovate and dominate your market. But you need to find a balance so you stay afloat when your risk-taking doesn’t pay off.
In this episode, you’ll learn how to take “smart risk” so you can maximize your upside and minimize downside.
Show highlights include:
– Why this podcast doesn’t include more “tactics” and how-tos. (2:20)
– Most content (“hacks”, “tricks”, etc.) doesn’t deliver you a long-term advantage. Here’s what does. (5:20)
– The 5 questions to ask yourself before taking any risk (you’ll know whether you’re taking “smart risk” or “dumb risk”). (8:40)
– What most people get wrong about calculating upside and downside. (10:00)
– How to think negative to determine whether you should take the risk—and how to calculate exactly what you can put on the line. (14:15)
– Why NOT to charge ad spend to your credit card when you’re worried about spending too much—and how to invest while capping your downside. (21:35)
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