What Every Entrepreneur Must Know About Taking Risk in Their Business - Ep. # 9
In order for you, the entrepreneur, to expand your business, you need to get comfortable with taking risks, but, taking risks isn’t about making ad hoc decisions, it’s about educating yourself, mitigating the downside, making a decision to proceed or not, and then, executing as flawlessly as possible.
Taking risks is at the heart of building a thriving business, and in creating wealth.
These risks taken in business, not just in running your business, but, in your investments as well, will dictate how successful you ultimately become.
So how do you know when and how to take risk?
In this podcast, I review something I’ve called the Risk Compound Effect, and it goes like this:
The better educated on a particular topic you become, the finer your decision-making instinct becomes. —–>
The finer your decision-making instinct becomes, the higher the chance your bet will pay off. —–>
The higher the chance your bet will pay off, the bigger the bet you can take, and —->
The bigger the bet you can take, the more you compound your success. —–>
In this podcast episode, I will be discussing four critical criteria for risk-taking you must understand in entrepreneurship.