How much risk should you take in your business? In this video, I share my framework around risk-taking so you can get rewarded while keeping your sanity.
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Do you have a friend who keeps failing in business?
No matter what they start, it ends up in flames and burns down everything they’ve ever built in the process?
It’s a sad reality for many founders.
But it’s also one they could’ve fully avoided with the right risk assessment strategies.
Cause here’s the problem…
Every time they start a new business, they put everything on the line.
Which wouldn’t be a critical flaw in itself unless…
1) They haven’t FULLY committed to the idea.
Sure they love the idea, but they haven’t made the decision to go ALL IN.
To “go pro”!
Their new venture is something they think they’d enjoy working at and are willing to spend time & money “testing” it out…
… however, as soon as things get hard, they get distracted.
They get scared.
So they start looking for something else.
Has that ever happened to you? Maybe a decision to pivot your business model when you knew you should’ve stayed the course?
It’s worth thinking about.
Are you actually 100,000% committed to your business?
Or do you just like the idea of pretending you are?
Recognizing the difference can be the difference between a quickly scaling startup, and a flaming trainwreck that takes you and all your assets down with you.
That brings us to the second reason…
2) They think that putting their money on the line makes it real.
You know what makes a company real?
Real people willing to buy what you’ve got to sell.
It’s not the embroidered polo shirts, registered domain name, or 12 month lease on the fancy new co-working space.
These founders are confusing progress with risk.
Real risk is understanding how much time, money and resources you can put on the table WITHOUT being taken out of the game.
It’s understanding your skills, your experience and your ability to deal with adversity and calculating how far you can set your vision.
In this week’s video I share four filters you can use to charge full speed ahead without having the whiplash of falling completely on your face.
Any time I make a decision in my business, I’m always assessing the risk against these filters:
1. Horizon: Never further than % of your abilities
2. Impact: Sacrificing without permission
3. Magic Zone: Outside comfort zone
4. Passion: Is it a wrong I want to right?
One of my favourite questions I love asking my mentors is:
“What criteria do you consider when making big strategic or life decisions?”
Over the years it’s how I’ve refined my ability to make decisions FAST!
So what about you?
Leave a comment with your answer? How do you decide if a new business is a good idea? If you should make a big move? I would love to read your strategy and have you share it with the rest of the community.
Have an incredible day!
Don’t forget to share this entrepreneurial advice with your friends, so they can learn too:
ABOUT DAN MARTELL
“You can only keep what you give away.” That’s the mantra that’s shaped Dan Martell from a struggling 20-something business owner in the Canadian Maritimes (which is waaay out east) to a successful startup founder who’s raised more than $3 million in venture funding and exited not one… not two… but three tech businesses: Clarity.fm, Spheric and Flowtown.
You can only keep what you give away. That philosophy has led Dan to invest in 33+ early stage startups such as Udemy, Intercom, Unbounce and Foodspotting. It’s also helped him shape the future of Hootsuite as an advisor to the social media tour de force.
An activator, a tech geek, an adrenaline junkie and, yes, a romantic (ask his wife Renee), Dan has recently turned his attention to teaching startups a fundamental, little-discussed lesson that directly impacts their growth: how to scale. You’ll find not only incredible insights in every moment of every talk Dan gives – but also highly actionable takeaways that will propel your business forward. Because Dan gives freely of all that he knows. After all, you can only keep what you give away.
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