Risks: Be Courageous

"He who is not Courageous enough to take RISKS will accomplish nothing in life. - Muhammad Ali

Throughout my years as a entrepreneur and investor, one common word has been following me around. It is something that I did not have not worry about much when I was young, because I was protected from it. The word is RISK.

Entrepreneurs are risk takers. They must be ready to dive deep into a future of uncertainty. Yet, not all risk takers are successful entrepreneurs. What differentiates a successful entrepreneur from the rest in terms of risk? Successful entrepreneurs are willing to risk their time and money on unknowns, but they also keep resources, plans and bandwidth for dealing with "unknown unknowns" in reserve. When evaluating risk, a successful entrepreneur will ask their self, "Is this worth the cost of my risk?", "What am I willing to sacrifice or postpone to dive into this pool of Risk?" and, "What will I do if this venture doesn't pay off?" 

Let’s talk about risks. Even if you’re not gazing at a risky new move, you’ve probably taken a few risks to get to where you are today, and chances are you’re not done taking them. Twitter co-founder Jack Dorsey said, “The definition of entrepreneurship is actually taking on significant risk, usually financial, in order to build something,That means anyone can really take on an entrepreneurial attitude. An entrepreneur does not necessarily create a business. It’s just a very bold attitude of taking on risk.”

I am not focusing on just entrepreneurship, yet everyday life. I mean this more than every today.

Here are FIVE ways to harness the power of positive risk-taking.

1. It's OK to FAIL

Since the beginning of Time, ManKind has learned from failing. As infants we want to learn to walk. Without fear, we begin this journey to crawl, failing over and over again. Once we conquered this stage, walking comes. Still without Fear, we take a step and FAIL over and over again.

Yet while growing up, society begins to frown upon these risks. You "Fall Down" like in school, at the job, college than you get that RED MARK. So people are now afraid to take risks, unlike when we were children. Therefore a solution is to Fail Fast, and learn.

TRY, FAIL, ADJUST...TRY, FAIL, ADJUST...TRY,FAIL,ADJUST...TRY, SUCCEED.

While this “Fail fast!” mentality of startups might sound strange, expecting failure could actually be seen as a method for success.

2. Just Do It

After you’ve spent so much time analyzing a risky opportunity to death, sometimes it’s best to listen to your gut and just do it. 

Goldberg said “Now that I’m on the other side and have started Eventjoy, I’ve learned that creating, and even joining, a startup is not as risky as it seems,” .

“You’ll learn more in two years than you would have in five years of a ‘normal’ job. You’re forced to be resourceful, which can be a powerful thing when it comes to creativity and execution. You often have a large role in something that will hopefully impact millions of people. Plus, if it all falls apart, you can always go get another job.”

Sometimes you just need go have that heart of your child within you. Read my buzz, That Child may know more than YOU

3. Be intelligent with your risks.

Top Selling Author Robert Kiyosaki is one of my favorite people to listen to when it comes to taking risks. He defines risk as: Reckless Investing Sans Knowledge. Warren Buffett says, “Risk is not knowing what you are doing.” Again, the key word is you, not the investment.

My Risks are usually in investments. An example of what I me is are my investments Safe or have Risk. Safe or risky? Those words need to be redefined when it comes to investing. Here are three places you can “invest” your money that typical financial advisers have advocated as safe.

Building confidence in risk-taking doesn’t necessarily mean you’ll take smart risks. It might be helpful to build in parameters or conditions for each risky decision.

4. Fight the negativity bias.

The world is full of uncertainty. Take, for instance, the business world, which is especially prone to unforeseen disruptions. In the past 50 years alone, we’ve seen the rise and fall of Fortune500 companies and the creation of entirely new industries. The world just went from the greatest economy boom in a recession in a few weeks because of the world's first economy shutdown. Every decision, including the decision to do nothing, carries some element of risk. “The problem is the negativity bias—we tend to exaggerate the riskiness of certain moves and underestimate the opportunities of others,” entrepreneur and productivity expert Tim Ferriss writes on his blog. “The biggest risk is not taking any risk.

industries. The world just went from the greatest economy boom in a recession in a few weeks because of the world's first economy shutdown. 

Every decision, including the decision to do nothing, carries some element of risk. “The problem is the negativity bias—we tend to exaggerate the riskiness of certain moves and underestimate the opportunities of others,” entrepreneur and productivity expert Tim Ferriss writes on his blog.

 “The biggest risk is not taking any risk. In a world that’s changing really quickly, the only strategy that is guaranteed to fail is not taking risks.” —Mark Zuckerberg

Risky behavior is everywhere. Instead of fixating on the consequences of a risk you’ve never attempted, try to evaluate the entire scenario, including any potential hazards of maintaining the status quo. “Risk is an unavoidable constant of life, so your focus should be on taking the right kinds of risks that offer the right kinds of opportunity,” Ferriss says. Some questions to ask yourself: Which risk is worth taking? Which risk would impart more meaning or happiness to my life? Which risk would pay off more in the long run?

5. Build self-efficacy

Ralph Waldo Emerson quote goes, “All life is an experiment. The more experiments you make the better.” Researchers have found that Emerson was onto something. In the 1994 study on risk and decision-making, entrepreneur researcher Norris Krueger Jr. and strategic marketing professor Peter Dickson discovered that small, measured risk-taking behaviors can increase confidence and self-efficacy, the “I think I can” positive psychology enhances goal achievement.

So the more experiments you make, the better you get at making them. And the more risks you take, the more positive your risk experiences become. If the idea of risk-taking still makes your palms sweat, try to increase your comfort level by taking a small risk before embarking on a bigger one. 

CO-19 has brought a new mindset to people I have never seen before. Governments are telling their citizens to no longer take RISK. The Main Stream Media is telling people to ignore these concepts above and that people should just stay at home, and let big brother take care of you because of risk.  Yet, the risk is still there. 

A greater risk is upon us. This risk is where are people putting their Trust. "If you decide to trust the government with more power" or "If you want to be trusted with your freedom". Yet, This is another subject all on itself.