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Session 41: Taking Calculated Risks - Courage With Caution
Welcome back! At the heart of entrepreneurship is risk. Starting a business, launching a product, or investing in growth always involves uncertainty. But the most successful entrepreneurs don’t avoid risk - they take calculated risks.
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Why Calculated Risks Matter
Calculated risks are different from reckless gambles. They’re based on research, preparation, and weighing the possible outcomes. Risk is unavoidable, but managing it thoughtfully allows you to innovate without putting everything on the line. Courage opens doors, but caution keeps those doors from slamming shut.
A Real-World Picture
Sara Blakely, founder of Spanx, invested her life savings into her first prototype. It was a huge risk, but she researched her market thoroughly and believed in the demand. That calculated risk turned into a billion-dollar brand and made her the youngest self-made female billionaire.
Humor Break
Jumping into business without calculating risk is like jumping into a pool without checking if there’s water in it. Brave? Maybe. Smart? Not so much.
Action Step for You
Write down one big risk you’re considering. List the potential benefits, the possible downsides, and one way to reduce the risk. Then decide: is it worth it?
Closing
Great entrepreneurs don’t avoid risk - they master it. Next, we’ll discuss Financial Risk Management - protecting your business when things don’t go as planned.
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