340: No Risk It, No Biscuit

What makes for a highly successful entrepreneur or investor? It is the appetite for calculated risk. As Bruce Arians, coach of the Tampa Bay Buccaneers famously says, "No risk it, no biscuit". In entrepreneurship this might be more obvious. You probably know entrepreneurs who took risks by leaving their day job and pursuing a business that they KNEW was going to be successful. I'm one of those guys. In my case I got fired from a job that helped accelerate the development of my first business. But the next one was even riskier. Why was it riskier than the first? Well, when I started the first business, I had nothing. By the time I started the next business, I had a lot to lose. But I remember playing out the business model in my head and feeling like, "This will work". In my mind, there was no risk…only upside. I know that sounds reckless but that's the way young entrepreneurs must think to create successful businesses. In my case I was right fortunately. That next business did extremely well and took me to another level. Of course entrepreneurship is different from investing but there are some similarities. Again, it's not hard to hit singles and doubles. But in order to hit home runs, you have to be willing to take some calculated risks. Often there is asymmetric risk where the upside is huge but there is a possibility of losing it all as well. Some of you have already experienced that for better or worse in the world of cryptocurrency. The bottom line is, "no risk it, no biscuit". Ordinary investing will yield ordinary results. If you strive for more, you have to train yourself and your coronary arteries to be ok with risk. No one knows that more than my guest on this week's Wealth Formula Podcast. He has served as president and/or CEO of multiple major brands that you will recognize and is known for his unconventional approach for high performance through strategic thinking. Listen here to learn how to jump first and think fast!