Business Owner’s Toolkit: The Risk Advantage

Tom Panaggio, author of the Risk Advantage, explains why successful entrepreneurs take risks every day and not just with their decision to open a small business. Panaggio walks us through different types of risks business owners face, how to learn from each situation, and why failure can often be a good thing.

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4 Steps To A Clear, Powerful Brand Promise

Is your business identity crystal clear? Is your personal brand promise defined?

In his new book, The Risk Advantage, entrepreneur Tom Panaggio shows how you must embrace risk if you want to capture opportunity. Unfortunately, psychologists have shown that most people fear loss far more than they desire gain, and thus make illogical decisions when it comes to their business and careers.

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To Be a Winner In Life You Must Take Risks

I am reading a new book by Tom Panaggio entitled The Risk Advantage: Embracing the Entrepreneur’s Unexpected Edge. Panaggio is and entrepreneur and was a race car driver who:

… has learned that you cannot avoid risk if you want to be a winner. In The Risk Advantage, Panaggio tells the story of how he and his business partners built two thriving companies: Direct Mail Express (which now employs more than 400 people and is a leading direct marketing company) and Response Mail Express (which was eventually sold to equity fund Huron Capital Partners). The book is designed as a guide for those who are contemplating an entrepreneurial pursuit, are already engaged in building a business, or are currently working for someone else and want to inject their entrepreneurial ideas and attitude.

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Why Winners Take Risks

There are two big advantages to risk.

First and foremost risk is directly connected to opportunity. Every opportunity must have an element of risk or there will be no benefit. Risk is the cost of opportunity. All businesses and organizations must be in a constant state of forward progress because of competition and the ever-changing demands of customers. Therefore, as an entrepreneur or business leader we must continuously seek out opportunities to meet these demands. A leader who recognizes the vast importance of forward motion for their organization accepts risk as merely a cost of opportunity and then actively endorses this philosophy throughout his business in setting the stage for long term success.

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Embracing the Entrepreneur’s Unexpected Edge

A successful entrepreneur does not wing it: An entrepreneur who wants to win has an attack plan — a strategy that puts him into a position to succeed. If you don’t know where you are going, then how will you know when you get there? Few things in the business world have a positive result without a general plan. Besides being an absolute requirement to obtain outside financing or attracting investors, it helps to keep you on track, and it provides a road map so everyone knows what the goals are and how well you are progressing.

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Excuses, Excuses: Is Risk Aversion Ruining Your Business?

You can talk yourself out of just about anything. Sometimes being cautious works in your favor, but it can also limit your small business’s growth. The most successful entrepreneurs are not averse to taking risks.

So says Tom Panaggio (pictured), author of The Risk Advantage: Embracing the Entrepreneur’s Unexpected Edge. He argues that risk avoiders are opportunity missers. In an interview with the Intuit Small Business Blog, Panaggio shares some of the typical excuses that business owners make for not taking more chances — and the impact their decisions have on the bottom line.

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