How To Balance Business Risk Versus Opportunity


There is no real business opportunity without risk. Serious entrepreneurs know that, but too many “wannabes” still fall for that elusive dream of a get-rich-quick scheme with no risk. As an active Angel investor, I still hear entrepreneurs asserting large opportunities with minimal risk or no competition. My conclusion either way is that there is no market, or they haven’t looked.

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9 risks necessary to build a sustainable business

Often, entrepreneurs try to avoid risk because they want to protect their businesses from harm. Unfortunately, says Tom Panaggio, lose your willingness to risk and you also lose your edge.
He explains why risk is NOT a “one leap and you’re done” proposition.

“Risk is eternally linked to opportunity,” says Panaggio, author of the new book The Risk Advantage: Embracing the Entrepreneur’s Unexpected Edge. There is nothing wrong with taking the safe way out—millions make that choice—but successful entrepreneurs are a different breed. They are professional risk takers and they need to be willing to strap on that parachute every day.

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5 Excuses Business Owners Make (and Why They’re Holding You Back)

Small business owners, can you relate to these scenarios?

– It’s time to open a second retail store branch—and you fully intend to—but you’re not quite ready yet. You found a possible location but it doesn’t seem perfect, and besides, you’re not sure if the local marketplace conditions are right. Maybe next year would be better.

– Yesterday, you met the best natural salesperson ever. Instinctively, you know she’d be perfect for your team and she hinted that she might be in the market for a job change. You’d love to hire her, but the time doesn’t seem right to hire a new person—money is tight and you’re far too busy to go through the hiring and training process right now.

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The Entrepreneurial Spirit: The Parachute or the Stairs?

“A willingness to take risks separates leaders from the rank and file,” says Panaggio. “If you lose the spirit of risk, the business begins to decay. From startup through the last sale, the spirit of risk is the unexpected edge for every business.”
Read on for Panaggio’s overview of the risks you must accept if you want to build and run a sustainable, profitable business.
Be the pig. “Are you a chicken or a pig?” Panaggio writes that he frequently heard one of his business partners, Phil Turk, ask this odd question. One day, Panaggio asked him what it meant. Phil explained, “Think about a bacon and egg breakfast. The chicken is involved, but the pig is committed.”

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8 risks entrepreneurs must take to build a business

“Risk is eternally linked to opportunity,” says Panaggio, author of the new book The Risk Advantage: Embracing the Entrepreneur’s Unexpected Edge (River Grove Books, 2013, ISBN: 978-1-938-41644-6, $14.95, www.TheRiskAdvantage.com).

“There is nothing wrong with taking the safe way out—millions make that choice—but successful entrepreneurs are a different breed. They are professional risk takers and they need to be willing to strap on that parachute every day.

Read More »

10 Excuses Business Owners Make

Risk Avoiders Are Opportunity Missers

Small business owners, can you relate to these scenarios?

– It’s time to open a second retail store branch-and you fully intend to-but you’re not quite ready yet. You found a possible location but it doesn’t seem perfect, and besides, you’re not sure if the local marketplace conditions are right. Maybe next year would be better.

Read More »