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Here's How You Can Learn to Evaluate Risks Before Taking Them Before taking that leap, read this first.

By Rose Leadem

entrepreneur daily

Opinions expressed by Entrepreneur contributors are their own.

Many times throughout your path as an entrepreneur, you're going to be making major decisions, many involving a risk. And to be successful, you've got to know which risks to take.

Related: How to Take Risks That Win (Almost) Every Time

Nick Devane, the CEO of PilotWorks, a co-working space and commercial kitchen rental company that caters to food entrepreneurs and startups, learned first hand how to evaluate risks and through his experience, developed his own strategies for risk-taking.

Before becoming a co-working space, Devane's company was bootstrapping its way to becoming a peer-to-peer software marketplace. However, when that didn't work out, his team took a risk, which entirely changed the company's trajectory. How did Devane decide to take this leap? He looked at the data and talked to team members and customers to get feedback.

Related: Richard Branson on the Importance of Taking Meaningful Risks

To learn more about evaluating risk from Devane, click play.

Rose Leadem is a freelance writer for Entrepreneur.com. 

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