How to Turn Risk Into Reward
Entrepreneurs are risk-takers by nature. Fortunately, there are wise ways to navigate these risks and turn them into rewards. On this episode of Modeling the Masters, Entrepreneur Network partner Evan Carmichael sits down with Stephen Kelly, CEO of The Sage Group, a high-end marketing agency.
The most common way to eliminate the negative consequences of taking on a new enterprise is to develop it while maintaining your day job. Carmichael notes that you should wait to quit until you profit enough to support your most basic needs. At that point, it's vital to transition to give your new venture your full focus and attention.
An even bigger risk than starting a business is doing the opposite. Sitting on a great idea without taking any action may not seem like a risk per se, but in the long term, you risk regret.
Lastly, Kelly mentions the importance of boostrapping your business. Rather than going broke presenting your product to the world, you should test it, tweak it and make some actual money before scaling the business.
Click play to hear Carmichael and Kelly discuss starting and expanding small businesses.
Watch more videos from Evan Carmichael on his YouTube channel here.
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