Risk

An Entrepreneur Shares the Time He Invested Half His Capital Into an Idea -- and It Paid Off

When taking risks, you need to be strategic.
1 min read

Taking risks is never easy, but it’s an integral part of the entrepreneurial journey. While sometimes they can lead to mistakes, other times they can be the breaking point to success.

Related: 5 Things Every Entrepreneur Should Know About Risk-Taking

For Nick Devane, the CEO of PilotWorks, a co-working space and commercial kitchen rental company that caters to food entrepreneurs and startups, it was taking a major risk that really helped get his business off the ground. Having initially launched as a peer-to-peer software marketplace, Devane and his team quickly recognized that their idea wasn’t going to pick up. So, when the opportunity to purchase their first kitchen popped up, the company jumped at it -- investing nearly half their capital.

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

Now with six locations across the country and plans to expand more, the risk has certainly paid off for Pilotworks. “If you’re not taking risks, you’re not necessarily living in a place to get outsized outcomes,” Devane says in the video.

Click play to learn more about Devane’s personal experience with risk-taking.

More from Entrepreneur

Grow Your Business at Entrepreneur LIVE! Join us on Nov. 16 in Brooklyn, NY, to learn from legends like Danica Patrick and Maria Sharapova, pitch our editors, meet with investors, and potentially walk away with funding!
Register here

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

Whether you are launching or growing a business, we have all the business tools you need to take your business to the next level, in one place.
Enroll Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.