Taking chances means you have a willingness to fail, but it doesn’t mean you don’t calculate & mitigate the risk.
Business is ever evolving, and it takes a set of balls to try new things. This is an area that I thrive because taking chances means you have a willingness to fail. Do I like to fail? Of course not, which is why I step through a process before pulling the trigger.
My processes are premeditated, where calculating risk and reward typically involves the following:
Competitive research to evaluate what others are doing and if there is a need.
Invest in what others are doing to understand the processes to make yours better (and yes sometimes this means losing money, but I like to call it improvement research costs).
Involves weeks and, if needed, months of research that includes but is not limited to:
Attending and completing college relevant courses.
Obtaining specific credentials to come out of the box as the most knowledgeable in the industry.
Attending industry specific events to evaluate the environment and obstacles faced by others to not repeat the same mistakes.
Determine outside influences or a SWOT analysis to determine short and long-term viability.
Capital deployment test with a one-year breakeven ROI with 100% ROI year two.
If everything above checks out and you need a partnership(s) for deployment this is the area you should take the most time to evaluate that the partnership is mutually rewarding and is sustainable for the long haul based on trust and integrity; which can only be determined with time and commitment by both parties.
“Jump off the cliff, open your parachute and see what happens...Imagine though if you soar. How will you ever know if you do not try?”
Then jump off the cliff, open your parachute and see what happens. You will either land on your feet or crash and burn. Luckily, medical advancements are incredible, and you can be put back together if you crash. Imagine though if you soar. How will you ever know if you do not try?
Remember you do not have to be the first to the market, but you do have to be the best. The best built mouse trap will outlast the others.