Whenever you find yourself on the side of the majority, it is time to pause and reflect – Mark Twain
Bootstrapping involves risk and risk involves taking a road less traveled. The above quote sums up a lot of the most successful business owners feelings when talking about how they got where they are. Lets face it; following the majority will only let you become as successful as they have been – if you’re lucky. More times then most though, you’ll end up with a fraction of the success as the ones before you because the public has already seen it and is tired of it.
Taking That Risk
Some solid risk assessment skills are no doubt needed in order to become a successful risk taker. This article does not mean that quitting your job with no savings and nowhere to live is the way to go. But just be sure to know that there is no such thing, in my opinion, as a calculated risk. If it’s been over calculated, it’s no longer a risk, but just another run at a business.
Why Bootstrappers LOVE Risk
Bootstrappers love risk (or at least you better get to that point) for many reasons. For most of us, it’s embedded in our DNA when we are born; natural risk takers. For others, it is a skill that is built over time. Either way, risk is a big factor in someone coasting through life or living life to its fullest.
Bootstrappers who take the risks to get to the next level in their business find one of two things:
- They fail and learn a big lesson that they will apply to their next risk
- They succeed and gain tons of profit that they would have never saw without the risk taking
If you fail when you take your risks, do not look at it as a failure, but a learning process. Thomas Edison failed 10,000 times before he succeeded, so why can’t you? By failing, you’re gaining not only the knowledge to grow in a positive direction, but you’re also getting the ‘tough skin’ needed to succeed in business and move forward when everything is trying to stop you.
When you succeed in your bootstrapped business because of a risk you took, you feel like a champion. Nothing works better for increased energy levels at work then succeeding and feeling on top of the world. The positive feelings in knowing that your risk (you know, the thing everyone advised you against doing) paid off is infinite. I personally get a great feeling, not only in knowing that I succeeded, but in knowing that I proved everyone wrong. So go ahead, take that risk, you’ll be surprised at whats on the other side.
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Haha, clever post! I like it. Taking risks is one of the most important things to remember… especially when you are younger and have lots of time to make it all up if something goes sour
As long as there are more advantages than disadvantage, then go ahead and take the risk!
To me, not taking risks is dangerous. Risks, change, and failure really help fill out your character. If you cling to the “safe”, you tend to become linear and adapt poorly if changes occur.
As you mention, there is a disproportionate reward to many risks and from a business perspective it seems silly not to try. With your win-win model of thinking, you either get educated or successful.
Also, there seems to be a significant biological predisposition to risk taking. I’m a natural risk taker – but for those who aren’t, how might you build up the courage?