find out the risk free approach to building a successful business

November 18, 2010 in MAGAZINE

    In today’s Hollywood society, there’s a great and dangerous myth promoted about risk taking.  For some reason or another, people view risk as, an amateur walking on a wire 100 feet in the air with no safety net, suspended over an alligator infested swamp.  This is called, ‘blind bravery and reckless abandonment.’

    This sounds crazy, right?   But when you’re putting your finances on the line to invest in something you know nothing about, then, you might as well go and do the high-wire act over a swamp filled with hungry alligators.  Now, we believe in taking risk, but we call it, “calculated risk.”  If you look at the risks taken by some of the world’s wealthiest investors like Donald Trump, Richard Branson, Warren Buffett, and Bill Gates during their time, you would think they were crazy.  But to them, it wasn’t a risk; it was a strategic, calculated, and well thought-out plan.  They spent the time doing their due diligence, and that’s why they are among the world’s wealthiest.

    So guys, it’s okay to take risk, it’s the variable that separates the great from the mediocre.  To get to the fruit, you must go out on a limb to pick it.   Darren Hardy encourages us to swing for the fence now that we are young and full of energy.  Get all of your failures out of the way now to get to the promise land.  The older and wiser you get, and as you start adapting to a family and more responsibilities, you now need to be smarter and prudent with your risk-taking.  It’s time to invest in your family; consider investing 20-30% to your calculated risky business ventures.

    Don’t invest in anything you don’t fully understand, that is a disaster waiting to happen.  Warren Buffet’s number one business philosophy is to never invest in anything outside of his core competency.  If that’s a good enough philosophy for him, then it should be good enough for you.  Always ask yourself, do I have any business in this business area?

    Last but not least, eliminate all the risks by investing the time in strategizing and learning about what you are getting yourself into.  Pay attention to all the details and then make that sound decision if it’s a risk worth taking.  With that being said, I am curious to know what the riskiest business move you have ever made is.  Leave us a comment on this blog post or send an email to newbillionaires@new-billionaries.com.

    Can’t wait to see you all at the pinnacle of your success.

    NEW BILLIONAIRES INC
    Keril Sawyerr & Eric Kai-Lewis
    Phone: (760)-569-6243
    web: www.new-billionaires.com
    email:newbillionaires@ new-billionaires.com

    http://twitter.com/newbillionaires

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