February 17, 2009

Risk It

How much are you willing to risk to make your company a success?

Investors call it “skin in the game”, others call it gambling, I call it rite of passage. Risk is an inevitable part of entrepreneurship. You risk your money, time and ego whenever you sign your name as founder. You needn’t risk unnecessarily, but at some point or another, you’ll need to step out and take a leap of faith that your ideas, assumptions, abilities and team are enough to pull you through.

Every opportunity is accompanied by a certain amount of risk. Investing money into a marketing campaign means you might lose it all. Hiring a new employee means you might hire a lemon. Making a sales call means you might get told no.

But what if you never took any of those risks? . . . Could you even stay in business?

So risk it. Step out. Risk getting laughed at. Risk losing money. Risk that prospect rejecting your offer. No matter what happens, you’ll be glad you did.