I’ve know this for a while….but I’m a risk taker.
In fact, in many situations, I have little to no avoidance to risk. What I think I’m finally starting to learn is how to channel that attraction to risk in a healthy manner.
I used to “trade” FOREX….lots of (unhealthy) risk there. But that was more of an addiction than an actual business venture. In my business, I take risks by launching new products or initiatives. Sometime they work, most of the time they don’t.
I think I have to be an entrepreneur. I think I would go nuts if I didn’t have the ability/time to work on businesses I think could grow. My problem right now, is I am kind of going nuts sometimes because I lack the capital to grow my current businesses as fast as I would like. But, at the same time, it’s a good lesson on patience and planning.
Even if someone offered to loan or invest money in me (why anyone would do this based on my past is beyond me), I would decline. I need to focus on paying down my debt, and growing my business.
But back to risk.
I like it. I like knowing that something I create or build has the potential to change my situation faster than just doing the basic good personal finance/frugal steps I’m also doing.
Now….off to (free) dinner with my brother.
{ 5 comments… read them below or add one }
I also don’t mind risk here and there, but I do what I can to manage it and reduce it. After all, if we were just after the risk, we’d all just be gamblers…
Fortune Magazine recently interviewed Steve Jobs. Jobs indicated that one reason Apple is so successful right now is focus. When Jobs came back to the company he cut many projects that weren’t contributing well to Apple’s core products. He received a lot of flak for killing the Newton (Apple’s PDA), but in the interview he indicated that if they had been busy trying to get the PDA right, they might have missed the opportunity to create the iPod. By focusing on the best opportunities to leverage Apple’s core competencies Apple has been very successful over the past several years.
Keep planning your strategy for building your business. Knowing what you can do better than any one else and who needs it the most will help you be as successful as possible.
How about cutting back on risk in business and transferring it elsewhere? I’m a stress/risk/adrenaline junky and used to not mind bouncing from short term position to short term position never knowing (or caring) what was going to happen. In the last couple of years I’ve totally shifted to seeing the value in a long-term project and actually focusing on ONE thing at a time. During the day/work week I focus on my project, and at night and on the weekends I explore abandoned buildings, play poker (not recommended for you-lol) and do stupid fun things like raft or snowboard. Knowing that there is silly fun to be had definitely helps keep the feeling of monotony away.
How much sustainability does your business have? I’m just curious on your cash flow if you can count on certain things generating at least enough to cover the bottom line. Anything above that line you could put back into the business, don’t put too much into a project that isn’t going anywhere. I would like to run my own business one day but for now I like stability and less stress. When the time is right I’ll grow my business from the basement and see what I can do.
@ Jim – It’s fairly steady at this point. I can count on about X dollars coming in each month now. The challenge is growing that number.