Pondering a Leap? 5 Queries Business Pioneers Should Contemplate
In the world of entrepreneurship, taking smart risks is essential for growth. Hao Lam, a renowned entrepreneur, author, speaker, and founder of Adaptively Education and Best in Class Education Center, understands this well.
Before embarking on a new venture, it's crucial to consult with trusted individuals and conduct thorough research. Lam, who founded his businesses in 2019, ensures he ticks these boxes.
Evaluating the risks associated with the new opportunity is another crucial step. Entrepreneurs should weigh the risks of action and inaction, as progress often requires discomfort, but staying comfortable can also be a threat. Smart risks should solve real problems or unlock real opportunities, and the gain should be significant and aligned with a bigger vision.
Playing out both the best-case and worst-case scenarios, and understanding the probability of each outcome, is equally important. All risks require tradeoffs, and it's essential to consider where the energy and resources will come from for the new venture. Understanding the likelihood of each outcome and having a backup plan can mean the difference between recovery and collapse.
The cost of a risk should be assessed not just in dollars, but also in terms of time, relationships, energy, and reputation. It's wise to consider seeking advice from advisors, mentors, or team members who can challenge your assumptions.
Moreover, a new opportunity should be aligned with your long-term vision. It's essential to ask oneself if the new opportunity requires preparation and strategic planning. And perhaps most importantly, can the new opportunity create a lasting legacy, outliving the leap itself?
Lam, now a member of the Forbes Business Council, has demonstrated that these principles work. His businesses, Adaptively Education and Best in Class Education Center, are testament to his strategic approach to risk-taking.
In conclusion, taking smart risks is a necessary part of entrepreneurship. By evaluating the risks, aligning the opportunity with your vision, and considering the costs and benefits, you can navigate the uncertain waters of business growth with confidence.
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