Take Risks

Date: 2015-10-07; view: 452.

Dare to try new approaches while realizing that you have no control over the outcome of your actions. Don't be afraid to make mistakes or fail. Ask yourself, "What's the worst thing that can happen?" Decide whether you can live with the worst scenario or take steps to reduce the chances of it happening. By taking small risks initially, you'll develop risk tolerance.

Many people are afraid to take chances, but every new venture or job has an element of risk. You can't grow without stretching and no one succeeds without risking something, especially if they're starting a business.

A month before graduation, three friends at the University of Illinois decided to pursue their dream of becoming concert promoters and holding a large rock festival. Each agreed to invest personal funds and use his credit card to fund the venture. They began scouting locations, talking with leading rock-band managers and handling myriad other details.

After a month, one of the friends dropped out of the group to get married and find more reliable employment. The following month, the second friend reviewed his maxed-out credit-card balance and decided the risk was too great. Undaunted, the third entrepreneur plunged ahead, locating financing and a site near Philadelphia for the Labor Day weekend concert. He then booked key acts and began selling tickets.

But not everyone wants a Woodstock in his midst and in late August, a court issued an injunction blocking the rock concert. The decision left the aspiring promoter more than $250,000 in debt, but he didn't give up. He approached the bands and record companies he owed and told them the only way he could pay them back was if they helped him enter the music business. Within three years, he was managing several major rock bands, traveling on world tours grossing millions of dollars and had paid off his debt.