When it comes to investing in your future success, are you a “Savings Account” entrepreneur?
Are you a “Stock Market” entrepreneur?
Or, are you a “Casino” entrepreneur?
Here’s how I describe this in my entrepreneurial mindset book, DECIDE.
Risk Level One – The Saving Account Entrepreneur
This entrepreneur will start a business with no borrowed money with the intention that if it works, they’ll reinvest part of the profits to grow the business over time.
They might read and learn new marketing strategies, but will usually do everything themselves to save money – and keep the risk low.
Even when they become aware of the success and track record of certain strategies, such as attending seminars, joining a mastermind, or hiring someone with a skill set they don’t have (perhaps copywriting or sales), they will usually not do so unless the business can afford it.
Risk Level Two – The Stock Market Entrepreneur
As an analogy, this entrepreneur wants more of return than the paltry 0.5 percent a savings account pays, and they will take some of their money and invest in the stock market.
In business, this means they’re open to spending or even borrowing to grow their business faster.
In essence, they’re gambling on their future – or some may say, they’re putting their money where their mouth is.
When it comes to investing in faster growth, they are more open to using money they do not currently have in order to get the higher payoff.
Clearly this is riskier than the savings account entrepreneur, but with calculated risks come larger rewards.
Risk Level Three – The Casino Entrepreneur
This entrepreneur has a high tolerance for risk and an even higher level of confidence that basically says,
“There’s no way that I can lose; I’m in it to win it, and I insist on playing big or I’m going home.”
If you read about and study some of the most successful large brands and companies today, you will see most fit this profile: from Steve Jobs and Apple to Fred Smith and Federal Express.
They gambled big and they won big.
In fact, with FedEx it was impossible to start a company that had jet planes without going all in and batting for the fences.
This perhaps overly simplistic view of entrepreneurial risk is designed to do one thing: Get you to open your eyes and think about where you are right now in your business.
In my view, you can be the most talented person at (fill in the blank with your skill set) but without the proper mindset about what it takes to build a highly successful business, you may not get there.
You can download the free digital version of DECIDE: The Ultimate Success Trigger now.
If you prefer to hold a paperback version, go to Success Publishing now and I’ll ship you a free book if you cover $6.99 S&H.
If you’re ready to join the ultimate entrepreneur mastermind, roll the dice and fill out the application!
Cap't Jim Palmer, The Dream Business Coach
Cap’t Jim Palmer, best known internationally as the Dream Business Coach, is creator of the Dream Business Mastermind and Coaching Program and host of Dream Business Radio – a weekly podcast based on Jim’s smart marketing and dream business building strategies. Claim your FREE Dream Business Transformation now!
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