It’s been well documented that entrepreneurs are “risk takers” that they don’t worry about failing on their path to success.
Here’s what I’ve found about failure: It sucks.
It costs money, it costs time, and it costs mental energy because you need to pick yourself back up.
I’ve found that some of the best entrepreneurs and business people fully embrace risk and uncertainty, but do everything they can to mitigate that risk while still coming out ahead.
So how do you mitigate risk and come out ahead?
How do I mitigate risk and come out ahead?
I wish I could tell you the best way to come out from a business quandary unscathed. (not a quarry)
There’s no one way because every situation is different, and they each take their own approach and strategy.
- How much should I charge for this product?
- What should I work on right now?
- How do I balance my personal “rest time” with time that I could be working
- Will my customers like this new product?
- How did I do with my last work assignment, how is this next one going to go.
- What are the targets I should set for my business?
- What should I do with my time when I don’t feel focused?
If you’re starting from scratch and/or working on your own then you’ve no doubt had some of these concerns. Who do you turn to?
When I’m in strange/new situations here are some of the things that I do to figure out what I should do next.
- Talk to a friend who is also in business
- Ask my girlfriend/partner
- Google and forums
- Talk to my customers or potential customers
- Do a small scale experiment
- Get in action in any area of my life to get the ball rolling.
- Take a nap
- Go for a walk and change the scenery
- Call my coach or an outside paid advisor.
- Reach out on social media.
- Ask a formal mentor
- Ask someone who’s been there before
- Change my mental state (this is often the least effective tactic)
Take action towards seeing different perspectives to your challenge.
I’m faced with stuff I don’t know what to do about almost every day.
What I find helps me is working around the problem so that I can focus on something else that I can do to move forward.
Maybe one door is temporarily closed and if I focus elsewhere will help give me the time and clarity to uncover what I need to know.
This blog is actually a result of me having a hard time doing work in my consulting business.
It’s the end of the year, Lots of big opportunities in my non-work life, and working on spending quality time with family and friends.
But I can’t just say: I’ll get back to it later.
There are things that I expect myself to do, because I made a promise to myself and to others. (that’s my integrity)
What do you have that keeps you going to move through challenges?
What’s your promise to others that will keep you accountable to them when you don’t want to do the work for yourself?
What’s the promise of your company, that it’s reason for existing (it’s purpose) is greater than the pain you’re feeling right now?
What other things do you do when you’re faced with somethign that’s challenging and sometimes just a pain in the ass?