How to Turn Risk Into Reward
Entrepreneurs are risk-takers by nature. Fortunately, there are wise ways to navigate these risks and turn them into rewards. On this episode of Modeling the Masters, Entrepreneur Network partner Evan Carmichael sits down with Stephen Kelly, CEO of The Sage Group, a high-end marketing agency.
The most common way to eliminate the negative consequences of taking on a new enterprise is to develop it while maintaining your day job. Carmichael notes that you should wait to quit until you profit enough to support your most basic needs. At that point, it’s vital to transition to give your new venture your full focus and attention.
An even bigger risk than starting a business is doing the opposite. Sitting on a great idea without taking any action may not seem like a risk per se, but in the long term, you risk regret.
Lastly, Kelly mentions the importance of boostrapping your business. Rather than going broke presenting your product to the world, you should test it, tweak it and make some actual money before scaling the business.
Click play to hear Carmichael and Kelly discuss starting and expanding small businesses.
Watch more videos from Evan Carmichael on his YouTube channel here.
Related: 5 Leaders Share 5 Ways to Find Your Passion
Entrepreneur Network is a premium video network providing entertainment, education and inspiration from successful entrepreneurs and thought leaders. We provide expertise and opportunities to accelerate brand growth and effectively monetize video and audio content distributed across all digital platforms for the business genre.
EN is partnered with hundreds of top YouTube channels in the business vertical and provides partners with distribution on Entrepreneur.com as well as our apps on Amazon Fire, Roku and Apple TV.
Click here to become a part of this growing video network.
Entrepreneurs are risk-takers by nature. Fortunately, there are wise ways to navigate these risks and turn them into rewards. On this episode of Modeling the Masters, Entrepreneur Network partner Evan Carmichael sits down with Stephen Kelly, CEO of The Sage Group, a high-end marketing agency.
The most common way to eliminate the negative consequences of taking on a new enterprise is to develop it while maintaining your day job. Carmichael notes that you should wait to quit until you profit enough to support your most basic needs. At that point, it’s vital to transition to give your new venture your full focus and attention.
An even bigger risk than starting a business is doing the opposite. Sitting on a great idea without taking any action may not seem like a risk per se, but in the long term, you risk regret.
The rest of this article is locked.
Join Entrepreneur+ today for access.
Subscribe Now
Already have an account? Sign In
