Principle 11
Taking Calculated Risks
The world stands aside to let anyone pass who knows where he is going.
—David Starr Jordan
In this chapter, you will learn what you should and shouldn't risk, and when the time is right to take those risks. Sometimes, it's not easy to decide. For example, you should never be willing to risk your faith or your family in the pursuit of your business. However, there are times when you should risk your credit, your money, your investment portfolio, and your database for your business's success. You'll discover how to minimize your exposure to potential failure by taking calculated, well-thought-out risks that significantly increase your chances of success. You'll also read how an American Oil Tycoon, H. L. Hunt, risked his money and future for his passion, and you'll learn whether or not it paid off for him.
Risk
If you were to look up “risk” in the dictionary, it would be defined as: Exposure to the chance of injury or loss.
My definition of a “calculated risk” is: Minimum exposure to the chance of emotional injury or financial loss due to your due diligence, research, and dogged determination to make your venture work no matter what the obstacle or adversity standing in your way.
How do you like those definitions? I like the second one better. I am not one to take foolish risks such as skydiving. I have no desire ever to jump out of an airplane, but I certainly would if the plane was going to crash. My point is there is a huge difference between ...
