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340: No Risk It, No Biscuit
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What makes for a highly successful entrepreneur or investor? It is the appetite for calculated risk.
As Bruce Arians, coach of the Tampa Bay Buccaneers famously says, “No risk it, no biscuit”.
In entrepreneurship this might be more obvious. You probably know entrepreneurs who took risks by leaving their day job and pursuing a business that they KNEW was going to be successful.
I’m one of those guys. In my case I got fired from a job that helped accelerate the development of my first business. But the next one was even riskier.
Why was it riskier than the first? Well, when I started the first business, I had nothing. By the time I started the next business, I had a lot to lose.
But I remember playing out the business model in my head and feeling like, “This will work”. In my mind, there was no risk…only upside. I know that sounds reckless but that’s the way young entrepreneurs must think to create successful businesses. In my case I was right fortunately. That next business did extremely well and took me to another level.
Of course entrepreneurship is different from investing but there are some similarities. Again, it’s not hard to hit singles and doubles. But in order to hit home runs, you have to be willing to take some calculated risks.
Often there is asymmetric risk where the upside is huge but there is a possibility of losing it all as well. Some of you have already experienced that for better or worse in the world of cryptocurrency.
The bottom line is, “no risk it, no biscuit”. Ordinary investing will yield ordinary results. If you strive for more, you have to train yourself and your coronary arteries to be ok with risk.
No one knows that more than my guest on this week’s Wealth Formula Podcast. He has served as president and/or CEO of multiple major brands that you will recognize and is known for his unconventional approach for high performance through strategic thinking.
Listen here to learn how to jump first and think fast!
Frank O’Connell grew up as a farm boy in a small town of 2,000 in Ovid, New York, where he drove tractors, sold eggs, and won prizes at 4H Fairs. He learned the value of hard work from his mother, who told him that he could surpass everyone by outworking them. Because of the values instilled in him, Frank went on to live an outsized life as a corporate chieftain.
For more than fifty years, Frank has helmed such companies as Reebok, Fox Video Games, HBO Video, SkyBox, Gibson Greetings, and Indian Motorcycles. Frank has led major consumer product revolutions, including Innovative food products, video games, video tapes, the Reebok Pump, collectibles, toys, greeting cards, action figures, and the iconic Indian Motorcycle.
A student of hard work and business who learned his craft on the front lines of sales and marketing, Frank knew that the right thing to do was to Jump First and then Think Fast. In his book, he shares his personal stories, business strategies, and proven methods for management. Jump First, Think Fast details Frank’s many business successes – as well as some failures – in an honest and forthright way. Jump First, Think Fast is for those who want to think differently about business and learn how to find their place, trust their instincts, and enjoy the ride from a successful CEO’s stories, lessons, and life moments.