Your Risk vs. Reward Ratio

Peter Drucker once said “Whenever you see a successful business, someone once made a courageous decision.”

As entrepreneurs, we have risk built right into our DNA <Click to Tweet> . However that doesn’t mean that we don’t want to analyze our decisions carefully.

Recently, I took a risk that cost $10,000. I took a course to learn how to deliver my own online training program. And when I add up the costs of putting the program together with my team, I’m sitting at about $15K all in. It’s a risk, but guess what? This one may pay off for the next several years!

So what are the risks that you are facing? How do you measure which projects or ideas to move forward with? Here are 3 ideas to help you tackle your next risk.

1. If nothing changes, nothing changes. If you find yourself traveling the same unwanted roads again and again, taking a risk may take you down a new (and exciting) path.

For me, this new program was born out of frustration. I could feel my coaching calendar slipping out of my control, being booked sometimes 2-3 months in advance. I had to make a change or I would continue to be a slave to my schedule. In mapping out my new strategy (which includes an online training program for emerging speakers and VIP coaching for seasoned speakers) I’ve already seen progress! (ie: I now have my Friday’s back as a free day – woo hoo!!!)

2. Put your priorities in order. One of the reasons we fail as business owners is because we lack focus. We’re great “starters” but we’re not great “finishers”. When we prioritize, it inspires us to focus on one project at a time and see it through to the finish line.

Here is a PDF of one of my client forms called, Project Priority Grid. It will help you decide which initiatives to tackle first. It’s powerful!

3. Set fear aside. One of my favorite quotes by Goethe says it all, “Whatever you can do, or dream you can, begin it. Boldness has genius, power and magic in it.”

A fantastic way to offset fear is through knowledge. I was worried about putting together my new course, so I boned up on how to do it properly. This gives me both the skills required and the confidence to move forward.

Have you taken a risk that has paid off? Please share it in the comments section below.

See you soon, Wealthy Speakers!

 

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PS: I’m dying to tell you more about my new online training, but we’re not quite ready yet. I can tell you that my team and I have been busting our butts to put together the best program I have EVER offered. I’m very serious about this! Stay tuned.