540 | The Pros & Cons: Becoming a Risk Taker
Sep 19, 2023 ·
43m 18s
Use the timestamps below to guide you better as a leader or individual: - Are you a risk taker? https://otter.ai/u/-kFDSiOJOvVhixaO0co_ly1vSwA?tab=summary&t=1s - Three big things leaders need to consider when deciding...
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Use the timestamps below to guide you better as a leader or individual:
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- Are you a risk taker? 0:00
- Three big things leaders need to consider when deciding whether or not to take that risk and what they may risk by not taking it.
- Are you a risk taker?
- Intro to today’s show. 1:47
- Today's episode will examine ways to assess risks and what might be holding us back from taking necessary and important action in the face of uncertainty.
- This show is about making better decisions.
- When it comes to risk, brian enjoys taking risks. He has raced formula cars and is a multi-business owner. He likes to calculate risk.
- He asks the question, how could this fail? What could failure look like? He wants to know the potential risk and potential loss.
- Taking a leap of faith. 5:50
- When joel started his business, he took a big leap of faith, and it became way more than he thought it was going to be in the beginning.
- He has done over 500 next level life change programs, including a scholarship program for single moms and single dads.
- Take the leap of faith. God is not calling you to anything that's going to fail. god's never going to call you to something that goes against him.
- Three big choices to learn as a risk taker, starting with taking baby steps.
- Understanding your capacity and understanding your weaknesses. 11:18
- The biggest risk is not taking any risks at all, and not knowing what your capacity is or how to live life to the best.
- Keys to understanding your capacity.
- If you don't take risks, failure will be your master, not your teacher. Failure is the greatest teacher for the student who is willing to learn.
- The five aspects that allow you to fail, as long as it's not a fatal failure.
- How he started investing in real estate. 15:56
- He started investing in real estate when he was 10 years old and wanted to own real estate as a kid.
- He has a couple of real estate companies.
- Putting money back into people as a resource to change lives and impact more people.
- Hiring marketing people that didn't make things happen over the decades.
- Embrace failure, not fear. 19:51
- Number two is embracing failure, not fear. Failure is part of any learning process, but fear keeps us bound to mediocrity.
- Fear is a colossal waste of time.
- Fear is an incredibly small percentage of the fear that you experience in a day, but it creates all the rest.
- The bulk of fear is being afraid of man's opinion.
- Healthy people vs toxic people. 24:00
- The opinions you should be concerned about are the ones that come from healthy people who know what they are talking about.
- The victim mentality that is going around right now.
- How spending time around people who are victims leads to becoming one, and how to make better decisions in life.
- The importance of constantly gaining perspective and asking for opinions.
- Do not fear failure. 28:10
- It's okay to fail, just don't do fatal failures. Learn what happened and how to fix it. Learn how to identify failure and teach and grow people in the situation.
- Number three, calculate the risk. First, what fear is the fear, and why fear is imaginary.
- If this thing fails, ask how can it fail. The first question to ask is, how can this thing fail?
- If it fails, consider how it will affect you, your family, your kids, your team, your business, or how it could affect others.
- How much is this going to cost me? 33:48
- Ask how bad the risk is on a scale of zero to 10, and how badly it will impact people, finances, etc.
- Start small and take baby steps.
- If people love the tacos, then upgrade to a food truck. If people love them, then go ahead and do a brick and mortar, but start small.
- If the decision is starting a new business, there is a ton to calculate if it is a new idea.
- How to boost your risk taking bandwidth. 38:30
- Five things you can do today to help boost your risk taking bandwidth, clarify goals, consider the rewards and potential benefits, surround yourself with successful risk takers.
- Become comfortable with change.
- Mark Twain, 20 years from now, you will be more disappointed by the things you didn't do than by the ones you did.
- Check out crystal crypto's executive coaching program.
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| Author | Chris LoCurto |
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