Strategy: Stay in the Game: Protect Your Downside Risk
A lot of being successful in business is the ability to stay in the game and see things through. Every entrepreneur is a risk-taker at heart. That said, it’s important to not take unnecessary risks. Don’t take risks that have a low likelihood of a major reward or that could potentially cripple your business if unsuccessful.
Live to fight another day...
- Make sure you always have enough cash to live another day.
- Never take risks that can place your business or livelihood in jeopardy.
- If you threaten your personal finances, you will place yourself under an amount of pressure and stress that may force you to make poor decisions.
Each extra day, week or month you can afford to keep your business running, you’re giving yourself more opportunity to find traction and break out into the marketplace. Don’t take reckless risks, but more importantly, don’t ever give up.
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