How to Reduce Risk As An Entrepreneur

Should I start a podcast?

Should I run Facebook ads?

Should I build a website myself?

Should I learn SEO?

Should I write 1 article per day?

Should I use a funnel builder?

Should I be on all social media channels?

Ok, you get the idea – as entrepreneurs, we have a million ideas and things we believe we need to pursue.

The decisions we make define us and our business.

As Jeff Bezos said, “If I can make 3 good decisions in a day, that’s a great day.”

How do we know which ones are bad and which are good?

How do we avoid going into the black hole? This is where we get lost in the startup wild spending time doing all the wrong shit.

It starts with asking better questions.

Asking better questions leads to better decisions.

In my experience, distractions are the enemy of progress.

So, how can you reduce risk with all these new ideas?

Here’s a process that has helped me reduce risk A LOT!

When faced with a big decision, consider these 6 questions first:

  1. What is the outcome or impact I’m looking for that hasn’t been delivered yet?
  2. If the outcome I need is missing or the gap is not closing what are the causes that are missing?
  3. How much time and effort would be needed?
  4. What is the price – other activities that must stop or start to make this happen?
  5. What is the probability of success or failure?
  6. What are the acceptable consequences – is the risk worth the reward

Remember, you only have 100% energy. If you focus on one thing you can give it 100%. If you take on another project yourself you must give something up.

If you’re making $0-$100 or less than $10k per month. Then you have very specific priorities to focus on that will create revenue flow.

When you are making $10k+ per month regularly, you will have different priorities.

When you’re making $50k per month regularly, you will again have different priorities.

Timing is a big part of what I talk about a lot because you can do the right things at the wrong time.

Everything in nature and the evolution of life happens at specific times.

For example, first, a caterpillar is born, then they make a cacoon, then they struggle to break free, then a butterfly capable of flying enters the world. BUT, if you remove the struggle, it won’t be able to fly anymore and the process will fail as it will die.

I literally just got off a Brand Studio Strategy call letting someone know they are NOT ready to work with me.

The timing is off.

Yes, I turn down business and I’m always brutally honest because I want the best for you. I only work with 3-4 people per month, MAX.

I’m so SICK of wannabe experts selling people tactical crap as the answer to their problems. Appealing to their desperation for a possible quick fix.

I recently had another Brand Studio Strategy call with someone last week who wanted to sell more e-commerce merchandise so they hired a Facebook Ad Agency. They had to spend $7k-$10k per month and that agency took their money and sold NOTHING.

They were not near ready and the agency should have told them that. It just breaks my heart.

Where are you in your process as a business?

When I work with people on branding and digital real-estate development (website pages and funnels) I go way beyond that.

I provide 4 months of advisory and strategic input. Weekly calls, and a direct line to me on Slack. Why? Because I know that’s what it takes to help someone get REAL results. Stay on track, make good decisions.

An agency will just build you a site for $10k and walk away. That doesn’t help small businesses and social entrepreneurs who are running solo.

Remember, asking better questions leads to better decisions. Better decisions lead to better results.

Use the six questions I shared as part of your process to reduce risk and you will thank me later.

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