Being an entrepreneur is risky. You give up stability. You may fail. You may not be able to pay yourself. But, it can also be rewarding; potentially unlimited pay, time with family, and full control of your destiny.
What risks are you taking to grow your company?
In April 2019, we hired Glen to be our Sales Manager. We didn’t have the cash on hand to pay his salary long term, so we had to calculate the risk of hiring him. We calculated that the worst-case scenario was that we could lose up to $60,000 if he didn’t sell anything. In order to hire him, we had to assume that risk and then manage him and the outcomes to try to reduce that risk as much as possible.
It worked out, and the worst case of that risk was not realized, but we took the risk nonetheless. Sometimes you have to take a risk to get ahead. Are you taking enough risk to make it happen?
Erik J. Olson is an award-winning digital marketer & entrepreneur. The Founder & CEO of Array Digital, he is also the host of the Journey to $100 Million Flash Briefing and daily podcast, and the organizer of the Marketers Anonymous monthly meetups.
Kevin Daisey is an award-winning digital marketer & entrepreneur. He started his first company when he was just 23, and is the Founder & CMO of Array Digital. Kevin is the also the co-host of the Journey to $100 Million Flash Briefing and daily podcast, and the co-organizer of the Marketers Anonymous monthly meetups.