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Old February 22, 2012, 06:09 AM
Dien Rice Dien Rice is online now
Onwards and upwards!
 
Join Date: Aug 2006
Posts: 2,509
Default Take care of the downside first...

Quote:
Originally Posted by -TW View Post
Yes - exactly! It's not confidence, but FREEDOM from worry I seek.

So, everyone (else) who seems not to be worried, is faking it (?)

I was going on the hope I could someday reach that level of not worrying -- or at least worrying less!
Hi Tim,

One "lesson" I've come across over and over - from multiple sources - is to first look at the "downside"...

That is - what is the risk that you'll lose money doing this?

Next question is - how can you reduce or even eliminate that risk of losing money? (Having a "plan B" is one way to reduce your risk - though it's usually not the only way...)

If you can't reduce or eliminate the risk of losing money - then find another idea to work on...

Here are some posts from the past about this - giving people like Richard Branson, Bob Reiss, and even a quote from Donald Trump as examples...!

How to succeed in business - by making lots of mistakes! (Donald Trump, Richard Branson...)

How to create a business with zero risk.... (Bob Reiss)

If you've got ways to reduce or eliminate your risk of losing money - you can take comfort from it!

The other thing is - if your business fails - because you've "planned" to reduce your financial risk in the case of that possibility, you're more likely to be able to "come back" and try again.

The people who start their first business and lose their life savings, or more, are usually the people who have NOT gone through this process!

Best wishes,

Dien
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