The Heart Of Business

By Craig S. Galati

They say that in business you get what you earn. While I agree, I also think what you get is dependent upon how much you risk. Business is like a crap shoot, but with more data to help you understand the odds. But just like a professional gambler, the successful businessmen look for the best risks to take, hedge their bets, and go out on limbs by betting on the long-shot occasionally.

A true entrepreneur is one who is not afraid to take risks; she is confident in her talents and abilities and knows that she can recover if the risk goes sideways. If you were to study some of the greatest entrepreneurs of our time, you will find that in their careers, they faced incredible adversity and even bankruptcy because of the risks they took; but they persevered based on their abilities and confidence. They moved on to the next great idea until something clicked.

You will find something else if you study their careers. They did not move from idea to idea willy-nilly. They worked on things that they were passionate about and that stirred their souls.

I can hear you now, “Craig, we can’t take risks, we’re doing fine and making money!”

Tell that to the photo-film industry, travel agents, and any retailer who didn’t embrace online sales early enough to remain vital.

Here are a few thoughts to guide your entrepreneurial spirit:

Don’t just stick to your knitting. Stick to what you do well and to that which you are passionate. But don’t get too comfortable with the way you work. Be open to new processes, new ways of thinking, and new customers. If you sit stagnant, some day they’ll be digging your business from the La Brea tar pits.

Don’t just innovate. Simply improving your current business practices and services are not enough to catapult your company ahead of your competition. While innovating within your core service area is important and should not be ignored, the greatest breakthroughs are achieved through daring moves. Try something exciting and forward thinking. Look at your business in both the present and future states at all times. Experiment for tomorrow as you innovate today.

Don’t be afraid. You are smart, you are talented, and you should be confident in your abilities. Take some small risks to prove this to yourself. Learn to rely on your intuition and passion.

Follow the trends. Follow the trends, but not the fashion. Look at things that may seem deviant today for the clues for tomorrow. I read an article several years ago where the author stated that all things deviant become mainstream eventually (think rock-n-roll, rap, tatoos, gambling)¹. How did these deviant things become mainstream today in our society? There may be a clue to the future hidden here.

Think of the opportunities that can move your business forward in leaps and bounds … and don’t rest on your laurels.

I’d like to hear from you:

• Have you taken a big risk in business that has paid off?

• What innovations, trends, or deviants can you identify that could benefit your business tomorrow?

• What keeps you from taking risks?

Until next time …

Craig

[1] Deviants, Inc., Ryan Mathews and Watts Wacker, FAST COMPANY Magazine, February 2002