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What does it mean to take smart risks in business – and how do you balance that potential reward vs what you’re putting at stake to achieve it? In episode 12 of LifeWork, Dave and Meagan discuss different kinds of risks in business, how to decide if a risk is worth taking, and how to minimize the potential fallout if things don’t go as planned.
Discussion Points:
- How a business risk is like an investment
- How accurate are financial projections? And does it matter?
- The more knowledge you have, the safer you can feel taking a big risk
- The importance of flexing your “risk taking muscle” to get better at it over time
- Mitigating and minimizing risk
- Dave’s process for deciding whether a risk is a smart move
- How “inverted thinking” can help you manage for potential outcomes and decide whether an opportunity is worth pursuing.