The Risky Business of Not Taking Risks
Risk+ failure+ mistakes= success. To the average person, this formula would not work. But it’s a formula all too familiar to successful entrepreneurs. Yet, the opposite of this mindset still seems to be prevalent across all industries in business.
The Riskiest Business Is The Business That Takes No Risks
Risky businesses are in many ways, a much safer bet in the long run. In the business world, your riskiest business is the business that takes no risk. Your safest business, ironically, is the business that takes a risk. Because safety is really just a myth. The reality is always risk. Even in life. Your entire life is nothing but a risk.
Perhaps it may seem counter-intuitive, but it’s true: in terms of the bottom line, “safe” businesses are really the risky one’s. It’s usually the “edgy” businesses that are actually a much safer choice, because they differentiate themselves from competitors. The same often goes for their leaders.
Now, that’s not to say “unsexy or unedgy” businesses aren’t successful. They are. But look closely and you’ll see innovation in those businesses as well. A difference in the way they went about operating or creating their business.
The opposite of this thinking is prevalent across all industries, and it is completely wrong.
A powerful company creates awareness, gets the press to write about it, generates word-of-mouth buzz, engages with their audience, and converts them into devotees of the brand. The generic descriptive name, on the other hand, will drown in a sea of sound-alike clones, and you’ll end up having to pay a lot more money for advertising in a vain attempt to get the brand noticed by your glazed-over audience.