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Conversation about weighing the odds on risk in a new venture and if it’s worth taking the plunge.

Amazon-Proof Your Business➡️ https://brianjpombo.com/amazonbook/

Transcription

The 1st question before starting a new business.

Hi, I’m Brian Pombo. Welcome back to Brian J. Pombo Live.

I wanted to go through these, I’m not just going to talk about the idea of starting a new business, I’m talking about starting anything new in business.

I’m saying if you own a business, and you’re starting a new product line, or you’re starting an entirely new sector of your business, or you’re purchasing a business, these are the questions that I go through before I do any of those large things.

Any type of life changing endeavor, I go through these questions, and it’s not something that I planned on going through, it’s just these are the questions I found myself asking myself through time, and they tend to lead me in the right direction.

The first question out of those and this, there’s gonna be a list of these, but we’re just gonna start with one today. Come back tomorrow for more.

But the first question I asked myself is, what’s the downside?

What is the worst case scenario?

If everything goes wrong in this, what am I losing? What am I out of?

And the follow up to that is, Is it worth it?

You know, if I completely lose out and everything goes bust, Is it worth taking the risk?

Everyone always talks about, when being an entrepreneur and being a business owner that you got to have risk. You got to have risk.

Well, you know, risk is very subjective and it’s all completely relative risk, anything’s a risk taking time away from what you’re doing, taking focus away from your what you’re doing is a risk.

The real question is, Is it a risk that you can handle or not?

Is it something that you think is worthwhile or not?

And when I asked myself that, with the first business I came across, I said, Oh, you know, it’ll take a little bit of time and I may lose a little bit of money. But it’s not so much that it’s enough to hurt, but it’s not so much that I’m going to be traumatized from.

And being that I’d never done any form of business up till that point, I felt it was worth the learning experience. Even if it was a complete sham, even if the thing just completely fell over and burned into a pile of rubble, you know.

I was cool with that and if you can get past that first thing, if you can’t get past that first question, then there’s no reason to go any further.

Really, if you’re not willing to risk, what’s necessary to be able to take the next step, then don’t do it. There’s no reason to even go any further.

That’s the first question I tend to always ask myself. And it’s definitely playing on the negative end of things. But I found that a lot of people get involved in business or get involved in business ventures.

And they don’t ask themselves that.

And then they look back and look at all the time and effort and money that I spent on this cycle. Why did you spend it if you weren’t willing to lose it?

I mean, honestly, don’t get into something, expecting the absolute best case scenario.

And tie that to whether you’re willing to part with what it’s going to take to do it. It doesn’t make any sense. But people do it all the time. So ask yourself that question.

First, I think you’ll be a lot happier. Whether you’re already a business owner, or whether you’re going into business for the first time, which is kind of a topic that we’ve been talking about the last few videos.

So if you are a business owner, and you’re already in the process, and you’re growing and everything else, and you want to really know how to take it the next step, it’s one of my specialties.

I wrote this book, 9 Ways to Amazon-Proof Your Business, you can get your own free copy at AmazonProofBook.com. It’s electric copy, it’s just an E-book. But you can also get a physical book from there too, at a discounted price, you go check that out, or you can just go and buy it on Amazon.com.

It’s a thin book, but it’s very straight to the point. The concepts in there are big concepts, simple, but big concepts that can come any one of them.

Any one of the nine can completely change your perspective, and completely change your business from the bottom up. And I give you other sources, other resources that you can go and look up and find out more if you want to go more into detail or that or set up a meeting with me on any one of those nine ways, because I have a strategy session for each of the nine ways. I talked about that in the book.

So go check that out, 9 Ways to Amazon-Proof Your Business, AmazonProofBook.com.

We’ll be back here tomorrow, and I’ll be talking about the second question. You should be asking yourself before you start a new business. We’ll see you then. Have a good one. Get out there and let the magic happen.